|Real Estate Information|
A Difference Between Appraisal, Assessment, Home Inspection
Every one should have a home inspection before purchasing any property, including new construction. You may think that's rediculous but there are too many cases that prove otherwise. It is only a couple of hundred dollars and can save you thousands. Most importantly it makes you feel confident about the house.
Remember the horror stories you saw on the local and national news about all the new construction problems? One is leaks which leads to the dreaded word mold, a whole problem in itself. The stories go on and on. Recently a buider filled a dump and built houses on it. Needless to say, when things settle underground, they do above it. The houses were collapsing and the EPA (Environmental Protection Agency) found barrels of some kind of petroleum substance.
he most important thing is that you carefully select your home inspector and be there at the time he/she makes the examinination. You may not know what is supposed to happen but they should go over the property with a fine tooth comb. Every wall, shingle, window, receptacle.....is looked at and tested. The good ones go in the crawl space, attic and on the roof. When you get the report don't be alarmed. Some things are to be expected, such as outdated electrical systems in older houses and minor settlement.
An assessment is done by a city or county inspector to determine tax bases. Many times they are licensed or certified appraisers but they don't have to be and often are not. They don't do an appraisal. They go by public records, quite often wrong data. Some do have pictures and some have sketches. I put a woodstove in my house a few years ago. I went down and paid for a permit and to this day it is not on record. This is also true with additions which of course add square footage as well as value. I read the other night that approximately thirty percent of property is over assessed, therefore overly taxed.
If you have good reason to think your property is in that category, you should contact your assessor and ask for an appeal. But, understand appreciation has seen an all time high in recent years and may very well be the reason for your estimated value.
See my other article on understanding an appraisal for more detail. An appraiser does a very detailed extensive research on the area, neighborhood and specific property. Upon arrival pictures are taken. Notes are taken about curbs, gutters, sidewalks, street, landscaping...Then the house, deck, garage, porch and so on are measured, the square footage is calculated. Then every single item is noted inside the property. The appraiser goes to at least three similar properties (comparables) that were recently sold, ideally in the same neighborhood. Pictures and notes are taken. After returning to the office a sketch is drawn, pictures are produced and the work begins assembling all data and comparisons before arriving at an estimate of value.
Suzie is a licensed broker and certified residential appraiser with twenty years of experience in the industry. She majored in real estate and architecture and prefers to do sketches by hand rather than using cad programs. Other professionals in the field have contributed as well including agents, brokers, appraisers and educators. freewebs.tk/realestatenews
Real Estate Investment - One Simple Formula
I saw the ads in our small-town newspaper for years before I realized exactly what was going on. They were always the same: A house for sale with 5% down and payments of 1% of the purchase price.
Dont Buy Ugly Houses!
Ugly houses can be great investments, but we don't buy them. We understand that there are lots of valid ways to make money investing in real estate.
Back To The Future - Big Changes Are Coming, Get Ready Now
The comments below are quoted from a recent speech by Ben Bernanke, a member of the Federal Reserve Board of Governors..
Will The Real Home Buying Guide... Please Stand Up?
Use Google right now and do a search on, "Home Buying Guide". Take a few minutes to click some of the links to see what's out there and then come right back.
The Devine Secrets Of The Ya Ya Lease Purchase Hood
The biggest secret of conducting a successful lease purchase business is to have a plan. I know don't grown.
Real Estate Problem Solver
IntroductionThere are many areas one can invest in. Since I was 15 years old I have looked for the fastest, most effective way to accumulate a lot of wealth, with the least amount of risk.
Want To Be Profitable In This Real Estate Bubble? I'll Show You How In Just Three Easy Steps
STEP#1. First you have to recognize that in order to make money in almost any market (i.
Your Home Equity Can Work for You
"Use your home's equity to pay off your debt. It's easy and simple, no closing costs!" Every time I turn on the television, commercials bombard me telling me to take out a home equity line of credit.
Stay Motivated With REI Till The Deal Comes
I know many investors step into the game of real estate investing with high hopes of landing the deal that will turn their financial situation around and yes some do and this is not for you - this is for the investors still looking for that first deal!The best way starting out in this business, staying motivated and sticking to real estate investing has to do with one big factor!Keep your JOB - Yes you may be "Just Over Broke" but real estate investing comes with no guarantees of doing a deal in 30, 90, or 120 days as a matter of fact deals come and they go. real estate investing has its good times and it's bad times!You need a source of income and without it the likely hood of failure will soon follow!Having a stable income is the number one goal to having financial well being and your mental and emotional well being also.
Basic Real Estate Valuation
Given the current interest (dare I say hysteria) associated with investing in dirt and buildings, I thought it might be interesting for our readers to have a quick, dirty manual on real estate valuation. My perspective comes from years in the industry as well as some time learning at the knee of some of the better real estate minds in academia.
What We Do To Sell Your Property!
Once you have contracted us to sell your property we go to work for you to bring you the most money and best price for your property as quickly as possible. Some properties are faster selling than others based on the location, condition, size, price, of course, and type of the property.
Property in Northern Spain
If you're looking for the 'real' Spain where the culture, customs and the traditional Spanish lifestyle have been preserved - a Spain long ago lost and forgotten along the Costa del Sol - consider Northern Spain.Northern Spain has always been a popular holiday destination for southern Spanish tourists, but until relatively recently it was largely unexplored and undiscovered by foreign tourists and those expatriates seeking a new home overseas.
Condo-Hotels - A New Second-Home Alternative to Time Shares
Condo-hotels have evolved as a better, more reliable second home alternative to time-shares. They are usually attractive, high-rise hotels on the ocean or in other prime locations, and range in price from the mid $200,000s to over 1 million, depending on the size, location, and amenities.
Why is Now the Time to Buy in Turkey?
Turkey is a paradise of sun, sea, mountains, and lakes that offers the vacationer a complete change from the stress and routine of everyday life. From April to October, most places in Turkey have an ideal climate that is perfect for relaxing on sandy beaches or enjoying the tranquility of mountains and lakes.
Relocation Humor: Why I Bought A House
The Rental Experience in South FloridaReaders: This is based on a true experience -- only slightly exaggerated -- part of my life of adventure.If I had read my own book, Making the Big Move, and followed my own advice, none of this would have happened! A word to the wise .
You Wanna Get High With Me?
Being a home inspector is great. It's fun, it's interesting, and I get to meet wonderful people.
Buying A Home - What Is That Noise!?!
You've found the perfect home, closed escrow and just finished moving in. As you happily fall asleep, all seems well in the world.
Real Estate Investing In Belize
Any trip to Belize starts fantasies of owning a beach villa, or a jungle resort. There are a lot of North Americans in this English speaking, former English colony.
Fixer Uppers: Dont Make This Mistake
Making money with "fixer-uppers" isn't about repairing drywall or planting flowers. It's about using the right approach from the start.
The Letting Agents Role
Letting agents play an important role in the buy-to-let industry and a good agent can help make or break your lettings experience. So what should you expect from your letting agent?Professional reputationTo attract good tenants, the agent needs to be well established in the local area and have a good reputation.
|home | site map|