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11-16-2010, 07:47 AM
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175 posts, read 731,671 times
Reputation: 325
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I just had an appraisal done by the bank and it was right in line with what my insurance company valued the house at. However, my insurance company added another 25% for replacement costs. So the value of my home goes from 250 to 300,000 if it is destroyed in a fire. The bank appraised it at $255,000. Which is great because I am only borrowing $134,000 so it's not like I'm in any danger here.
I just thought both appraisals were fairly conservative. I mean they didn't measure the ceiling heights, look at tiled shower (took pics of the tub), it just went pretty quick. Neither were here more than 20 mins on a 3370 sq ft home.
If I decided to sell today is that really what it's worth? Not that I'm planning on selling, really I just want to know if the remodeling I did improved the value of the home. Right now, I think I am dollar for dollar at what I spent. BTW I'm just outside Charlotte NC-our market didn't plummet like so many others.
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11-16-2010, 08:17 AM
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Location: NJ
17,578 posts, read 44,527,530 times
Reputation: 16249
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Quote:
Originally Posted by lmabernathy
If I decided to sell today is that really what it's worth? Not that I'm planning on selling, really I just want to know if the remodeling I did improved the value of the home. Right now, I think I am dollar for dollar at what I spent. BTW I'm just outside Charlotte NC-our market didn't plummet like so many others.
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No house is worth what it says on a piece of paper. It is worth what someone is willing to pay for it. |
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11-16-2010, 08:44 AM
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359 posts, read 1,077,072 times
Reputation: 257
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I found that my appraisal was VERY conservative. Couldn't insure it (replacement) for less than about $75k more than appraised value which didn't make a whole lot of sense to me because obviously an acrea of land must have SOME value that doesn't need to be insured. Appraiser said they are being very conservative these days.
Not a whole lot makes sense in this market.
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11-16-2010, 09:41 AM
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Location: Golden, CO
4,538 posts, read 7,448,260 times
Reputation: 5720
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My appraisal seemed low, too. It wasn't low enough to cause problems with my loan, but it was lower than what I had expected.
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11-16-2010, 09:52 AM
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Location: NJ
17,578 posts, read 44,527,530 times
Reputation: 16249
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It seems logical to me that appraisals would be conservative. The bank is trying to protect itself.
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11-16-2010, 05:45 PM
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3,020 posts, read 8,208,336 times
Reputation: 3272
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There is no reason for appraisals to be conservative. They should always be accurate, no exceptions.
BTW - I've been an appraiser for 27 years and I've never measured a ceiling.
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11-16-2010, 06:54 PM
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Location: Union County
6,084 posts, read 9,544,656 times
Reputation: 5643
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Quote:
Originally Posted by lmabernathy
I just had an appraisal done by the bank and it was right in line with what my insurance company valued the house at. However, my insurance company added another 25% for replacement costs. So the value of my home goes from 250 to 300,000 if it is destroyed in a fire. The bank appraised it at $255,000. Which is great because I am only borrowing $134,000 so it's not like I'm in any danger here.
I just thought both appraisals were fairly conservative. I mean they didn't measure the ceiling heights, look at tiled shower (took pics of the tub), it just went pretty quick. Neither were here more than 20 mins on a 3370 sq ft home.
If I decided to sell today is that really what it's worth? Not that I'm planning on selling, really I just want to know if the remodeling I did improved the value of the home. Right now, I think I am dollar for dollar at what I spent. BTW I'm just outside Charlotte NC-our market didn't plummet like so many others.
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Charlotte didn't have some magical forcefield around it protecting values... $70 / sqft is only conservative if you're custom built / full brick inside 51 of South Charlotte. If you're vinyl sided tract built out in the burbs, you'll understand pretty quickly the true value when you try to sell. |
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11-16-2010, 07:47 PM
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Location: OK
2,824 posts, read 7,237,876 times
Reputation: 2048
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Ceiling height? What on earth for?
It is just as bad for us to under value as it is to over value. I have never been ased by a client to be conservative and if I ever was I would decline.
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11-16-2010, 08:37 PM
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Location: Tempe, Arizona
4,511 posts, read 13,097,909 times
Reputation: 2200
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Quote:
Originally Posted by lmabernathy
...If I decided to sell today is that really what it's worth? Not that I'm planning on selling, really I just want to know if the remodeling I did improved the value of the home. Right now, I think I am dollar for dollar at what I spent. BTW I'm just outside Charlotte NC-our market didn't plummet like so many others.
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Remodeling Magazine: Home remodeling, kitchen and bath design, renovation, and building products for the professional remodeler
Remodeling may improve the overall value of a home, but it's likely you will not recover the cost of the improvement. |
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11-17-2010, 08:04 AM
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175 posts, read 731,671 times
Reputation: 325
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Well, I had a different appraiser look at my house before I remodeled and he did measure ceiling heights, so I figured that was something that was normal. (he also measured the room sizes-the bank's appraiser only measured the outside of the house) I def wouldn't pay as much for a house with low ceilings as I would for a house with 8 ft or higher. I hate those bonus rooms in new houses you can't do anything with because of the sloped ceilings, JMHO
I don't even know how she figured out how big the house was (square footage) because the downstairs is larger than the upstairs
Also some homes lost a 1/3 to 1/2 of there value (California, Florida). Charlotte nor its 'burbs did that.
rjrcm-thanks for the link, but did you look at it. Who pays 92,000-103,000 to add a master suite to a mid-range house? In Charlotte you pay 120,000-200,000 for the entire mid-range house. Does a master suite include the bathroom? because the link listed bathrooms seperate also
For comparison I completely gutted (down to the studs), rewired, replumbed, remodeled, added 3 bathrooms, and over 1000 sq ft to my home, new roof, new windows, new insulation, new heat and air, 3 xtra large gas fireplaces and spent $200,000. I didn't cheap out either I have brazilian cherry plank flooing, granite in the kitchen and bathrooms, furniture style sinks, stainless steel appliances. I live in a great school districts. That link just doesn't seem realistic to me. or no wonder the housing market crashed people were paying way to much to remodel/build their homes. I bought most of the materials myself-somebody has been getting shafted!
Last edited by lmabernathy; 11-17-2010 at 08:31 AM..
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