DECISIONS REQUIRE AN APPRAISAL”
home may be the largest investment you have. All the decisions that you make regarding
your home have a big impact on your financial well-being. Some of these decisions
are so important that they require certain information if they are to be made
properly. A market appraisal of the current value of your home can give you the
information you need to make the following decisions:
SHOULD I MAKE IMPROVEMENTS TO THIS HOME?
If you are considering adding a bedroom or modernizing the kitchen or making some
other improvement, you must know how this improvement will affect the resale value
of your home. Will it over-improve your house when compared to other homes in
the neighborhood? How much of the improvement costs will you be able to recover
when the time comes to sell? After receiving the cost estimates from your builder,
ask your Realtor® to provide current market data so that you can analyze the
resale impact of this decision.
HOW MUCH CAN I AFFORD TO PAY FOR MY NEXT HOUSE?
If you are thinking of buying a more expensive home, you will have to know how
much you will receive from the sale of your existing home. Many prospective home
buyers commit themselves to the purchase of a higher priced house without knowing
what their existing home is worth. When they finally find out, they are sometimes
disappointed to learn that they are not going to have as much money for a down
payment as they thought. If you have your existing home appraised before you begin
house hunting, you will know the price range that you can afford.
WHAT SHOULD BE THE ASKING PRICE FOR THIS HOUSE?
If you have decided to sell your home, you should not price it based upon hearsay
or hunches. Your Realtor has access to the latest market statistics including
information on recent selling prices and competing homes that are now for sale.
This data can remove the guesswork from pricing decisions. Your asking price will
be able to compete effectively for buyers’ attention, allow for some negotiation,
and give you the highest possible financial return.
ADVICE: If you are attempting to make any of the decisions listed
above, ask your Realtor for a market appraisal so you can get the information