Having your home appraised is part of the selling process. It’s common to feel anxious about the results of your appraisal, since they have an effect on your home’s value. However, there are certain appraisal myths that can cause you unnecessary concern.
Here are a few of the most common myths and the truth behind them:
- Getting a pool will guarantee a boost in value. Unfortunately, having a pool installed doesn’t mean that you’ll recoup a good portion of that cost. The amount your home is worth will depend on sales of similar homes in your area. Since putting in a pool is a major expense, you might want to think twice before adding one. Also, some buyers are turned off by the amount of maintenance a pool requires, so having one could actually hurt your sale.
- Fixing things up will lead to a higher appraisal value. Remodeling can help boost your home’s value, but it all depends on what types of projects you do. Simple cosmetic repairs won’t really add much to the value, but updating a major component, such as your home’s electrical setup or central air conditioning, can lead to a significant increase in value.
- Homes in the same neighborhood will have similar appraisal values. These values can vary widely, depending on each home’s condition and the types of improvements that have been made to it. A home with a room or two added on could have a much higher appraisal value than the rest of the homes in the neighborhood.
Wondering what else to expect from the appraisal process? Contact Donna Hatch with ERA Shields Real Estate at dhatch@erashields.com.
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