Six Easy Steps that Lower a Home's Value
Appraisers typically overlook clutter and smells. They do not overlook deferred maintenance and market appeal. Fix what you can then order your appraisal report. There are also times when an appraisal report is needed for a property in "As IS" condition. If this is the case then skip any cleanups or updates and order an appraisal report now.
Older homes will be worth less if not updated, that is a fact. Appraisers look at your home and take in the big picture. We look at a home's basic features, including the condition of the home, yard and any outdoor buildings. Please see our list of Steps to Take before ordering a home appraisal. Taking these steps will typically increase the appraised value of your home.
Remember - give your Appraiser a list of updates
Updating the kitchen and bathrooms will increase your home's value. The work you do will go a long way in determining the fair market value of your home. Let's review. To lower the value of your home, do nothing. To increase the value of your home - update. Paint the interior, new flooring, and clean up the yard. If you budget allows tackle your bathrooms and kitchen. Tip: You can paint dark wood cabinets white and add new hardware.
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Fresno Appraisal Service
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How is a Garage Conversion Appraised?
First of all, you will not be able to get the full amount of your investment in the conversion back when you sell the home. At best, you will get 20-30% of the money you spent on the conversion back.
The market area is the driving force of this value. You need to ask are buyers looking for an additional room or do they want a garage? Majority of buyers who purchase homes in a subdivision want the garage.
Second, you must establish whether or not you are doing a legal or illegal conversion. A legal conversion of the garage requires permits and the city to allow the change, which might not be the case. You will have to consult a contractor and the city for that to be answered. If it is a legal conversion, you might be able to show the increase in square footage but not if it is illegal.
Third, you are taking away parking or storage. Adding a bedroom may help in one sense, but you are taking away another huge component of a home. At best it would be a wash but likely you would decrease your value.
This is a bad idea...to be honest. Spend your money on things that will give you a better return on your investment. Swap out electrical plugs if they need to be updated and change the light switch plates if they are old and yellow.
Those are small items that have an affect on your eventual Appraised Value of your home. Spend your money there and you are almost guaranteed to get your investment back if not more.
The market area is the driving force of this value. You need to ask are buyers looking for an additional room or do they want a garage? Majority of buyers who purchase homes in a subdivision want the garage.
Second, you must establish whether or not you are doing a legal or illegal conversion. A legal conversion of the garage requires permits and the city to allow the change, which might not be the case. You will have to consult a contractor and the city for that to be answered. If it is a legal conversion, you might be able to show the increase in square footage but not if it is illegal.
Third, you are taking away parking or storage. Adding a bedroom may help in one sense, but you are taking away another huge component of a home. At best it would be a wash but likely you would decrease your value.
This is a bad idea...to be honest. Spend your money on things that will give you a better return on your investment. Swap out electrical plugs if they need to be updated and change the light switch plates if they are old and yellow.
- Invest in an interior and exterior repaint.
- Add recessed lights if they aren't currently there.
- Invest in carpet cleaning or new carpet.
- Patch leaks in the roof.
Those are small items that have an affect on your eventual Appraised Value of your home. Spend your money there and you are almost guaranteed to get your investment back if not more.
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