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My old house will be appraised in a week. I’ve been through this before, but I’ve always wondered if there was more (or less!) I could have done. Of course, neatness is obviously in order, as are a few minor repairs, but right about this time I feel like I should also do some shrub and tree pruning, patch the obvious cracks, and touch up the paint – no, wait, what I
i really
mean is is that I get the urge to skim coat the walls, plant new shrubs and flowers, repaint the rooms, install new door hardware, hang new curtains, rent new relatives and dogs…
Well, you can see where this is going! Remember, this is an
i old
house (100 yrs.), and it’s okay that it looks old, but there’s always
i something
to do!
Any advice that will help me keep my sanity, prior to the arrival of
b The Appraiser
, will be
i greatly
appreciated!
Patty
Replies
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TERMITES!
*Dear Patty,They rely on what a similar house, as yours, sold for in your immediate area.Unfortunately, with all of their questions and fact sheets, as a rule they don't know the true value of your home, only what they sell for on average.
*PattyLike Gabe says, home appraisers don't actually appraise homes but rather compare homes. The only area of exposure with old homes that can really screw things up is in general condition (excessive cracking, foundation cracks) and antiquated systems.Home appraisers don't "appreciate" the charm of an older home necessarily, but on the other hand, since they try to compare apples to apples, they will try to find comps of similar age, style and condition to establish whether the home meets the threshold value. Also, whatever they come up with does not mean that that is the value of the house, since they rarely go over the contract price. They are there to protect the bank, not to tell you if you got a good deal or what the home is really worth, which of course is whatever someone will pay for it.SHG
*Thanks, guys, for the quick answers! I figured as much about the comps, but I guess I was trying to find a way to have moreb control(every woman's dream!) over the outcome. The comps never really seem to be true comparisons. Am I predjudiced about my house?i Nooooo!; ) RE: termites: if you live in New Orleans, there are two things you have, without questions: constant termite treatment/a termite certificate, and flood insurance! I'm good on both.Also, we have hired an appraiser that specializes in older houses, so I think that will help. I still believe, to some degree, that no one, not even the appraiser gods, can bei completelysubjective. If the house is bright and sunny and pleasant, it has to help some... oh, well, maybe not.Thanks again!Patty, who will now patch the major cracks but keep the family : )
*If your house burns, I suppose the insurance company would use "comparables." How do you protect yourself if, say, your house is especially pristine or unusual?
*Andrew,Coming from an insurance family, my guess is that you'd protect yourself by paying higher premiums.JonC
*Patty, if he's a real Local, Bignets and Coffee with chicory should do... Gumbo and Blackened Voodoo if it's later in the day. Style over substance.