Six Appraisal Articles: Property Valuations
It’s a fairly common axiom, but true nonetheless, that the more knowledge you can acquire about a particular topic the more prepared and successful you can be. Unfortunately, with limited time in your day to read up on your profession, staying abreast of industry developments and general trends is difficult. We know it’s not always easy to keep up with all the industry goings on so we want to help.
Six Trending Appraisal Articles
As appraisers, it’s important to see what’s happening from the appraiser’s side of the industry; industry trends, changes in technology, financial movement, etc. We also think it’s important to see what’s happening on the other side of the coin; which is to say, how are things being looked at from the point of view of the industry institutes and operating governing bodies.
With that in mind, we took the liberty of choosing six articles that are representative of these values and contain important bits from both sides of the appraisal. Let’s take a look at these six appraisal articles and see if you can expand your knowledge base.
1. Landscaping can drive property values
The first article discusses the positive effect that landscaping can have on property values. Landscaping and lawn care are often overlooked aspects of a home. These external things go towards the idea that “curb-appeal” and factors into the overall value of a home.
What can be done to improve landscaping and curb-appeal? Where is your money best spent? Click and read at the link below for more:
http://www.appraisalinstitute.org/landscaping-can-drive-property-values-appraisal-institute-says/
2. Home Renovations and Appraisals
This second article discusses how a lower-cost home renovation may actually be a better value, appraisal, and value wise than those of their more expensive counterparts. It’s suggested here that there is not always a “dollar-for-dollar return” on home renovations, so being able to save a few dollars on something that’s relatively less expensive will actually add more value relative to the money that was initially put in.
3. Location, Location.
This third article speaks to the changing homeowner demographics and what those deemed to be “millennials” are looking to buy. This article also touches on the move from suburbia to the inner-city by those who are a little older and looking to get into a smaller and more manageable sized home. As demographics change so do valuations, so this is an extremely important piece.
4. What’s nearby the property?
This article discusses how homes can be positively and negatively impacted by their proximity to transmission lines. It talks about how, based on distance and what kind of transmission or power station is actually around the home, property values can be affected in a number of ways. This is an extremely thorough study and really delves into what and how property values can be altered.
5. What else should be included in a valuation?
In this article, the discussion surrounds whether or not excess rent should be considered a tangible or intangible asset, and the effect it has on property values. What this article states is this: “Identifying excess rent as an intangible asset may impact property tax assessments, income tax calculations, and secured lending.” This is important information to take into account when valuing a property.
6. What about from the home owners perspective?
What we liked about this article is that it arms you, the appraiser, with some handy information for those whose property you’re appraising. As we mentioned, being able to manage expectations is important for owners as well as yourself. These are handy and simple tips you can pass along to potential customers and clients to help them ensure they get the highest appraisal possible.
http://www.realtor.com/advice/sell/five-things-your-appraiser-wishes-you-knew/
Thanks for reading, any appraisal articles you think we are missing? Let us know!