A professional appraisal is usually required when you are either selling or buying a property or a home. An appraisal is not just required, to have a professional come and do one can be costly for you also. There are a number of factors that influence the price of a professional appraisal done on your property. Depending on the type of property you are getting appraised or the value of it, a professional appraisal can cost from a wide range of costs.
First, you need to find out what type of appraisal you would need. There are different types of appraisals that can be done. The most commonly used appraisal is called the Uniform Residential Appraisal Report (URAR). There are also shorter appraisals that can be done called “Drive By Appraisals”. These can be less expensive than the URARs, for those on a budget. Although, some banks and lenders do not accept these appraisals for your loan, so you should find out what they will take before you decide on which to get.
The type of property is one of the factors that can affect the cost of your appraisal. A professionally done appraisal of single family homes will typically cost you less if you are selling your own home. Multi-unit properties, however, will run you a bit more than single family homes due to size. The cost can also depend on where the location of the property is. If the property is hard to get to or there are less appraisers around, the cost will most likely increase.
Even though you are trying to find the value of the property, it is also one of the factors in determining your appraisal cost. The higher the value of your property, the more the cost will increase. Although, the cost may not be dramatically different until you pass the $500,000 mark. The cost will most likely be around $300-600 for that valued less than that. Any property that is valued more, though, you will expect to have to pay more for the appraisal.
Lastly, what the property will be used for will affect the cost. For properties that are used to rent out and generate income will generally cost more than an appraisal done for a home. An appraisal of a rental property would usually include a rent survey as well as an income statement for the property. For example, the cost of a single family home that is under $500,000 will cost around $300-450, while a rental property with similar value will probably cost around $400-550.
For more information about property appraisals, please visit http://www.alberreappraisalgroup.com
Archive for October, 2009
The Cost of Getting a Property Appraised
Saturday, October 31st, 2009Free Nationwide Homes and Land Mls
Saturday, October 31st, 2009National MLS Real Estate Listings are being made available to the general public for free to do their own searches in the comfort to their own homes. The free National MLS Real Estate Listings can be viewed 24 hours a day, seven days a week, 365 days a year by accessing the free site at www.mlsprh.com. This is a free service and it is being provided by New Jersey Shore Realtor Paul R Hauke, sales associate with Prudential Zack Shore Properties in Asbury Park, NJ . Included in the free National MLS Real Estate listings are homes and land for sale, lots for sale, residential properties for sale, commercial properties for sale and multi family investment properties for sale. Find the home of your dreams. Find that investment property you’ve been thinking about and improve your lifestyle and economic well being for yourself and your family. Move your business into a larger facility. Search the free National MLS Real Estate listings at our own pace in the privacy of your own home with your spouse, family, relatives and friends. Once you see how easy and trouble free this is you’ll want to search for real estate this way forever. Feel free to pass this web address www.mlsprh.com on to friends and family. And because the free MLS National Real Estate Listings are nationwide, your friends and family can be anywhere in the United States. Thinking of moving to another state, search the free National MLS Real Estate Listings in the state and geographic area of your choice during the planning and information gathering stages. Know all your options before you go to look at the state’s real estate. Paul R Hauke is an experienced and knowledgeable sales associate with Prudential Zack Shore Properties in Asbury Park, NJ, specializing in Jersey Shore Properties and waterfront properties in Monmouth and Ocean Counties, and commercial and investment property statewide, but is licensed to transact real estate business in the state of New Jersey only. However, the Prudential Real Estate Network Franchise System is nationwide with each Prudential Real Estate office independently owned and operated . Paul R Hauke , sales associate is willing to assist directly all persons interested in New Jersey real estate and is willing to assist and refer parties interested in real estate in states other than New Jersey to quality Prudential Real Estate offices and agents in the state and area of your choice. Just access the web site www.mlsprh.com and e mail or call Paul R Hauke, sales associate from the e mail address and phone number for Paul R Hauke, sales associate available on the site. Start your free Nationwide MLS Real Estate Listings search now by going to www.mlsprh.com.
Investing in Commercial Real Estate
Friday, October 30th, 2009Investing in commercial real estate is treated as capital budgeting by using state of the art investment analysis, which integrates the flow of income it will generate and the associated risk adjustments. Any investment of this kind essentially depends on the risks associated with it. Investing in commercial real estate can be attractive if viewed as a business opportunity and can also turn out to be a splendid option for the investors.
The actual magic of investing in commercial real estate is derived from the perceptions of the risks inherent in the process. The time and effort the investors are willing to devote to their investing in commercial real estate can greatly affect the types of properties they should evaluate for acquisition. A commercial property includes office properties, retail centers and multi family properties.
Investing in commercial real estate can generate rental income, using it as collateral to secure a loan for a business venture, to offset otherwise taxable income through cash savings on tax deductible interest rate losses, or simply from the profits garnered from its resale. Basically, there are two principal ways for accomplishing exposure to commercial real estates:
- Direct investment in commercial properties as a self guided investor either individually or through small partnerships or tenants in common arrangements.
- Indirect investing in commercial real estate by purchasing shares of publicly listed and traded REIT (Real Estate Investment Trust).
Small time investors can invest directly in a variety of commercial real estate properties, such as free standing retail locations, apartments, small office buildings, mobile homes and parks. National Association of Real Estate Investment Trusts or in short NAREIT offers information about investing in REIT on their website and tracks various REIT index and the performance of individual REIT stocks across the retail, office, industrial, apartment and other less traditional sectors. Loopnet is also a good starting point for seeing what properties are available in markets for investing in commercial real estate.
Real Estate Guide to Buy or Rent Whangarei Northland and Coastal Property in New Zealand
Thursday, October 29th, 2009Real Estate Investment in Whangarei New Zealand
Real estate business may be focused in so many aspects as an investment and as a method to earn money from. You can be a real estate agent and enjoy earning money while on the other hand, there are those who have the capital to earn being an investor in the buy and sell arena for a real estate business. In Whangarei New Zealand, however, there is a lot of available real estate business investment that you can get in to if you want to earn a significant amount of income from it.
Whangarei Real Estate Agent Marketing Tips
A Whangarei real estate agent in New Zealand may earn through real estate business by selling real estate property in so many ways and methods but so far, there are a few tips that I would like to give you to be able to earn good in this business. To be able to market a real estate property, you have to know where you can make such move or where to post your for sale property using the internet because we all know that the internet is the best medium there is if you are selling anything today. A few good ways to seek refuge for your product are forums and classifieds. Today there are a lot of free classifieds that you can post your for sale product. Forums can also be a good way to sell real estate. You can also try to market your real estate property using social media sites where you can post to multiple people who might just be interested to buy a real estate property in Whangarei. So far these are just a few ways and I know that there are a lot out there.
Different Real Estate Property Investment and Sale
In a real estate investment, there are a lot of different types that you can sell for interest of those who might be looking for the perfect type of property. Different people have different preferences for a real estate property that they wan to buy or rent or even lease for a period of time so to be able to allow your target clients to get a glimpse of what is there in the real estate industry in Whangarei Nez Zealand, you must have access to the different types of real estate properties being sold in the market today and make a list of them all. This is for the purpose of having each type under your profile just in case you have to present a client the different types of real estate property that you sell for choosing.
To get you an idea of what is in store if you are looking to sell real estate these are a few types. Coastal real estate, farmland real estate, northland real estate, beach real estate, resort real estate, ridge real estate and more. So far these are just a few but always feel free to make it more appealing and diverse for your clients. We all know that selling a real estate property either if it is for rent, lease or total sale depends on the choices that you can offer for your clients.
Arizona real estate listings
Wednesday, October 28th, 2009Arizona Real Estate Listings
Are Enticing Purchasers
Arizona real estate listings are disappearing like never before! Back in the month of January of 2001, at the height of the real estate bubble, there were 114,402 Arizona real estate listings. The following year, as builders kept making new upscale residences, that number had risen to 125,738. Over the next few years, housing stock fluctuated: up to 133,424 in 2003, back down to 127,625 in 2004, up to 143,988 in 2005, up to 173,363 in 2006 and down to 165,615 in 2007 and 162,181 in 2008. Then, in 2009, something strange occurred : Arizona real estate listings dropped sharply to an amazing 62,653! Despite the recession and all the tales of “doom and gloom” across the nation, the Phoenix MLS was reporting nonstop house sales. From January to February, 1,095 homes sold. Housing inventory began to creep back up from February to March, but March to April witnessed more than 3,000 Arizona real estate listings disappear! The latest figures from June exhibit that houses are still moving by the hundreds.
So what gives? What makes Arizona real estate listings and Phoenix real estate listings such hot commodities? One would logically assume that builders and sellers are simply slashing prices to easily entice buyers into foreclosed properties. However, the Arizona Real Estate Multiple Listing Service reports that prices have remained stable. In March 2009, the average price of new listings in the Phoenix MLS was $247,507 and in April 2009, the average Arizona real estate listings price had actually gone up to $251,019! By May, the average price had dropped back down to $247,508, which shows that surely list price cannot be the primary motivator for these unbelievable sales. (Although it should be noted, the prices have come down a modest $18,102 since 2001.)
Despite the list prices, the average sales price of Arizona real estate listings have been tardily, but steadily, rising since the March low of $159,080. In April, sale prices crept to $159,681 and in May, they skipped up to $163,486, which shows a market on the rebound. The majority of houses in the Phoenix MLS are selling between $150,000 and $350,000, indicating a balanced market.
There are many possible reasons for the rise in sales of Arizona real estate listings. One is the low mortgage interest rates, which are well below historic averages, alluring purchasers to “get in while the getting’s good.” Another reason is that big home auctions are getting desirable properties into the public’s eye. Thirdly, in April, Arizona received $121 million in funding to aid bolster its housing market, renegotiate mortgage loans and stop real estate foreclosures. The Phoenix real estate listings region received the most cash, with $39.4 million going to aid homeowners. Some homeowners are saving as much as $20,000 off the price of their Arizona real estate listings through a program called “Your Way Home AZ.” Lastly, the $8,000 First-Time Homebuyer Tax Credit offered through the federal government until December 2009 is exciting new homeowners. Arizonans are realizing that Phoenix real estate listings offer stable prices, fair market values and excellent opportunities.
What exactly is a Home Appraisal?
Tuesday, October 27th, 2009It is important to distinguish the difference between a home inspection and a home appraisal. There may be companies or individuals that offer both of these services however there are differences. Both a home appraisal and a home inspection will likely look at the general condition of a home but a home appraisal is conducted mainly to determine the value of a home given current market conditions and the location of the property.
A home appraisal may be requested either by the owner of a home who wishes to know the value of their property or by a lending institution that is considering offering a home loan or the refinancing of a mortgage. If it is a lending institution that has asked for a home appraisal they may have an individual or company that they generally work with but there should be no incentive or bias on the part of the person doing the home appraisal.
If you are having a home appraisal done and you have concerns about a potential interest or bias you can speak to the person doing the home appraisal, to the lending institution or to the regulatory body where you live. This can be done either before the home appraisal is conducted or if you are not pleased with the results.
It is a common misconception that most of what someone doing a home appraisal takes into account is related to the condition of the home. While this is a factor, a large part of the properties appraisal value has to do with the existing market conditions. It can also be affected by the value of other homes in the area and generally a home appraisal will include examples of other properties that are similar to the one being appraised.
A home appraisal will generally also include any factors that may be an issue to a potential buyer of the property. If the property is difficult to access or has adjacent properties that could cause a problem due to noise or other pollutants this can reduce the value of a home.
Home appraisal generally includes only the part of a real property that is considered to be permanent. For instance if you have an in-ground pool this will likely be included in the value of your home. If your pool is above-ground this would not be considered permanent and would not be included in the value of the home. The same is true for structures on the property that are not considered permanent.
While it does not directly affect the value of a property, the home appraisal will often include information such as how long it would likely take to sell a property. This may be part of the consideration of lending institution when it comes to financing home.
The results of a home appraisal are kept confidential including the value and the purpose of the home appraisal. If you have ordered the home appraisal yourself then the firm or individual responsible for conducting it should share the results only with you. This will be true if it has been paid for by lending institution and they may not necessarily provide you the information that they have received.
Your Advanced Guide To Understanding Property Taxes
Tuesday, October 27th, 2009When you are the owner of property, you will have to pay property taxes. These types of taxes are decided by the local governing bodies. The majority of people are familiar and reminded of their property taxes when a levy in the their area is brought up during an election year. Because the acceptance of levies means higher property taxes, many people will vote against levies if they feel their property taxes are already too high.
Property taxes are assessed on annually, but that doesn’t always mean that the taxes are going to climb. In some instances, the tax rates don’t change, meaning that if your property value has not altered, your taxes will not change. But when you have added to the value of your home or other properties, you will need to pay higher property tax.
This tax is determined by multiplying the rate of the property tax (as determined by the local government) by the current assessed value of the home. Also, there are personal property taxes that have been put into place to raise taxes for those with higher ticket items in their possession like cars and other vehicles, boats, aircraft, art, business inventory, and stocks and bonds.
Property taxes are mandatory because they help to fund the daily operations of local government buildings, fire departments, parks, hospitals, etc. However, with rising property taxes, some people are unable to keep up with the rising costs and choose to move to an area with cheaper property taxes.
Because these taxes are figured on the fair market value of properties (and the values seem to continue to go up), the costs just become too great for those with an income that isn’t rising at the same time. In addition, some governments not only demand property taxes for the building in which you live, but also the land upon which it has been built.
There is a concern with the property tax issue that the rising costs have actually contributed to a rise in urban sprawl. As people decide that they can not pay certain property taxes in certain areas, they simply spread out to find areas where the taxes aren’t as bad. This is leading to a larger sprawl in even smaller cities.
Efforts being made to take care of this situation include conservation easements, policies in which certain pieces of land are not allowed to be developed any more in the future; Current use valuation, where the land is figured at the current value of its current use instead of assessing the value of land at the potential value; exemptions from property taxes that allow some pieces of land like farms to be valued at minimal prices, doing away with their property taxes altogether; and land value taxation, which allows for improvements to actually encourage decreasing the value in order to decrease the property tax.
No matter which type of property you own, you will find that paying tax on it is necessary. Although its hard to see at times how you are benefiting from paying property taxes, this money is necessary to make many of the public services that you will use, available. Realizing that you and your family are enjoying the benefits of your tax dollars through these public services, helps you understand why it is important to pay property taxes.
Quality Real Estate Listings=quicker Sales
Tuesday, October 27th, 2009Real Estate Listings: Compete with Quality
Introducing your real estate for sale in a well thought out listing is the first introduction your prospective buyer will have for the property. The real estate listing should be complete and the facts contained in the listing should be accurate. The prospective buyer should find the listing easy to understand and tempting enough to make them motivated to learn more and come out to view the property. As technology moves forward with advances in print and the internet getting the attention of buyers can be an easier assignment.
How many times have you read a real estate listing with vital information left out? Basic things like number of bedrooms or the amount of property tax paid. On the other hand others put in such an excessive amount of information, or with nothing by abbreviations that the prospective buyer will just move on to the next listing. You can’t go wrong starting with the basics. Numbers of bedrooms, if raw land the zoning, size of the lot and so forth. Detail the properties most attractive selling points like large lot, or remodeled master suite or location. Color pictures always support the written real estate listing.
Your real estate listing should not only be factual but honest. Many prospective buyers invest a lot of time and energy to get out and view properties. They are therefore not likely to appreciate finding that the home they see listed as lakefront property is actually overlooking the lake from a block away and has lake access. There really is a difference. The more inflated the claims, the less likely buyers will be willing to work with a property owner. Since buyers ultimately want to feel good about their purchase, it is better to be honest and show credibility than to be dishonest and run the risk of having no one to sell to. Plus in many areas it’s against the law not to disclose all the facts about the property.
Online real estate listings are a great option to marketing a home. Visualization plays an extremely vital role when it comes to marketing a property and the internet is a perfect venue for creating stunning visual portfolios. The number of technological advances, such as the 360 degree camera shot, allows prospective buyers to pan around and see a property from every angle without ever having to leave the comfort of their home. This is a bonus for those who find themselves in need of a residence in an entirely different city or state. Properties with these types of listings are also likely to get a higher number of views as compared to the conventional real estate listing.
Studies have shown in a variety of sales situations, everything being equal, that you’ll make the sale sooner and closer to the asking price if a larger number of prospective buyers are motivated to take the next step and view the property. So with a proper balance of facts, technology and good old fashioned sales savvy will go a long way toward selling your property.
How to find Indian Property Prices online in seconds!
Tuesday, October 27th, 2009Real estate buyers and owners who need to find current market price of their property or real estate rates in India can now do so online from the comfort of their home or office. Zamanzar.com is the first Indian real estate portal to release an online tool that lets anyone calculates a property value estimate (ZamEstimateTM) within seconds for properties in Delhi NCR, Mumbai, Ahmedabad, Pune, Jaipur, Lucknow, Bangalore, Hyderabad, Chennai, and Kolkata.
Here are the steps to follow –
Go to Zamanzar’s online property valuation tool. Enter your brief contact details. Enter brief details about the property and submit the form. You will get a price estimate (ZamEstimte™) based on the property details you entered. You will get an accuracy percentage that will help you understand how accurate the estimate might be. You will also get a list of similar property listings based on which the result has been calculated. You can also get this report emailed to you by checking a checkbox while submitting the form.
Here is the ZamEstimate™ for a 3 BHK Apartment with a covered area of 1500 sqft in Airport Road, Bangalore.
It comes out to be about 53 lakhs with error percentage of about 11%. This estimate will change based on the kinds of property listings submitted on Zamanzar.com
The process we follow for calculating the price estimate is as follows –
We search through thousands of properties in your city. We choose the most similar properties based on a similarity score calculated for each property. We adjust the price of the most similar properties, if needed. Your property’s ZamEstimate™ is the average adjusted price of the most similar properties.
The tool is currently in Beta mode and we will continuously improve it to add many more parameters based on user feedback. Please let us know what you think about it!
ZamEstimate™ is based on the kind of property listings we have in the database at the time, and is thus limited in terms of accuracy. It is intended to give you a decent idea about the property rates in that particular locality. Zamanzar.com also offers an offline, manual property valuation service for a fee where you get a written property valuation report signed by a licensed property surveyor.
Zamanzar.com is currently ranked within the Top 10 real estate portals in India according to Alexa traffic rank. The company was started in 2007 by Nisheeth Ranjan, a graduate of Cornell University and Stanford University, after having worked in Silicon Valley, California for more than 10 years. Zamanzar.com provides an end to end solution for buying/renting/selling residential or commercial real estate across India. The real estate portal has more than 200,000 property listings and offers online and offline services for buyers, renters, owners, agents, and builders. These services include online marketing, property tours, property appraisals, title checks, financing, negotiation, legal paperwork, property registration etc.