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Home Appraisal Questions.

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Home Appraisal Questions.

Old 02-18-05, 09:13 PM
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Home Appraisal Questions.

I plan to close off the back of my basement eventually and call it a '3rd bedroom'. I am about to get it appraised.

Will a house appraise higher with the addition of a 3rd bedroom? The living area would be the same, does having 3 bedrooms add value?

Could an appraiser allow me to have it appraised as a 3 bedroom w/o it being closed off yet? With future intent.

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Old 02-18-05, 09:54 PM
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It may have a minor affect on what is called "functionality" or "functional obselesence" (excuse my spelling, I've been hunting wild turkeys), but it shouldn't be much. Most of your value is going to be determined by the square footage.

For an appraiser to consider it as a bedroom, it will need a window (definately) and sometimes a closet.

Crap, just saw the question. Yeah, a 3rd bedroom will generally appraise higher, all things considered. It won't be a huge difference, but there will be some.

Keep in mind appraisals are generally "legitimate scams". While required by the bank (because of the fed requirements for selling loans on the secondary market to HUD, etc.), appraisals generally come in a few thousand above the asking price, no matter what the asking price is. There are very few exceptions.
Old 02-18-05, 10:10 PM
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When we bought our house, the credit union "appraised" the house by looking at the pictures in the listing.
Old 02-18-05, 10:26 PM
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Legitimate scam. Trust me. We just had a house appraised with a "drive by". Banks want to make the loan, and apprasiers are afraid of making the numbers not work because they will lose business.
Old 02-19-05, 10:31 AM
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We offered $135,000 and it appraised for $136,000. hmmmm I think kvrdave knows his stuff. My question is, how can we know honestly what our house is worth?
Old 02-19-05, 10:34 AM
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It's apparently worth exactly $135,000.
Old 02-19-05, 10:51 AM
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The south Florida market definitely is the exception. Most sellers ask way above appraisal prices. I currently have a house under contract in the West Palm Beach area. The sellers are asking $60,000.00 over what most homes in the area have sold for. The appraisal just came through yesterday, and I sent them my new offer. It's just unbelievably obnoxious down here. The freakin' real estate investors have basically screwed the average wage earner in south florida, by escalating the housing prices to an almost unaffordable level. It's gotten so bad that many teachers, firemen, and policemen are unable to afford to live in the communities they serve. They have to drive way out to more rural areas and commute. Also, the retired Northeasterners with money to burn come down, fall in love with a place, and plunk down whatever the asking price is; not caring about appraised value. If you don't make at least $50,000.00 in south Florida, forget about buying a nice house. Condos and/or townhouses are about the only way to go.
Old 02-19-05, 01:29 PM
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Originally Posted by jaelliot
My question is, how can we know honestly what our house is worth?
You really can't. It is worth what someone will pay. The best bet is to just see what other places like yours have sold for, and that will give you a good range.
Old 02-19-05, 02:17 PM
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Originally Posted by Tarnower
The south Florida market definitely is the exception. Most sellers ask way above appraisal prices. I currently have a house under contract in the West Palm Beach area. The sellers are asking $60,000.00 over what most homes in the area have sold for. The appraisal just came through yesterday, and I sent them my new offer. It's just unbelievably obnoxious down here. The freakin' real estate investors have basically screwed the average wage earner in south florida, by escalating the housing prices to an almost unaffordable level. It's gotten so bad that many teachers, firemen, and policemen are unable to afford to live in the communities they serve. They have to drive way out to more rural areas and commute. Also, the retired Northeasterners with money to burn come down, fall in love with a place, and plunk down whatever the asking price is; not caring about appraised value. If you don't make at least $50,000.00 in south Florida, forget about buying a nice house. Condos and/or townhouses are about the only way to go.
Yup, I'm in that boat right now, also in S. Fla. I own a small condo, so I'm basically a first time home buyer since my place won't sell for much.

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