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4 Simple Tests To Find Good Real Estate Investment Properties
You're driving along the road when you spot it. There in the middle of a shaggy lawn sits a disheveled property. It may need a good coat of paint, or a shutter straightened out, but it's easy to see that with a little work it could be a little gem...
Flipping Houses For Gold: Three Tips To Help You Find The Perfect Fixer
Many real estate investors enjoy "flipping houses," or buying and selling houses quickly for profit. Not all flips are fixers. However, rehabbers make millions turning ugly houses into dollhouses. On the other hand, some inexperienced investors lose...
Homes For Sell By Owner – “FSBO” - And Buyer Brokers
You’re selling your home as a FSBO (for sale by owner) and you get annoyed when real estate brokers call you, right? That’s a reasonable response when you’re doing all the work to market your property to save thousands of dollars in broker...
Real Estate Investment Deals That Increase Your Net Worth
Consider these parameters for a real estate deal:
Property Value: $250,000
Purchase Price: $160,000
Repairs: $2,500
If you analyze the numbers, you see that the equity available in this deal is $87,500 (Property Value minus Purchase...
Selling Your Own Home – Pet Issues
If you are selling you own home, you need to consider the effect of pets. People who are working with a real estate broker are sure to get coached about the potential negative effect of pets. If you aren’t working with a broker, this article...
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Higher Home Appraisal Values
To most, owning a home is a necessity, but sometimes it is a matter of pride or a business investment. Home appraisal values become relevant if one wishes to sell his house. Home appraisal values is a technical term which means the value of a home in terms of money that it brings in a real estate market. Home appraisal values are a critical factor when it comes to assessing the selling price of the home while it’s under consideration.
Home appraisal values or the process of appraisal, if put in simpler terms, is usually performed by an authorized person called the appraiser. Appraisement, assessment, estimation, evaluation, and valuation are other synonyms invariably used to mean appraisal. Generally it is the lender who pushes for home appraisal values before financing the buyer. He does this so that in no point of time he is risking any money. On the other hand, such an appraisal helps assure that the buyer does not end up having negative equity on the home. At the same time, keep in mind that there is no guarantee that the lender-requested appraisal reflects the market price of the property. Remember, all home loans require an independent appraisal – that is, it is the current home appraisal values that will determine the loan amount. Apart from the above mentioned condition, the home appraisal values come in handy for the home owner when he wishes to apply for refinancing, getting a home line of credit, and before selling.
Home appraisal values are often influenced by a set of valuation parameters that includes comparable sales, replacement cost, number of bedrooms and bathrooms and other improvements. This is, in technical terms, called the comparative analysis. It involves recording and analyzing home value data from your property and potential comparable properties, selecting the appropriate comparable data,
developing reasonable adjustments based on market data and applying the findings to the subject (your property). Also the lot size and the type of community in which the home is located will often influence the market price and hence the home appraisal values. Another method used to determine home appraisal values are the Reproduction cost method. Here home appraisal values are reached by simulating the construction in the present day and finding the cost. But the margin of error is quite high in this case. Hence it is not a good enough method for finding out home appraisal values.
Home appraisal values are also influenced by real estate taxes, government services and the type of housing sector in which the home sits. The type of construction - be it brick, frame or other substance – has a telling effect on the home appraisal values. Another factor that affects home appraisal values is the land on which the property sits. In prominent locations, the value of land makes the property a good buy – hence in this case could get higher home appraisal values. But if the land on which the property sits is a flood or earthquake zone or near an industrial dumping area, then the home appraisal values are going to be lower.
Therefore home appraisal values are crucial when it comes to getting a loan and while selling the house. The home appraisal values give a fairer idea for the owner about the current market value and hence the selling potential of the property in the real estate market. Above all make sure that home appraisal values are obtained from a true professional appraiser!
About The Author
Tom Laing
Copyright 2005
Home Builders and Home Resources
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