What Real Estate Appraisers Can Do For You
Having real estate appraisers examine your home offers many advantages. Although many people wait until their home is being studied for insurance reasons or because they are selling, you can have real estate appraisers examine your property at any time. It can give you the current market value of your home and address which repairs or improvements should be made to increase home value. For a low cost and a little extra time, you can find out exactly where your home standsfinancially.
Discovering the Value
When real estate appraisers determine the value of your home, they dont just look at the different parts, add up the cost and come up with a figure. That might work for insurance purposes (called the replacement value), but it doesnt help determine the market value.
An appraiser will list the assets you have in the home and also factors that might lower the cost. They will examine the entire house, looking for features and then take photos, ask questions and get to know your house. When the entire appraisal is finished, youd expect instant results, but that wont happen because their work is just beginning.
After they examine the home, they have to look at the value of the same features in homes that were sold locally within the last six months. This tells them what people are currently paying for items. This changes rapidly. Twenty years ago, carpeting was a must and it added tremendous value to the home. Today, it is actually a liability and homeowners want hardwood floors. Once these prices are added up, then real estate appraisers can give you the market value of the home.
Suggestions and Improvements
One of the best things they can do is supply you with a comprehensive To Do list. Since they are familiar with market trends and features that people are looking for, they can tell you exactly what to do to make your home worth more. This offers homeowners a great advantage, since some improvements people believe add value actually take away from it.
For example, a pool doesnt necessarily add value to the home. First, it severely limits the market audience for your home, since not everyone wants a pool. Secondly, it can damage the yard when removed, leading to years of an unsightly lawn. For the small cost and time associated with an appraiser, it is certainly worth the price.
Discovering the Value
When real estate appraisers determine the value of your home, they dont just look at the different parts, add up the cost and come up with a figure. That might work for insurance purposes (called the replacement value), but it doesnt help determine the market value.
An appraiser will list the assets you have in the home and also factors that might lower the cost. They will examine the entire house, looking for features and then take photos, ask questions and get to know your house. When the entire appraisal is finished, youd expect instant results, but that wont happen because their work is just beginning.
After they examine the home, they have to look at the value of the same features in homes that were sold locally within the last six months. This tells them what people are currently paying for items. This changes rapidly. Twenty years ago, carpeting was a must and it added tremendous value to the home. Today, it is actually a liability and homeowners want hardwood floors. Once these prices are added up, then real estate appraisers can give you the market value of the home.
Suggestions and Improvements
One of the best things they can do is supply you with a comprehensive To Do list. Since they are familiar with market trends and features that people are looking for, they can tell you exactly what to do to make your home worth more. This offers homeowners a great advantage, since some improvements people believe add value actually take away from it.
For example, a pool doesnt necessarily add value to the home. First, it severely limits the market audience for your home, since not everyone wants a pool. Secondly, it can damage the yard when removed, leading to years of an unsightly lawn. For the small cost and time associated with an appraiser, it is certainly worth the price.
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