4 Popular Home Value Myths Debunked
In our last blog, we went over some easy kitchen fixes that can improve the functionality of your home and also increase its value. There are plenty of resources online that claim to be the best and most accurate ways to determine a home’s value, but many are actually myths. In this article, we’ll debunk 5 common myths that are straight from real estate professionals themselves. Before reading on or getting your home appraised, secure your home with a Windham County Home Insurance policy.
Myth #1: Zillow provides accurate real estate appraisals.
False. In fact, Zillow is a great tool to start home research and finding the features, location, and price you want. However, while they market themselves well, they are not a reliable home appraising business. If you need your home appraised or are looking to sell, contact an experienced real estate agent to do this for you.
Myth #2: Appraisals are concrete.
Appraising real estate, especially residential properties is recognized as being much more of an art form than an exact science. Yes, there are guidelines and rules which real estate investors need to watch out for and can use to better calculate what a home is worth but no two appraisers may come up with exactly the same value for a home, says the Real Estate Investing Association.
Myth #3: Cosmetics don’t matter when appraising.
This should be the case, but there are reasons dilapidated (or even just dated) homes don’t sell well, even if they have good bones. Once the home is made over by professionals, it can be sold for a significant amount more.
Both investors and sellers also need to understand the personal aspect of mortgage financing too. If a property owner doesn’t bother to clean up a home before an appraiser takes photos, what impression are those pictures going to have on a mortgage underwriter? Is this really a home the bank wants to loan on and which looks like it is worth what the appraiser is claiming, asks the article.
Myth #4: The more renovations, the bigger return on investment.
We chose to discuss kitchen remodels in our last blog because they have the most significant return on investment for the owner. However, not all remodels equate to returns. In fact, going overboard on a home means that you might not get the money back when selling, especially if it’s a remodel that your buyers don’t want, or if the renovations exceed the surrounding home’s values.
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Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm