What does a home appraisal consist of?

A home appraisal is a written document stating the appraiser's opinion of the property's value. The appraiser inspects the property, noting condition, amenities, and recent renovations, then compares it with recent sales of similar nearby homes. The report typically describes the property and its locale, includes a highest-and-best-use analysis, analyzes comparable sales as near the subject property as possible, and covers current market-area trends.