Here are the five most common appraisal required repairs:
➡️ Roof Repair
One of the most common appraisal issues is also one of the most expensive: Roof repairs. The average cost to replace a roof runs between $4,700 and $10,400, or about $405 per square foot.
➡️ Paint Problems
Peeling paint may be unattractive, but that’s not the only reason an appraiser may cite it. Did you know that paint can also be a health hazard? Homes built before 1978 may contain lead paint, which has been linked to a number of human health issues. Many mortgage lenders won’t issue a loan until paint issues are repaired.
➡️ Hazardous Handrails
If your home has missing or broken handrails, be prepared for the appraiser to cite them.
➡️ Wonky Wiring
Of course, electrical system problems send up red flags. But what are appraisers looking for when they inspect a home’s electrical system? One common issue lies in a home’s amperage. If the house has a 60 amp electrical system, many lenders won’t issue a mortgage. Most bank appraisals will require a system upgrade before approving a loan.
➡️ Haywire HVAC
Before rubber-stamping a loan, a traditional mortgage lender needs to know that a home has a functioning heating and cooling system. The appraiser will check to see that the home’s HVAC system is working properly, including the furnace, air conditioning unit, venting, and duct ways.
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