Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,852 posts, read 10,451,396 times
Reputation: 6670
Advertisements
Purchased this 3,000 sq. ft. repo/fixer about 4 years ago, and am currently in the midst of a refi., with the appraisal coming up soon. Have done a fair amount of work to it, but is there anyone with enough experience to make some suggestions on the kinda things that would naturally help the value (similar to "staging" when selling a house)? Are cosmetics even that important in refi appraisals, or does it all mostly come down to the 'amenities', lot size, square footage, etc.?
BTW, how important in the value, is total square footage in a house anyway? For example, is there usually a minimum local cost per square foot, regardless of other factors? Thanks!
Location: On the "Left Coast", somewhere in "the Land of Fruits & Nuts"
8,852 posts, read 10,451,396 times
Reputation: 6670
But is there ever a minimum value just for the square footage and/or size of the lot? For example, in the immediate area I have the only 3,000+ square foot house, and also on a shy acre, so it's not like there are gonna be a lot of similar "comps". While the next largest houses are <2,100 sq. feet, and on smaller lots, although several have nicer much amenities and landscaping. BTW, anyone know how accurate Zillow appraisals are?
assuming your house is in good condition then there is little you can do to influence the appraisal it is based on what houses in you area are selling for.
But is there ever a minimum value just for the square footage and/or size of the lot? For example, in the immediate area I have the only 3,000+ square foot house, and also on a shy acre, so it's not like there are gonna be a lot of similar "comps". While the next largest houses are <2,100 sq. feet, and on smaller lots, although several have nicer much amenities and landscaping. BTW, anyone know how accurate Zillow appraisals are?
Zillow doesn't have appraisals, they have "zestimates". Their relation to reality is negligible.
There is no minimum value that anyone can give you.
If you are really the only house of that size and land size, there's a chance you may be over improved for the area. If you are, there may not be as much of a difference in value as you are expecting.
To prepare for the appraisal, have a list of any upgrades you have completed ready to hand to the appraiser, and a copy of the survey, if you have it.
Add air conditioned GLA (Gross Living Area). Additional square footage via garage conversion or closing off a patio.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Other items that could help....
