Was Your Home Measured Wrong?
Depending on the floor plan, measuring a home can be quite a headache. It’s important to let your appraiser or real estate professional measure your property uninterrupted –we’ve mentioned this before. What we haven’t mentioned is that getting the numbers right isn’t all it takes for a home to be considered mismeasured. While there are others, generally there are two commonly used standards of measurement in the world of real estate: the ANSI (American National Standards Institute) or the AMS (American Measurement Standard). In our review work, we find some interesting results when it comes to measurement standards. On paper, the ANSI standard is the more commonly used of the two- but that’s just the problem. It’s only on paper. In reality, many real estate appraisers and professionals are measuring and drawing up floor plans under the impression they’re using the ANSI standard, when they’re really recording measurements using the AMS measurement standards. There’s another word for this- wrong. While the difference between the 1/10th of a foot and a 1/2 foot may not seem like much, the real problems that can arise from this will show up in court. If your real estate appraisal (or any official document listing measurements on your home for that matter) displays the measurements for your home in the wrong measurement standard, it can ultimately discredit both the real estate appraiser (no so much your problem) and the appraisal itself (there’s your problem.) Ultimately, it’s not a bad idea to ask your surveyor, inspector, appraiser, or whomever is measuring your house what standard they’re using. It could help you catch that error that’ll save...
The 3 Essential Tips for Real Estate Fix and Flips
How Do I Get Into Fixing & Flipping? When most people hear the term “fix and flip”, the first thing they think of is a get-rich-quick scheme- maybe even one built to scam uninformed home buyers. This is not true- or everyone would be doing it. Fixin’ and flippin’ takes lots of work, not to mention the large risks that go along with it. A simple google search will turn up with thousands and thousands of fix and flip guides across the internet- some good, some bad. We browsed quite a few of the top search results- they were mostly the same, despite a few details here and there. Instead of just adding another guide to the sea of search results, here are a few important tips every investor should know that we did NOT find when looking around the internet. If you are considering the fix and flip industry, here are a few other articles worth checking out: – The Difference Between Remodeling, Renovating, and Restoring – Why Not to Overbuild Your Home – Home Repairs You Should Not Wait to Do Jonathan Montgomery Founder and President of the The Real Estate Appraisal Group.He has been a real estate professional since 1998. He’s been a broker, and investor and now serves as an appraiser. He currently works as an appraiser, doing real estate appraisals in Washington D.C., Southern Maryland, and Northern Virginia. #treagroup...
Avoid This Mistake: Cost & Value are NOT the Same
The title says it all, folks. Newcomers, or anyone inexperienced in real estate, seem to hold a common misconception. There’s an old motivational saying along the lines of “you get what you give” or “you get out of it what you put into it.” It’s a good saying, it encourages people to work hard to achieve their desired results. It’s mostly true- but not in real estate. <a href="https://www.youtube.com/watch?v=FGY2T6EUe3A">https://www.youtube.com/watch?v=FGY2T6EUe3A&feature=youtu.be</a> When improving your house, it’s important to maintain a simple rule: Make sure the improvements you get are things that ANY buyer would want- not just you. If you can afford to pay for incredibly expensive elephant-ivory bathroom tiles, then great for you. Just keep in mind you’re probably one of very few people who would find that appealing- or be willing to pay for it. This is the same as overbuilding your home– it doesn’t just have to be bigger to be considered overbuilt. Ultimately, it’s important to research what sort of renovations, remodeling, or restorations will add the most value to your home before getting started. Obviously, it will pay off in the long run. Jonathan Montgomery Founder and President of the The Real Estate Appraisal Group.He has been a real estate professional since 1998. He’s been a broker, and investor and now serves as an appraiser. He currently works as an appraiser, doing real estate appraisals in Washington D.C., Southern Maryland, and Northern Virginia. #treagroup #realestate ...
3 Simple Ways to Help Your Appraiser Help You (& Your Home’s Value)
You Don’t Have to Sit Still During Your Real Estate Appraisal. Hopefully, any real estate professional you interact with in your life will be just that- professional. A quality, well trained real estate appraiser will know the appraisal process forwards and backwards- in fact, most appraisals are conducted on vacant properties or when the owners aren’t even present. If you’re getting a real estate appraisal, obviously there might be a few things you’d like to discuss personally with the person deciding how much your home is worth. While you probably mean well, if you don’t do this correctly, it can ultimately distract the appraiser from giving your home and the appraisal report the attention it deserves. https://www.youtube.com/watch?v=zV4-Z7OeBQ0&feature=youtu.be Here are three quick, easy ways to assist your appraiser: 1. Suggest Similar or Comparable Homes In Your Area. Real estate appraisers should be acquainted with the areas they work in- it helps them recognize changing market trends over time, homes that stand out from the neighborhood, and just generally develop an over-all familiarity with the area. Regardless of how good your appraiser is- they probably didn’t watch children grow up there, or regularly drive back and forth between your house and the grocery store. If you can think of any homes in the neighborhood that might be similar to yours, it’s a good idea to present their addresses to help the appraiser choose better comparables for their report 2. Tell Them About Any Recent Updates To Your Home (in Writing). Appraisers try to take every detail of your property into...
Home Repairs That You Should Not Wait to Do
Be honest. If you are like me, you like to put things off. They have a word for that, I think? Oh Yeah…procrastination. It’s easy to put things off, especially at home when there is no sense of urgency. But when it come to getting the most money and value for your home, then you need to address these 4 items: Leaks. As soon as they are detected, whether they are plumbing, roof or gas, leaks should be taken care. Don’t wait. Water leaks especially, the longer you wait the more damage it does…and the higher the repair prices will get. With a gas leak, its best to call 911 and leave the home (in fact, leave the home first and then call 911) Take care of it as soon as you notice it to avoid any dangers such as explosions. Pests. Pest infestations can ruin a home. They eat through wood and chew on roofs, causing leaks. Plus, who needs all those extra pets anyway. Damaged Gutters. Pools of water around your home can mean the gutters need cleaning or are broken. If you do not repair them, water can leak down to your foundation and basement and create mold and rot. Cracks in Your Home Foundation. Foundation cracks can easily become larger and wreak havoc on your wallet. Over time, they can cause stability issues in a home. Also, water and pests can get in through the foundation cracks as well which will cause greater damage. Jonathan Montgomery Founder and President of the The Real Estate Appraisal Group.He has been a real estate professional since 1998. He’s been a broker, and...Appraisal Secrets eBook – Click Now!
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