Appraisals are an essential step for Destin real estate investors. Whether buying or selling, you need to know the price is fair. However, many do not understand what goes into the appraisal of vacation homes in Destin.
This post is part two of a series exploring the factors influencing vacation home appraisals in Destin. You can click here to read part one.
Emerald Coast Real Estate Market Watch
As of August 2023, the median price per square foot of homes in Destin was $423. However, real estate trends are always changing. If you need to buy or sell a home anywhere on Florida’s Emerald Coast, click here to contact us.
Some buyers want to move in or rent the property out immediately. However, others might be looking for something they can renovate. Whatever their plans may be, appraisers and even purchasers will look into the renovation potential of your home. Your property’s renovation potential will also influence its appraisal value.
The rental market can have a significant impact on property values in Destin. As a popular vacation spot, it is also a strong market for investing in short-term rentals. As a result, the supply and demand for vacation rentals can impact prices.
Cleanliness is also a factor that can influence your property’s appraisal value. Mold can be a sign that there is an underlying problem. Stained carpets can be an issue that may lower the appraisal price. Any foul odors may also impact the property value. Additionally, a lack of cleanliness can give the appraiser the impression the owner hasn’t taken care of the property.
Functional home systems are also important. Issues with the electrical system could be a fire hazard. You also need to ensure a functional plumbing system. The home HVAC system is also essential for maintaining comfort. If any of these systems need repairs or replacements, it will affect the appraisal value.
Appraisers may also consider home materials. Older materials might not be as reliable as newer ones. In some cases, products may no longer be in use because they are unreliable or unsafe. If the appraiser sees any of these issues, it could impact the appraisal.
Are you interested in buying a second home in Destin, FL? Click here to contact our team. We are experts in the Emerald Coast real estate market. Reach out now to learn more about how we can help.
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