How to Appraise a Real Estate Property

I have a question in mind. I wonder how do investors determine the true value of a property.

I learned that if you want to know the true value of a real estate property, you could hire a licensed real estate appraiser or you could do it yourself. Hiring an appraiser could be an easy alternative but this would require additional cost on the investor. Doing it yourself could be better. But of course, this also requires continuous learning and more experiences in order to appraise a property correctly.

I came across a video about how to appraise a property from foreclosuredeals.com. With continuous learning and experiences, we could learn how to appraise our own property or the property we want to buy or invest in.

Here are the steps on how to appraise a property.

1. Fully understand the meaning of a house appraisal.

2. Calculate the house's square footage.

3. List the amenities of the house.

4. Research recently sold properties.

5. Cull your list according to similarities.

6. Determine your house's appraised value.