When looking at the value of your home it is important that you ensure it is being properly valued by appraisers. If your home is listed as being worth more than it really is, you may end up paying more taxes.
If your home is listed as being worth less than it really is, you could lose money if you try to sell your home at that value. To make sure your home is properly valued, remember that your home is completely unique and unlike any other in the area!
- Home Repairs – Make note of repairs you have done to your home. Did you add a new garage, remodel the kitchen, upgrade the bathroom, or add new flooring to the entire home? Things like this will have a huge impact on your home and its value.
- Existing Damages – Make note of damages that exist in the home. Is there water damaged from a leaking sink or plumbing, is the exterior in need of paint, or are all the rugs and floors in need of replacement? These negative points will lower the value of your home and need to be noted.
- What Does Your Yard Look Like? – Take a look at the yard. A great looking and well maintained lawn adds value to a home, while one that is overgrown or ugly can in some cases decrease the value of your home. So remember to take this part of your property into account.
- What Kind of Neighborhood? – Consider how the neighborhood impacts home value. Are you near a water town, water treatment plant, landfill, prison, school, shopping centers, busy roads, public transportation? These things can either raise or lower the value of your home.
- How Old is Your House? – Think about the age of the home. Older homes usually have more things wrong with them or are lacking certain amenities that could increase the value of the home. But on the other side of the argument, they usually are much nicer looking and more attractive than modern homes.
- Cleaning – Don’t forget to clean! Cleanliness can go a long way in impacting the value of your home. Cleaner homes look more appealing and can be sold for higher price while homes that are dirty and cluttered tend to be a bit of a turn off and will not be valued as highly.
- Count Your Upgrades – Upgrades can add up. If you upgrade the plumbing, wiring, AC and heating units, or have green appliances in your home, it can help your home’s value increase. Older appliances and systems will not necessarily bring down the value of your home but it won’t increase it either.
- Market Valuation – The market can add to the rise and fall in your home’s value. According to a report by USA Today, nationally, the price of a family home rose by 5.6 percent in 2012, and the number of homes for sale on the market was at a healthy 21.5 percent in 2012.
- Location, location, location! – Where your home is located can impact its value to an extent. If you are on a busy highway, in the middle of the woods, in the country, or in a major city it can impact how much your home might be appraised at.
- Records of appraised value from past years – There will be highs and lows from year to year but if your home has been within a certain range for the past ten years and now is suddenly way off that mark, you could have a case for challenging that appraised value based on your home’s history.
Use these ten reasons to your advantage to separate your house from the rest of the bunch! You deserve your fair share, so be attentive to details at all times!
Contact O’Connor and Associates today if you want to talk to a property tax expert about your appraisal value.