Home evaluations are the final step in creating a good return investment on the resale of your home. The best way to make a good profit during the process is to stay informed and know exactly what the appraisers are looking for during a Danbury home evaluation.

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Danbury Home Evaluation

Like most Danbury homeowners considering relocation or in the process of refinancing, you are probably interested in the Danbury home evaluation process. A lot of anticipation and stress lies upon the outcome of a home appraisal, quite understandably, since an evaluation has the potential to raise or lower your net worth by thousands. Fortunately, a well-prepared homeowner knows that the home appraisal process is one of the simplest ways to make your investment work for you.

There are a lot of options for a home evaluation. However, whether you choose to hire your own independent appraiser, use one appointed by your lender, or go with someone chosen by a real estate agent, your evaluator will have met the same requirements for education and experience, and licensed according to California state law.

There are two main methods used in a Danbury home evaluation:

Sales Comparison Approach

In all residential home appraisals, the home will be compared with other similar properties that have recently been sold in the neighborhood. Location is one of the most important aspects of a property’s value, and the sales comparison approach uses comparable homes to assess the worth of your property in relation to the area.

Replacement Cost Approach

The replacement cost approach carefully analyzes the amount it would cost to replace your home, considering the current standard rates for construction materials and labor. Depreciation rates are also considered, if applicable.

The individual market value of your home is based on a variety of factors, including

• The size of the home and surrounding property
• The size and number of bedrooms, bathrooms, etc.
• Architectural features including skylights and fireplaces.

Experts generally do not recommend making major renovations to your home prior to a Danbury home evaluation. The inconvenience and cost of remodeling are rarely worth the effort: chances are, your expense will be higher than the increase in the home market value. However, if you are still concerned about raising the market value of your home, there are renovations that generally offer a higher return investment than others, just keep in mind a few simple rules: kitchen/bathroom remodeling and the replacement of siding will offer a lucrative return investment. Conversion of an attic to a bedroom, or of a bedroom to a home office raises the value. Garages are worth more than carports, and fireplaces will generally increase the overall worth. Painting is probably the best way to improve the resale value of your home for minimal cost. Be wary of swimming pools, since liability and upkeep prevent an increase to the appraisal amount.

Hiring your own home appraiser before the selling process saves you from making one of the costliest mistakes that many sellers make: overpricing or under-pricing their home. A Danbury home evaluation is a simple and worthwhile process, and can save you time and stress when selling your home. If you wait until the buyer negotiation begins, you might be unpleasantly surprised with few options if the appraisal comes in lower than expected. In the event that you are displeased with the final appraisal amount, remember that an appraisal is an opinion, and, given that you started the process early enough, you still have plenty of time to dispute the appraisal amount.

A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®