|
How to decide a home's value |
|
|
|
Page 2 of 2
Think about Selling - When You are Buying
Location is a big factor in a home's appraised value. This is most
notably felt at the time you sell or refinance. What seems like a
bargain when you buy might turn into a real headache when you try to
sell.
Drive around the neighbourhood and note any adverse conditions.
You may think you can live with something adverse for the price, but when it's time to sell you might find buyers won't.
Adding onto your house = Always obtain a building permit
A 600 square foot addition built without a permit is given no value on
an appraisal. When it is time to sell or refinance, the frustrations of
the building permit process will be worth it.
Always save copies of the final permit sign offs and keep with your house papers.
Buying a house with an addition?
Verify that it was built with a permit prior to closing the sale. Don't
just accept the sellers word. Get copies of the permits before final
sign off.
Should you want to refinance or sell at a later date, and the appraiser
cannot verify the addition being permitted, no value should be given.
The result: no new loan or worse . . . no sale.
Tip! A one bedroom house or condominium doesn't appreciate as well and is harder to sell.
Work with an agent
An advantage of working with a real estate agent is that they can
provide you with sales information of similar properties to better
guide you on how much to offer.
Your agent can provide recent sales "comps" for similar homes in the neighbourhood.
Finding the list prices is also important. Comparing the list prices
with the sale prices tells you exactly what percentage of the list
price sellers are getting.
Related: Find a mortgage broker.
{moscomment}
<< Start < Prev 1 2 Next > End >>
|
Features 
