As you get curious about your home value and start to do a little research online, you probably see a lot of different terms thrown around: home assessment, home appraisal, comparative market analysis, property value, home value, etc. They all kind of sound the same, but actually hold some basic differences.
First off, home value and property value can be used pretty much interchangeably. Property value just sounds more encompassing because it includes the land on which the house is located. Home value should take into account the same thing, it just sounds like it only deals with the house itself.
Getting a home appraisal or assessment does give you your home value, but it comes from 2 different entities with 2 different motives. An appraisal is something you pay to get done – you higher a (hopefully) neutral third party to evaluate your house and come up with an accurate home value. In most cases, to qualify for any kind of home equity loan, you must have a home appraisal done. It’s most often done after improvements are made to a home.
An assessment on the other hand, is when the government (usually the city or county your property is located in) assesses your home value in order to determine how much property tax you should pay. Most governmental agencies do home assessments every 2 to 4 years, but that span can vary from area to area. In some areas you may never even know your home was reassessed because the government will base the home value on property sales records, age, condition, size and other factors of the home. In other areas officials will send a notice that an assessor needs to see the inside of your home to see if any improvements were made which may affect the home value.
Every governmental agency offers a window in which you can dispute their assessment of your home value. Some homeowners want to see an increased assessment because they may be considering selling, they have plans for a home equity loan, etc. Other homeowners prefer their home value to remain pretty static if not lowered when assessment time rolls around, so that their property taxes won’t sky rocket.
Keep in mind, an ASSESSMENT will ALWAYS affect your property taxes, where as paying to get an appraisal of your home value won’t necessarily do so because the government may never know about it. The two can also be used hand in hand. For example, if you think the government assessed your home value too high, you can pay for an appraisal that might lower your home value and therefore your property taxes. Of course, you do run the risk that the appraisal may wind up being similar to the government’s assessment.
Another term that is often used along with home value, assessment and appraisal is a comparative market analysis or a CMA. Getting a CMA done adds yet another third party to your home value search: a real estate agent. A CMA is an informal assessment of a property’s market value, usually done to generate a fair listing price if a home is selling. Real estate agents figure out your home value by comparing it to similar properties that have sold in the past year. For more accurate home value information, real estate agents will visit the property and do their version of an appraisal and than adjust the price based on similar homes that sold and come up with a comparative market analysis: basically, what you could expect to get your home for if you put it on the market.
There are many different ways to get an accurate home value, but the way you go about it should be determined by what exactly you want it for. If you’re thinking of getting a home equity loan, go for an appraisal. If you think your property taxes are too high, you may want to contact a governmental assessor AND and appraiser to get your home value in case you need to dispute the government’s assessment. On the other hand, if you’re thinking of selling, or you’re just curious and looking for a free home value report, go with a real estate agents.
There are plenty of sites online that offer free home value reports and get you hooked up with a Realtor. You don’t have to be selling, just willing to talk to an agent who is then going to follow up with you from time to time in an effort to win your business. Their home value report will be just as accurate as an assessor or appraiser, and if you play your cards right you might get some freebies from a real estate agent, along with that home value report you ordered!
Find out your own home value and other valuable homeowner information at GetMyHomesValue.com
Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing.
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Related Home Value Fl Articles
In these days many people are struggling just to keep their homes and fewer people are buying and selling. If you are in a position of deciding to keep your home and remodel and/or enlarge or sell and move-up or even downsize, then here are some options to consider.
Let me just say first, hate to admit it but I am not an environmentalist, I don’t drive a hybrid and I’m not even good at recycling my own trash. I approach this as a real estate expert that has learned a thing or two and have been drawn to the green-side. If I could wave a wand right now, I would replace my cars with hybrids and have solar panels on my roof and cut my energy costs to zero. But I’ll have to take baby steps for now.
Going green when you purchase a home or remodel refers to buying or installing more energy efficient appliances, windows, lighting and generally saving resources, both yours and the planets. In the best case, installing solar panels or recapturing resources allows you to live cheaper and in some cases healthier. Many of these improvements can directly increase your homes market value or could be the difference in getting your home sold. A qualified appraiser can tell you in advance what improvements will add most value.
Here are some ideas that can save you money on energy costs and may add value…
Energy efficient appliances can lower your electric and water bills and can add real value if you sell or refinance. The monthly energy saving can even help recoup the cost of the appliance over time. Also, some energy companies offer cash rebates to further increase your savings.
Energy efficient furnace and air condition units. In some climates an air conditioner compressor can be running year round and having a new energy efficient unit with programmable thermostat can save big money and properly sealed ducts can make sure the air is going where it’s needed and most efficient. A balanced system will be airtight but allow for proper ventilation and allow unhealthy air out.
Dual pane e-rated windows save money, look and operate better and as an added bonus shut out unwanted noise from your neighbors or street noise. A good e-rated window will be cool to the touch even when it’s over 100 degrees outside. Some neighborhoods near airports have offered grants to help homeowners cope with noise.
Replacing conventional lights with fluorescent bulbs and exterior lights with solar powered can cut lighting costs by over 60%. Most conventional lights can be readily replaced with compact fluorescent lights aka CFL right away and many energy companies will offer full rebates to offset the cost. Also, there is less heat from fluorescent and thus less cooling costs.
Solar panels can be installed on the roof in sunny climates and actually make your electric meter stop or reverse during the day and then the stored power is used at night with a net zero cost. In homes I have appraised, owners have told me their electricity cost is between zero and $ 30 from a peak of nearly $ 300. There are government rebate programs, state programs and local power rebates bringing the cost down considerably and paying for itself. I will be installing these panels on my next house.
These next few ideas are becoming more popular. Concrete counter tops in the kitchen. They can look like granite and are poured & crafted on site with no quarry, no trucking, no factory and the raw costs are in the $ 30 range. My brother in-law did his kitchen with a beveled edge for $ 28 and it looked beautiful, he then did both bath’s with a 2″squared edge. I have seen many luxury homes and hotel lobbies with colored or stained concrete floors, looks good and is durable. Also, using renewable natural products reduces toxic formaldehyde used in many adhesives.
There are several outdoor projects as well. Wood decks can now be built with recycled plastics that last longer and are bug and weather resistant and is a renewable resource. I have seen them and think they look better than redwood decks because they are always in perfect condition, never weathered, twisted or rotted.
Drip irrigation vs. sprinklers helps drastically reduce water waste. In Las Vegas new homes are required to use drip irrigation and in fact, grass in front yards has been eliminated on virtually all new construction. Not the most pleasant looking to me but I get the point – there is only so much water in the middle of the desert and yard water typically uses more than all the total water used inside.
So, there you go. Just doing the research has won me over to be just a little more “green” in my thinking. You can improve your home, save money, live healthier and help the planet as a bonus.
Please call me if I can be of any appraisal service to you or your clients.
Appraiser/Author Clifford Diamond, CREA
activerain.com/cdiamond
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With all the recent hubbub about the state of the real estate market, you’re probably more curious than ever to know your home value. There are several factors contributing to this fall in the market, and there isn’t really much homeowners can do directly about falling home value prices and decreasing property values. If you’re considering moving, don’t get hung up on how lousy the market may be doing or what a crappy time it is to sell (which isn’t necessarily true). Instead, focus on the factors of your home value that you CAN have some control over, and that could be seriously decreasing your home value.
First off, don’t think just about the home value, but the property value as well. That includes the home and the total of any land. You have to take into account home value AND property value – you may have the biggest, baddest home in the area, but if it’s surrounded by weeds and cars on cinder blocks, you’re asking for the total home value and property value to be lowered.
Home value isn’t just based on the physical factors within your property, but on the desirability of the home and neighborhood as well – is it a place that other people would want to live? The more desirable a home, the higher the home value and the higher the likelihood of finding homebuyers easily. Unfortunately, if you’re trying to sell your home, it’s not just your property that is on display to prospective buyers, but your whole neighborhood.
There are 5 main factors that can go a long way to increasing or decreasing your home value:
1. Condition of homes – your home may be well-maintained, but what about other houses in the neighborhood? Do your neighbors keep up on repairs and landscaping, or are their broken shutters and junky lawn bring down your home value as well as theirs?
2. Condition of streets – does your city/county/homeowners’ association take care of the streets, keeping them clean and in good repair? Do they drain water well and are they plowed often in the winter? Being surrounded by shoddy streets is a sure way to bring down your home value. If your streets aren’t up to snuff, you can contact your homeowners’ association or the proper authorities and see what you can get done about it.
3. Crime – how does your neighborhood statistics stack against other areas’. Obviously, the more crime-free the neighborhood, the higher the average home value is bound to be.
4. Schools – the state of the schools in your area has a huge affect on peoples’ decision to move in or move out. The better the school system, the easier it is to get people moved in the neighborhood, therefore the higher your home value can get. The crappier the school system, the less likely you are to get a ton of people trying to move there.
5. Zoning – what is the future of your neighborhood? Is it pretty much going to stay small and quiet, or might the city widen the streets to allow more traffic, or build a shopping strip across the street? A home may have a higher home value when it’s first bought because it has wonderful views – but if zoning allows that view to be turned into a strip mall, you’ve lost an edge in the market and your home value is bound to be affected.
These 5 factors affecting home value may seem like they’re out of your hands, but in reality, they are all things you can have a say in by getting involved with your homeowners’ associations and keeping on top of any changes going on in your neighborhood. By becoming a more active member of your community from the start, you can keep an eye on these factors and enact change when necessary, especially if you get backing from others in your neighborhood.
The fact is, you can’t really do anything about home loan rates, or an economic slump, but you CAN get involved with these factors that affect your home value. If you keep your eye on them from day one, you’re more likely to have a bit more control over your home value and property worth.
Find out your own home value and other valuable homeowner information at GetMyHomesValue.com
Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing.
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Whether you want to boost your home value because you’re selling or just for the heck of it, one thing usually comes to mind: cost. How much will it cost to get my home value up and will the improvements be enough to boost my selling price? If you’ve got lots of money, great, you can renovate the whole thing to increase your home value, add another bedroom and bathroom, get all new appliances, replace the siding etc. Those are the major (and costly) things you can do to increase your home value.
Most of us however, are on a budget, especially when it comes time to move to a new home. There are a few cheap tricks you can use to help increase your home value without putting a huge dent in your savings.
1. USE your real estate agent! Technically, they don’t get paid till you actually sell your home, but they will wind up making quite a bit of money off you, so put them to work! Have them do a walk through of the home and point out things that may affect your home value. They are the experts after all and can tell you what kind of things will boost your value the most. Some improvements can actually detract from the value of your home, but a real estate professional can give you hints on what to work on and what to leave along.
2. Focus on your kitchen – it still tends to be the heart of the home and potential buyers usually check it out first when viewing a home for sale. For a couple hundred dollars, you can certainly spruce of the kitchen to increase your home value: spring for new sink faucets, repair any squeaky or off-track drawers and cabinets, replace old and worn cabinet handles, etc. If you’re really handy, you can even refinish the cabinets yourself.
3. Check out your floors and walls – if your hard wood floors are scuffed, buff ‘em. If your carpets are stained, get them professionally cleaned. If your walls are scuffed or paint is chipped, re-paint them if necessary, or just wash them! A Mr. Clean Magic Eraser can go a long way to cleaning up walls. It’s not always good to outright replace flooring or carpeting or paint your walls, as some potential buyers want to be able to do their own renovations to a home they purchase.
4. Be sure to replace anything that is broken, or just looks old and decrepit. Not only does this help maintain your home value, but it shows buyers that the home is maintained and well cared for. This includes doorknobs, light fixtures, light switches handles, etc.
5. Bathrooms are another important feature buyers tend to look at, and which can definitely affect your home value. You can spruce it up relatively cheaply by replacing the old floor with new easy-to -apply vinyl flooring – you don’t even have to take up the old floor, just install the new floor right on top of the old one. You can replace worn or cracked toilet seats, re-grout the tile and even replace an old sink with a pedestal sink for a relatively low price. Fixing up the bathrooms of your home is a great way to up its value.
6. Possibly the most important and overlooked aspect of raising your home value and getting a buyer will to pay market price is CLEANLINESS! Before even thinking about showing your home, you should do a THOROUGH scrub down, from top to bottom. Trash extra clutter, sweep and vacuum floors, dust EVERYTHING, clean ceiling fans, window sills, wash the drapes, dust the furniture, get into every crevice of your house. While just cleaning may not do a whole lot to raise the home value, it does go a long way to getting the home SOLD. Buyers want a home that is relatively clean to move into – no one wants to spend their first day in a new home thoroughly disinfecting everything.
7. Last, but DEFINITELY not least is focusing on curb appeal. Once you’ve done everything you can to the inside of the home, it’s time to step out front. A poorly maintained and junky lawn can not only decrease your home value, it will also discourage potential buyers from even taking a look inside the home. Landscaping is an important consideration when you are deciding to purchase a new home. Get your hands dirty by cleaning up any junk and trash you have littering the outside of your house. Prune the hedges and trees, mow the lawn and clean away any dead plant life. If your lawn has bald spots or dead grass, consider either planting shrubbery there or laying grass seed. When it comes to the outside of your home, a little effort can go a long way!
Those are just a few relatively cheap and easy ways to increase your home value. Of course, it all goes back to number one – using your real estate agent to determine what improvements will be the most beneficial to boosting your home value and getting your home sold faster. Of course, if you’re just looking to improve your home and not necessarily sell anytime soon, you may not have a real estate agent, but that doesn’t mean you can’t use one! Real estate agents are ALWAYS looking for potential business and therefore usually willing to help out what could be potential clients. Even if you won’t be selling for another 3 years, start shopping around for an agent to do a walk through of your home and give you some advice. That doesn’t mean you have to list with them! (But they don’t need to know that.)
You can also take advantage of websites that will give you a free home value report, and many of those sites will actually connect you with a local real estate professional. Take advantage of that by having the agent come out, look at your home and give you some more advice on increasing your home value!
Find out your own home value and other valuable homeowner information at GetMyHomesValue.com
Ashley is a webmaster and resident SEO at Web Xtreme, Inc in Lancaster PA. She has a background in real estate and marketing.
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Home prices decline in Dec.
Two workers carry a window for a home under construction in a new subdivision by Toll Brothers, in Yardley, Pa. (THE ASSOCIATED PRESS) By Derek Kravitz THE ASSOCIATED PRESS WASHINGTON — Home prices fell in December for a fourth straight month in most …
Read more on Worcester Telegram
Mass. home sales jump 3 percent from a year ago
The uptick followed a sales drop in December, which capped the slowest year for single-family home sales in Massachusetts since 1990. “Low prices are bringing buyers to the market,'' said Timothy M. Warren Jr., chief executive of Warren Group.
Read more on Boston Globe
Do you think you’re the kind of man or women that your children look around for before collecting a cent? Or do your children accept your opinions on economizing? There’s a significant difference between being frugal compared to that of being a miser with regards to saving cash.
Money can make a individual insane. Daily you’d count each and every cent. This really is obviously if you’re the overzealous kind who goes to the extreme with regards to spending. Going to the flea market and consignment shops aren’t only for the grannies but today it’s actually been accepted as stylish to shop for the minimum possible prices for garments.
Regardless of what’s in fashion, it is important is that you can cut costs for your family. Simply because becoming economical is a good personality that needs to be taught to youthful members of the home. The family is the best place to discover the value of money.
Do you have loose change around the house? Place it in a jar. Every person may have their very own jar. Change can add up rapidly. My father empties his pant pockets each night and puts the change in a jar. When one is filled up he begins a different one. When the cash was taken to one of those particular change counters inside the grocery store he acquired more than $600! I’m not saying that everybody will have that much, but there is the opportunity of a little pocket change when you need it most.
Saving money is supposed to be a unhappy course of action. Your kids shouldn’t wear hand-me-downs as well as eat leftovers each week just to save cash. To avert this you need to carry out the fundamentals, there’s no requirement to be a miser on cash.
To begin with try not to think finances constantly. If you’ve always ended up contemplating saving money constantly you’ll end up scowling at all the family every time they wish to ask something from you. Being a penny-pincher can be a fever that starts in the brain then travels down the body.
To save money you’ll need to start steadily. You may choose to dine at home instead of heading out this is often actually healthier for the family. It can save you cash and you will still opt to venture out for unique events.
Don’t let money to keep you captive. It is okay to expend it. Following a budget teaches you to spend it more sensibly than you probably did before. You can easily live comfortably while conserving for future years.
The author is a multifaceted writer. She writes articles for a number of subjects such as marriage and relationship advices, great deals on bathing suits and swimsuit cover up, family and parenting concerns, fashion and beauty tips and a lot more.
You’ll have taken enough time to create a budget. It has been a trying job, however, you did it. At this point, you must adhere to it. That budget appears good on paper, however it won’t help if we do not change our spending behavior. Here are a few methods the biggest budget hater can stick to one.
1. Give a thought or two just before paying. It can help if you’ve a stopper in your pants pocket to help you think after which reconsider again before purchasing that handbag or tote on display. With out management you’ll result in virtually no time going above the allowance or limit.
2. Avoid hauling around your paid credit cards. Whenever you always have your credit cards in your own pocket or billfold you’ll also have the inclination to use it. It is possible to stash them away in an accessible place however, not constantly within your pocket.
3. Forget about that particular raise. We tend to be accountable for thinking about our up coming purchase as soon as the ink dries on the document. Instead of employing that money, place it away inside a financial savings account. It is an additional reward for carrying out a good task at the office. Let it grow somewhat far from money grabbing fingers.
4. Conserve tax refunds. Much like increase on salaries, treat your income tax refund as an excess that should be hidden and saved. Let it develop for a while. Whenever you spend it extravagantly you’ll find in no time you’ve returned to finding yourself in debt once again.
5. Turn it into a routine to withdraw from ATM once per week. If you do require cash on your pocket, you’ll be able to go to the bank to withdraw what exactly you need. When everything’s long gone that’s it. You shouldn’t go back for more.
6. Discover how you can grocery shop. This appears like an easy task but there really is a skill to getting enough meals to last, especially with kids. Cut coupons from the Sunday paper. Fill up on necessities like toilet tissue, laundry detergent, cleaning soap, and the like when there is a sale. Buy typical food staples in large quantities. Buy meat from your butcher and also have it cut up for free.
7. Re-negotiate insurance rates and utility ideas. Every three years or so it is good to see which will get you lower rates – your current insurance policy carriers or any other.
Sticking to an individual budget needs time to work and we all slide back directly into outdated habits now and then. The point is to get right back in the saddle and continue going. You will achieve your own debt-free future.
The author is a multifaceted writer. She writes articles for a variety of topics such as marriage and relationship advices, great deals on swimsuits for women and UV swimwear, family and parenting concerns, fashion and beauty tips and a lot more.
Are you upside down in equity on your home? Not sure where to start? We’ve developed this comprehensive guide to help you answer that question. How To Save Your Home (Or At Least Save Your Assets) will help you do just that.
How To Save Your Home (Or At Least Save Your Assets
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