Information Learned From House Appraisals

by | Jul 1, 2016 | Real Estate

Professional House Appraisals are usually associated with placing a house on the real estate market. People who wish to sell their houses have it appraised to determine a fair market value and set an asking price. Those in the market for a house will have perspective houses appraised to make sure they are getting a great value. That helps them avoid paying too much for a house that is not worth the asking price. It also helps in placing a counter offer for the house. An offer that best matches the value of the house is more likely to be accepted by the seller than an offer that is too low.

There is a lot more information that can be learned from House Appraisals. Knowing what a house is worth can help people decide if the house is worth selling; if there is enough equity in the house to apply for a second mortgage or home equity loan; and if tax assessments are accurate. Appraisals before a remodeling or construction project can assist homeowners in determining which modifications to make, what the estimated costs would be for the project, and if an addition will add much value to the house. An appraisal can also indicate what rental income can be expected for duplexes and multi-family houses. Appraisers will also make recommendations for improvements that can increase the value of a house, or make it more appealing to buyers. Re-siding the house, for example, may yield a high return on the investment by increasing the value of the house more than the cost of the improvement.

Experienced appraisers, such as Spectrum Real Estate Services, for example, take several factors into consideration when looking at houses. Approved mortgages in the area, as well as recent property listings and sales, are important factors. Any recent additions or improvements to the house make & difference in the appraisal, as does the overall condition of the house, the exact location, and the position of the house. Corner houses, for example, are typically worth more than houses in the middle of the street, due to unobstructed views and more sunlight exposure. Corner lots also tend to be bigger, allowing more room for a yard, a two car garage, or a swimming pool.

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