Keeping up with the Joneses

Your home is compared to others in your neighborhood to see how your house stacks up. This neighbor's house is, for obvious reasons, called a comparable. Comparables are used in real estate all the time, both for loan appraisals and purchase appraisals. The appraiser looks at about three additional properties and does a sales comparison analysis for each. If your property has an anomaly on it, like a barn or a pool in a neighborhood without many pools, they have to make sure to get a comp house with similar features.

AM* You've heard the phrase "there goes the neighborhood." You may have even said it yourself once. The kind of house and property your neighbors have reflects directly on the value of your home. Whether it's upgrades or noisy teenagers, living conditions of those around you will impact your home's ability to be appraised at a fair market value.

You probably already have a good idea of how your home compares to others on your street. Is yours the only one with two stories? Does everyone have a two-car garage but you? Is your yard particularly well landscaped? These things make a difference. Unfortunately, they're largely out of your control. It's hard to keep up with the Joneses, especially if you get caught peeking through their windows to see how many fireplaces they have as compared to you. Don't stress over your appraisal — just do your best to make the property represent your love of your home and you'll be fine.

Was this article helpful?

0 0
Homeowners Guide To Landscaping

Homeowners Guide To Landscaping

How would you like to save a ton of money and increase the value of your home by as much as thirty percent! If your homes landscape is designed properly it will be a source of enjoyment for your entire family, it will enhance your community and add to the resale value of your property. Landscape design involves much more than placing trees, shrubs and other plants on the property. It is an art which deals with conscious arrangement or organization of outdoor space for human satisfaction and enjoyment.

Get My Free Ebook

Post a comment