A Wasatch Front House Values Report is not a substitute for an appraisal. Appraisals are an official determination of value for a specific purpose. Our report is an estimated opinion of value. Often, a valuation report can be used to decide if an appraisal may be warranted. The most common uses of WasatchFrontHouseValues.com reports include:
A 20% equity position may allow some homeowners to remove private mortgage insurance from their loan, saving hundreds of dollars each month. An appraisal is usually required, however, our valuation report may help you decide if the equity position in your home may be approaching 20% and an appraisal may be warranted. Contact your home mortgage lender for specific requirements.
There are many factors that affect the value of your home. Your home is compared to Sold homes with similar style, size, area, amenities, etc. It is important to know that available homes can not be used to determine value.
Current Market Conditions are a leading factor in determining value. Is the market moving up, down, or sideways? Are loans readily available? Are buyers readily available? Is the supply of buyers balanced or is there a surplus on either side? What are current economic conditions? Seasonal changes have a minimal affect on value.
Location, Location, Location! This has always been and will remain a primary indicator of value.
Condition of your home will affect value. Think of your home the way you think of a car. "low miles" in excellent condition brings "high Book" value. A home with less usable life brings less value. With that said, keep in mind that a new water heater does not increase the value of your home substantially. Size, age, finish, amenities, and style are the primary influence in value.
It is very difficult to increase the value of your home outside the "range" similar homes are selling for. The primary goal of improvements to increase value should be increasing the useful life of a property or making appropriate upgrades to bring a property up to current standards. If your home is already at the top of the "range" for similar homes, improving your home will make very little difference. If your home is at the bottom of the "range" for similar homes, there is usually a lot you can do to increase value. See "What kind of improvements will increase the value of my home?"
Over-improving for an area, size, or style of home is common. Often homeowners, while living in a home, over-improve the property for their own enjoyment. Unfortunately, over-improvement only brings in a fraction of actual cost in added value to the property. Cost of an improvement does not determine the value of the improvement. Most improvements bring in 50% or less of actual cost, especially if the improvement is an over-improvement.
Utility of the improvement determines added value. The contribution of an enhancement must exceed its value. For example, a new water heater simply continues to supply hot water and thus does not increase the value of the home. The same is true for roofs, furnaces, plumbing, and other mechanical systems in your home.
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