My .75 acre residential home was recently re-zoned to commercial (OS-1). How do I go about doing an investment appraisal to determine it's new value? I want to sell and move somewhere warm!
2007-03-01 10:33:51 · 5 answers · asked by barbara 2 in Business & Finance ➔ Renting & Real Estate
Hello,
Your appraisal should be normal. Only thing you are going to do different is... base it off of what your surrounding commercial is going for. You also want to look at what the city has planned for your area in developments. This will give you just a small insight on what to ask for and what your potential net worth could be. Now when you talk about saleing your home, you won't be able to sale it for future value. If the home is already there on the lot and it's value isn't like the comps of the commercial properties, then that is to be expected because of the sqft of the property.
So when you base your price make it reasonable and explain when you list it that is a great investment opportunity. Focus on the lot not the home on it.
If you have the money and time to invest on the lot, do that. I have contractors and a whole work crew that could put together a plan for you as to what you want to build and I can do a future loan for you so you can build on it if you like and then you can sale it or sale the plans with your home and that way you can ask for a bit more based off the future value of the property. And you make it easier for someone to come in because your loan should be assumable.
I'll talk to you more about it. Contact me. law_edavis@yahoo.com
2007-03-08 06:31:51 · answer #1 · answered by Lawrence D 1 · 0⤊ 0⤋
You have two choices: 1) hire an appraiser from a bank who will tell you what the bank is willing to loan on the property to a qualified buyer - This can cost up to $400. 2) hire an experienced real estate agent to provide you with a Comparative Market Analysis which will tell you how much a buyer is willing to pay for your property - this is usually free and is used by agents to earn your business. Get 2 o 3 CMA's and examine their marketing plans. Then hire the agent you feel will give your property the best exposure to the market. (Don't just go for the highest price. There is a company who makes it a practice to list high and drop the price later - Don't make that mistake)
2007-03-07 10:16:18 · answer #2 · answered by Jay S 3 · 0⤊ 0⤋
There is an article that was in the paper today that was written by one of the real estate broker's in the area. His name is Jim Shows. He writes, "Call your realtor for a market analysis at no cost to you. That analysis is based on comparble sells of porperty in your, or call an appraiser for an appraisal."
2007-03-01 18:47:33 · answer #3 · answered by Michael H 3 · 0⤊ 0⤋
A Real Estate Agent should be able to help you.
2007-03-01 18:38:24 · answer #4 · answered by billy 6 · 0⤊ 0⤋
Try this site. It is $29.95 for a full report.
www.homeappraisalsusa.com
2007-03-09 14:02:46 · answer #5 · answered by Fred 3 · 0⤊ 0⤋