One of the most frequently asked questions we get here at Appraisals by Michael is how much value would upgrading the kitchen and bathroom add to a home. If you are selling your home, you may want to consider renovations such as this. Some may think that renovating a home that you are about to sell is a waste of time, energy and money. Think again, making updates to your kitchen can increase marketability and add thousands to your home’s value.
Now, we understand that a complete kitchen remodeling may not be in the budget. But it may not be necessary. Take the example from the video below, changing your appliances may be the upgrade your kitchen needs to be elevated to the next level. Cabinets may be secondary:
Performing small, low cost renovations to your kitchen such as backsplash, paint and hardware changes are starting points. However, a kitchen is only as good as the appliances in it. Studies have shown that updated appliances can increase your home’s value by thousands. Upgrading your appliance doesn’t mean you have to fork out $10k on a new commercial-grade range or a sub-zero french door refrigerator. Upgrading your kitchen for the purpose of selling your home is to give the prospective home buyers the quality, functionality, and aesthetics they are looking for without breaking the bank.
Keep in mind that when home buyers see upgraded appliances, they see one less thing they have to do upon buying. Home owners want less work and more bang for their buck.
Appraisals By Michael can assist you with all your appraisal needs such as Pre-listing, Divorce, Tax Assessments, etc. Get in touch with us today to answer any question and for a free quote.
Find an appraiser in your area:Alpharetta|Brookhaven|Buckhead|CobbCounty|Dekalb County|Dunwoody|Fulton County|Gwinnett County|Marietta|Sandy Springs
Whether you are a home seller or looking to buy, a low home appraisal could cost your deal to fall through.
Here’s a common scenario: You list your home for $350.000, you receive an offer of $275.000, you end up setting at a price of $300.000. An appraisal is done before closing and it comes in at $255.000. That’s $20.000 less than what the seller offered and $95.000 less than what you expected to receive. Not to mention that the $255.000 appraisal price is the maximum amount of which the lender is willing to lend.
Now, $35.000 is hanging in the balance. Does the seller pay the difference in cash? That would mean they have the extra cash laying around and are willing to pay above the appraised value of the home (not likely). And after you’ve already come down on the price in negotiation with the seller, you may not be willing to come down again so drastically.
Needless to say, the deal is shot and its back to the drawing board for you both.
Here are a few steps that could save you from the aforementioned scenario as a buyer or seller:
If you are a buyer, have your lender hire an appraisal from your county or neighborhood. An appraisal familiar with your area and knowing your area well could mean life or death to your deal.
Make sure the appraiser is qualified. Your appraiser should be certified by the state’s national board of real estate appraisers. An appraiser who belongs to a professional organization such as the Association of Georgia Real Estate Appraisers (AGREA).
Provide any information regarding your home, the neighborhood, and any recent comps you know of. This information won’t promise to change your appraisal value but it could be welcomed by your appraiser. The more information, the better.
As a seller, consider obtaining a pre-listing appraisal before you even list your home.
A pre-listing appraisal will provide you with a much more realistic market value and could save you from wasted time, energy and money in the future.
Low appraisals are typically seen during a declining housing market because of the lack of comparable homes in the area. Not having “comps” to compare your home to makes it difficult to determine the most accurate true market value. When the market is slow, good comps age fast, and with a rise in foreclosures, can result in appraisers have a hard time justifying the price you set.
To get in touch with an appraiser in your area or for more information click on one of the areas below closest to you:
Alpharetta|Brookhaven|Buckhead|CobbCounty|Dekalb County|Dunwoody|Fulton County|Gwinnett County|Marietta|Sandy Springs
Getting an appraisal
Buying your first home can be one of the most exciting
milestones one can reach in life. But unfortunately, many people who believe
that they are ready to be home owners find themselves faced with the challenges
of being able to afford it and not having enough cash saved up for the down
Mentally, we all know we shouldn’t spend more than we earn.
It’s one of the common sense “rules” that we try to live by, but maybe let slip
a little too often. These slip ups may have caused us to fall in a pit of debt
that we can’t seem to find a way out of. It’s time to move forward and take the
necessary steps to reduce your debt.
We’re going to first change how you manage your money,
making it easier to save money for a down payment on a home
Here are some tips and advice that can put you in the best
position to be a home owner.
Your Money Go?
Have you ever heard of the “Debt Snowball”? Create a list
of all the places your money goes every month; including rent, credit cards,
utilities, food, car payments, gas, insurance, charity, Starbucks, etc.
Then, split the list into two, separate lists.
The first list includes items that you’ll always have to pay
(e.g. utilities). The second list includes debts you can pay off like your
Sears credit card. That goes on the second list.
For the second list, reorganize the order of the items by
largest account balance (Debt Snowball).
The Snowball method will help you to rapidly reduce the
number of debts you owe.
First, make the minimum payment for every bill.
Then, make an extra payment for the one item that is on the
top of your list.
Repeat monthly until the item on the top of your list is paid in full.
After you’ve paid off the first item, take the money you
were using to pay if off and now apply it to the second item on the list. Knock
off each #1 item every month until all balances are paid off in full.
Image the encouragement you’ll receive once you start
knocking off those payments each month!
So, if you are already in debt, how can you expect to pay
anything extra to the bill at the top or your list? Just like a well-crafted
movie: clever editing. If you spend $100 a week on groceries, try to spend $5
To Cut Your Expenses:
Get Rid Of Unused Subscriptions! We all have good intentions to fully use that
gym membership but if you aren’t using the gym, there is no reason to keep
paying for it. Take up running or walking (free) or buy some used free weights
on Craigslist (cheap).
You get the idea. Whatever you can cut out of your weekly
spending, you can add to the payment to the top item on your Snowball or
An Emergency Fund
Set aside some money you save from cutting your expenses
and stash it into a special savings account that is created just for this
purpose. That way when tough times arrive, you’ll be ready. The emergency
fund can be used instead of pulling out your credit card.
Incremental Goals (And Reward Yourself For Reaching Them)
Give yourself incremental milestones ($500, $1000, $1500,
etc.) and reward yourself with something fun. If this reward costs money, then
set aside a little cash each month to save for this very purpose. There is no
sense adding to your debt due to your celebration of reducing it. Keep the
reward under $100.
Being prepared financially to purchase a home isn’t
something we hear about often but can be the best advice you’ve heard in a long
time. Buying your first home does not have to be a fairy tale, but a dream worth
dreaming. It just may take dedication and self-control to make it happen. Find an appraiser in your area:Alpharetta|Brookhaven|Buckhead|CobbCounty|Dekalb County|Dunwoody|Fulton County|Gwinnett County|Marietta|Sandy Springs
Thank you, we'll be in touch!