Appraisal Tips
Consumer Tips
Though most of us will undergo a home appraisal at some point in our lives, it is still not something we experience on a regular basis. Many people are unfamiliar with the complete process, which involves far more than this web site can give you. Professional appraisers constantly improve their skills through education, professional organizations, and experience. Keeping on top of the latest trends, market conditions, and technical data, including future projections. Real Estate is always changing which make it an exciting profession.
Appraisal Misconceptions
The following are some misconceptions.
- Misconception: Appraisers use a specific formula (for example, price per square foot) to estimate value.
- Truth: Actually appraisers weigh the location, its proximity to schools, and public facilities, lot size, lot enhancements such as waterfront, fixed bridges versus no fixed bridges, the size and condition of the property itself, and the most recent sales of comparable properties, among numerous other factors. Comparable being properties similar in size, style, age, condition, and utility which are in the immediate market area (location).
Appraisers also look at market conditions which are appreciation, and declining values, as well as competing properties, and the number of properties offered for sale. Appraisals involve trends over years.
- Misconception: A home’s assessed value should equal market value.
- Truth: When was the last time the assessors or also know as property appraisers for your City came inside your house or measured it ? Have you ever looked at the records they have on file and found errors ? Interior remodeling and additions that an assessor is unaware can greatly impact the assessed value of a home.
Consumer Tips
Tips on Remodelling
Prior to your remodelling please consider this.
- Understand which improvements have the greatest influence on value.
- Know that not every improvement adds value or the price paid for the improvement.
- Know the difference between deferred maintenance and remodelling.
- Do not over improve to the market you are in. Go to open houses see what others have or have not done.
- Watch the trends are people adding up or on, or knocking down ?
- Contact us as an appraiser we will offer you our professional guidance.
Thank-you for visiting our website.
Filed under: Main — admin @ January 27, 2008 1:57 pm -->O’Donnell Appraisal Group
Judith O’Donnell
Florida Certified Residential Real Estate Appraiser