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 Some things are to be expected, such as outdated electrical systems in older houses and minor settlement.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. http://www.freewebs.com/realestatenews
Welcome to the second portion of a two-part series on... Read More
Foreclosure under a mortgage requires a court ordered sale conducted... Read More
To own a home is one of the dreams every... Read More
Many are taking advantage of this year's low mortgage rates... Read More
Historically, real estate agents have represented the seller of a... Read More
Satisfying and lucrative real estate investment depends upon your correct... Read More
The Echo Boomers or Generation Y currently make up about... Read More
The real estate cycle, like the business cycle, refers to... Read More
Real estate investments come through a variety of different options.... Read More
It is no secret that the current real estate market... Read More
The Economist magazine published a special report in this months... Read More
Many communities have associations for homeowners, property owners, condo owners,... Read More
In the sales contract, the sellers of your new home... Read More
If you are investing in real estate you will face... Read More
Is your pet worth $100,000? It may be if you... Read More
Houses for sale by owner, also known as "FSBOs," are... Read More
So you're interested in going into business as a property... Read More
In the superheated San Francisco Bay Area property market, foreclosed... Read More
We understand the being in foreclosure is a scary thing.... Read More
Whether it's a lakefront cottage or a log cabin in... Read More
Although architectural details, wall and floor coverings, modern conveniences and... Read More
Buyers think they care more about the inside of the... Read More
So you wanna buy pre-foreclosures? or at the courthouse steps?... Read More
There was a time when every conversation was focussed on... Read More
Congratulations! You've decided to purchase a home. We all know... Read More
When it comes to investing, everybody has certain goals and... Read More
Buying and selling property is not as easy as you... Read More
Real Estate investing can be used to gain wealth in... Read More
If you are in the home buying or selling market,... Read More
Did you hear that? Prices of houses in Phoenix have... Read More
Completely rebuilding a house is not necessary to make money... Read More
It's a large real estate agency, and the company depends... Read More
If you don't have the time to invest working on... Read More
It's high time someone advocated the use of common sense... Read More
Your boss has just given you the career opportunity of... Read More
To make the maximum profit on your investment properties, you'll... Read More
There are many reasons why you would consider joining with... Read More
I'm often asked about the basics of Design Psychology, which... Read More
As the buy to let market continues to go from... Read More
Buying real estate can start with a look in the... Read More
You've probably seen the ads or heard about apartment locators.... Read More
Turn on the TV at almost any time day or... Read More
Real estate appraisal for rental properties isn't the same as... Read More
New concepts in Interior Design Psychology are helping home sellers... Read More
Psssssssssst, Want to know a great way to make FAST... Read More
Did you know that every year thousands of UK properties... Read More
The longer you are a landlord the more you strive... Read More
Shopping for property in Belize is not as simple an... Read More
Making money with "fixer-uppers" isn't about repairing drywall or planting... Read More
As sure as the spring flows at the Fountain of... Read More
In today's tight housing market, many buyers are looking for... Read More
You are attracted to a home for more than its... Read More
For posting the "Truth" on your website, some FSBO's will... Read More
The biggest secret of conducting a successful lease purchase business... Read More
I don't know why I didn't do it sooner, but... Read More
Bulgaria is a truly magnificent country, located in Eastern Europe... Read More
Whether you're a "move up" home buyer, downsizing, or relocating... Read More
If you are considering buying a home or have spent... Read More
Real Estate is a multi-faceted investment arena - there are... Read More
Of course, this is the big question in real estate... Read More
Building a house (or lots of them) seems to be... Read More
With so many estate agencies vying for your business, choosing... Read More
We all have seen some book called "How I Turned... Read More
If you want to become a real estate investor, find... Read More
Real estate web design requires you to do things a... Read More
Do you have bad credit, no credit, filed a bankruptcy,... Read More
Real Estate |