Tag Archives: appraisal

8 Ways To Prepare For Fall

Posted on August 29, 2011 | Leave a comment

Deferred Maintenance (from the “Dictionary of Real Estate Terms”): a physical depreciation owing to lack of normal upkeep. Example: The appraiser found the following examples of deferred maintenance on the subject property: broken window glass, missing roof shingles, peeling paint and broken guttering.

Just like your car your home needs seasonal tune-ups. Here are a few maintenance musts.

1. Replace missing or damaged weather-stripping around doors and windows. Along with caulking and other air-sealing measures, such as adequate insulation, this can cut your home heating bill by up to 15%.

2. Get a HVAC check-up before you turn on the heat. For about $100 a certified technician will replace filters, make sure all the parts are working and give the system’s vents and combustion chamber a good cleaning.

3. Have the gutters and downspouts cleaned and inspected to make sure water doesn’t pool near the foundation from misdirected runoff. Foundation repairs can run into the thousands so prevention goes a long way.

4. Get your fireplace inspected by an expert who’s certified by the Chimney Safety Institute of America.

5. Bleed the radiators and boiler if needed. Call in a professional to evaluate whether the entire system needs flushing, boiler included.

6. Flush out the lawn’s sprinkler system. That prevents leftover water from freezing in the middle of winter and bursting a pipe.

7. Seal concrete walkways and cracks. A contractor should fill any small fissures (under 1/2 inch) with an acrylic-based compound; larger ones need a vinyl-based patch so that water doesn’t seep in and freeze during the winter.

8. Drain the gas and oil from a gas-powered lawnmower (or get yourself an early christmas present and get an electric powered mower – keep your eyes out for the for the swaps, you get a free electric mower if you bring in your gas mower) before putting it away.

Can deferred maintenance affect the value of your home? Yes.

Contact the appraisers at www.socalappraisalserv.com for your value questions.

Disclaimer: For Information and Entertainment Purposes Only.

Will A Burglar Alarm Increase the Value of Your Home?

Posted on August 18, 2011 | Leave a comment

First there are precautions you can take before you invest in a security system. There are “hot spots” that burglars look for when cruising a neighborhood and just making simple adjustments may decrease your chances of being burgled.

The Garage: Got an automatic garage door? Double-lock them when you are away. You can also pull the rope on the opener and disengage the opener and then put a pad lock on the garage door. This should always be done when on vacation.

The Front Door: Statistics show that 34% of thieves simply use the front door. It pays to install a solid metal dead-bolt that is drill and pic resistant; use on every exterior door. Be sure the strike place is as strong as the lock.

First Floor Windows: Are second ranked in appeal. Keep sash locks fastened, you can have the panes reinforced with clear polyester window film which prevents shattering or put in shatterproof glass.

Side Door/Entry: A sliding glass door reads “easy entry” to a thief as it takes little skill to lift them off their tracts. Have your contractor embed a few self tapping screws which cut into the material instead of needing predrilled holes inside the top track.

Basement: Secure all windows and exterior doors.

Value: Again that depends. Some people have your typical “Brinks” system which has an alarm that is connected to a security firm and then there are others that have a whole house, yard and security camera system that costs thousands of dollars. You can contact the appraisers at www.socalappraisalserv.com for value questions.

Read more about security systems at: http://www.homesecurityguru.com/wired-vs-wireless-home-security-systems

There may be other types of value other than “appraised” value. Many home owners insurance companies give discounts for burglar alarms and it is hard to put a price on a good nights sleep.

Thanks to Wendy Drummond at the Toronto Police Department.

Disclaimer: For information and Entertainment Purposes Only.

Have solar energy but got no credit (adjustment) on the appraisal

Posted on July 5, 2011 | Leave a comment

A home owner (HO) came to me the other week with an appraisal. The HO seemed dismayed as there was no adjustment “credit” for the solar panels they had put on their house. After reviewing the appraisal I did comment that the solar panels had been mentioned but as the HO stated no adjustment was applied. I asked the HO if they contacted the appraiser and asked them about the adjustment and the HO reported that the appraiser ((stated there are no comparables with solar panels; the housing market (not the renewable energy market) has to give solar systems a value before the appraiser can determine there is one)). No comps, no value?

I gave this example to the HO on a property I recently appraised. The home I appraised had a tennis court. I searched sales and no sales that sold in the past 24 months had a tennis court. That does not mean that no other properties had a tennis court it just means that a property with a tennis court has not sold in the past 24 months. It also does not mean that since no other homes with a tennis court sold in the past 24 months that it had no value. After looking at an ariel of the market area tennis courts on other properties were observed.

Did I give the tennis court value? Yes I just had to use other methods than the sales comparison approach to determine it.

Sales comparison approach: from “The Dictionary of Real Estate Terms” – Value is determined by analyzing sales prices of similar properties (comparables) recently sold.

Sales comparison is one method that appraisers use in order to determine an adjustment but there are other methods: GRM, cost approach, survey of builders, and Nevin’s multiplier that appraiser’s can use to determine an adjustment.

After reviewing the appraisal I determined that there was a $15,000 positive adjustment for a solar retrofit that should have been applied.

If you have further questions regarding value to your property please contact the energy efficiency appraisal experts at: www.socalappraisalserv.com

Tag Archives: appraisal

8 Ways To Prepare For Fall

Will A Burglar Alarm Increase the Value of Your Home?

Have solar energy but got no credit (adjustment) on the appraisal

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