Posted on: 04th Jul, 2008 09:58 pm
I'm trying to buy a house and the one I've selected has a small concrete driveway but in deplorable condition, the fence in the backyard isn't stable either. Does it affect my appraisal?
Hi Joshua.
Welcome to the forum.
If the drive way is in deplorable condition and the fence in the backyard isn't stable then the property value should be lower than the slandered houses in your neighboring areas. So that should effect your appraisal.
Best of luck,
Larry
Welcome to the forum.
If the drive way is in deplorable condition and the fence in the backyard isn't stable then the property value should be lower than the slandered houses in your neighboring areas. So that should effect your appraisal.
Best of luck,
Larry
Yes but probably not much
Brian
Brian
The best way to figure out how any factor contributes to the valuation is to put yourself in a buyers shoes. If a buyer is looking at your home as well as an identical home nearby, how much of a discount would they expect to receive for the burden of having to repair these items after purchase? I know that if I was that buyer, I would consider the cost of the repairs and add additional discounts to make it worth my time. This is the thought process that an appraiser must go through.
If your are considering selling the home, I would advise offering an allowance for repair or simply repairing these items first. It will increase marketability and less hassles in negotiation.
If your are considering selling the home, I would advise offering an allowance for repair or simply repairing these items first. It will increase marketability and less hassles in negotiation.
Welcome apexoffice.
You are absolute correct. If repairing the house will certainly increase the market value of the property and help to find borrower. By the way are you an appraiser? say something about yourself. Why don't you introduce yourself and let us know about you.
Hope to see you soon on the forums.
You are absolute correct. If repairing the house will certainly increase the market value of the property and help to find borrower. By the way are you an appraiser? say something about yourself. Why don't you introduce yourself and let us know about you.
Hope to see you soon on the forums.
Hi Apex,
I do agree with you. Any buyer would like to get an allowance for repairs if the house isn't in good physical condition. It may help in quick sale of the home no doubt. So, the seller can offer some discounts to the buyer at the time of sale. But over here, the OP is not the seller. He's a buyer too.
Regarding the OP's question, I think the driveway repair is going to affect the appraisal. A driveway is a necessity and something that is expected by a buyer in today's market. So, it is likely to affect your appraisal if you make any repair work in the driveway.
The appraiser should determine the current condition and the cost of repair. The costs would be as required by local contractors in order to bring the driveway into an average condition. So, if the cost to repair the driveway is $X, then the appraised value will be reduced by $X.
Good luck
I do agree with you. Any buyer would like to get an allowance for repairs if the house isn't in good physical condition. It may help in quick sale of the home no doubt. So, the seller can offer some discounts to the buyer at the time of sale. But over here, the OP is not the seller. He's a buyer too.
Regarding the OP's question, I think the driveway repair is going to affect the appraisal. A driveway is a necessity and something that is expected by a buyer in today's market. So, it is likely to affect your appraisal if you make any repair work in the driveway.
The appraiser should determine the current condition and the cost of repair. The costs would be as required by local contractors in order to bring the driveway into an average condition. So, if the cost to repair the driveway is $X, then the appraised value will be reduced by $X.
Good luck