someone who wanted to buy my house sent a
bank apprasier. he told me he was not allowed to appraise any of the extras inside and outside my home.
now the people are saying that he did include all the
stuff in my house and outside. is this allowed?
2007-06-18 17:45:36 · 4 answers · asked by pinkie 2 in Business & Finance ➔ Renting & Real Estate
The appraiser will appraise based on square footage and condition. They don't look at minor things like cute drapes, they aren't part of the house.
What you consider an upgrade may or may not increase the value of your home for resale and may even decrease the value.
A neighbor had a house just like mine and converted two normal little bathrooms into one huge wonderful bathroom. It was just her and her daughter and it was perfect for them but the appraiser appraised for less money because it was only one bathroom. Swimming pools are another place that might decrease the value of the house because it is a liability for insurance so someone not wanting one will have to pay to fill it in or remove it.
2007-06-18 17:54:38 · answer #1 · answered by shipwreck 7 · 0⤊ 0⤋
"Upgrades" may or may not be included in an appraisal, depending on the nature of the upgrade. Certain, anything which adds square footage to the property will be included.
Other than that, upgrades are judged for value based upon their suitability to the type of property, as others have posted. If you put Italian marble flooring in the bathroom of a 1200 square foot ranch, that's not an upgrade. It's an extravagance for the type of house involved, and won't raise the value a cent, other than to help indicate the general quality of the property.
2007-06-19 07:56:28 · answer #2 · answered by acermill 7 · 1⤊ 0⤋
It depends on how the upgrades relate to comparable properties.
Put granite counter tops in a cracker box house, isn't going to help on value.
Custom draperies, no value.
That tile counter with red grout? Nada.
Upgrades do help in some circumstances, the appraiser just has to find comparable properties to justify the appraisal. If you have an 800 sq. ft. home with hickory custom kitchen cabinets on 2 acres with a huge outbuilding and an inground swimming pool - not many comparables there and your upgrades are wasted.
2007-06-19 01:02:30 · answer #3 · answered by godged 7 · 0⤊ 0⤋
He cannot actually appraise the extras but he can consider them in your price when compared to other houses and values in your area.
2007-06-19 00:50:21 · answer #4 · answered by Anonymous · 0⤊ 0⤋