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An appraiser looks for 4 main things in a home, which could affect how much you pay at closing.

1. Square footage

The first thing appraisers typically do is measure the home to determine the square footage. The larger your house, the more it could be worth.

2. Quality of building materials

Goheen says the quality of building materials can make a huge difference in the value of a home. "We're looking at whether there's granite versus laminate countertops, or wood versus vinyl flooring, and many more," he adds.

The higher the quality of the materials, the more the home will appraise for.

3. Current condition of the home

An appraiser also assesses the current condition of the home. Goheen typically looks for whether the flooring is worn or stained, or if there are any major repairs that a buyer would need to fix with their own money after they purchase the home.

4. What's nearby

"We also look at external factors that may affect the value of the home," says Goheen.

Is the home on a loud, busy street? Is the neighborhood walkable? Is the home near a lake or a state park where the homebuyer can take leisurely walks?

These four factors determine the value of a home in the eyes of an appraiser. The appraisal is typically done for the benefit of the lender — but the appraisal can also protect and empower you in deciding whether you want to buy a home once you know its value.