Home appraisal question

[nomoney]

We have recently had a home appraisal done (for the purposes of purchasing a home). He hosed it up more ways than one (in our favor so shhh)...but one thing I had a question about..... he listed in his report that it had an ashpalt driveway but its a gravel one. When asked about it he said that doesn't matter when it comes to the value..(even though there is a different box to check for each type of driveway). I find this a bs answer and that having an asphalt driveway vs a gravel driveway DOES have to affect the value of the house somewhat - I mean its going to cost us a few grand to pave it - so its def not a plus. So what say you? Is he jerking our chain?

 

[itsbob]

We have recently had a home appraisal done (for the purposes of purchasing a home). He hosed it up more ways than one (in our favor so shhh)...but one thing I had a question about..... he listed in his report that it had an ashpalt driveway but its a gravel one. When asked about it he said that doesn't matter when it comes to the value..(even though there is a different box to check for each type of driveway). I find this a bs answer and that having an asphalt driveway vs a gravel driveway DOES have to affect the value of the house somewhat - I mean its going to cost us a few grand to pave it - so its def not a plus. So what say you? Is he jerking our chain?

It's been awhile, but as far as appraisal there are a LOT of things that won't effect the value.. All kinds of check boxes that won't make a difference.

Value is based on Sq Footage, number of rooms/ bedrooms.. and comparables.. That's the easiest way to look at it, but I bet REMAX can give you a better answer. I THINK it's just a formula that he inputs numbers.. and it either subtracts or adds value from the base comparable price.

My problem with an appraisl was getting all the sq feet counted as living space. It was finished, had a bathroom (the basement) but they wouldn't count if because there were no "closet" or windows. A slider on both the front and rear, but no window. I lost about 900 sft in appraised living space, and one or two bedrooms.

 

[GWguy]

Won't the "improvements" increase the appraisal, and in turn the property tax value? Property tax value and sale price are not the same when it comes to being taxed.

 

[itsbob]

Won't the "improvements" increase the appraisal, and in turn the property tax value? Property tax value and sale price are not the same when it comes to being taxed.

Well, i think there's a LOT of confusion depending on who you ask..

A bank appraisal will have nothing in common with a tax appraisal, and neither will have anything to do with a sales price. All three will be different, and sometimes significantly so.

ANY improvement will increase your tax appraisal, but may not effect a bank appraisal for a loan..

Take a car for example.. A fully loaded malibu will cost you more, and you MAY be able to sell it for more.. (sale price)

But for tax purposes it's a Malibu.. with a set value.. (tax Appraisal)

And for trade in most of the extra's that come with a loaded car add nothing to the trade in value.. but some (albeit few) will (Bank Appraisal)

 

[struggler44]

Won't the "improvements" increase the appraisal, and in turn the property tax value? Property tax value and sale price are not the same when it comes to being taxed.

The state does it's own, independant appraisal. A mortgage appraisal and property assessment appraisal by the state seem to have a different value for the same property for whatever reason. Typically the property assessment of the state is lower than the ones from a financial institution....typically

 

[remaxrealtor]

It's been awhile, but as far as appraisal there are a LOT of things that won't effect the value.. All kinds of check boxes that won't make a difference.

Value is based on Sq Footage, number of rooms/ bedrooms.. and comparables.. That's the easiest way to look at it, but I bet REMAX can give you a better answer. I THINK it's just a formula that he inputs numbers.. and it either subtracts or adds value from the base comparable price.

My problem with an appraisl was getting all the sq feet counted as living space. It was finished, had a bathroom (the basement) but they wouldn't count if because there were no "closet" or windows. A slider on both the front and rear, but no window. I lost about 900 sft in appraised living space, and one or two bedrooms.

Bob...u the bomb!

Appraisals are an average based on 1)comps 2) replacement costs 3)expense

If you refinance vs. purchase your appraisal is likely to be very different. The appraisal on a purchase is at the expense of the buyer and is for their info (and their mortgage lenders) only.

 

[GWguy]

Thanx, all. I obviously don't do this often enough to have the right info....

 

[onebdzee]

It's been awhile, but as far as appraisal there are a LOT of things that won't effect the value.. All kinds of check boxes that won't make a difference.

Value is based on Sq Footage, number of rooms/ bedrooms.. and comparables.. That's the easiest way to look at it, but I bet REMAX can give you a better answer. I THINK it's just a formula that he inputs numbers.. and it either subtracts or adds value from the base comparable price.

My problem with an appraisl was getting all the sq feet counted as living space. It was finished, had a bathroom (the basement) but they wouldn't count if because there were no "closet" or windows. A slider on both the front and rear, but no window. I lost about 900 sft in appraised living space, and one or two bedrooms.

If it doesn't have a window(for emergency exit) and/or closet in the room(if it's suppose to be a bedroom) it is not considered a room....you also have to have a building permit in order to have the deed on your house adjusted to have the improvements shown....if you don't have the improvements on the deed the appraisel will not show it as actual living space

 

[DoWhat]

If it doesn't have a window(for emergency exit)

Believe it or not, but it is actually for emergency entrance (Firefighters)