Don’t let a Cape Coral home evaluation get the best of you! There are simple steps to increasing your appraisal value, and ways to make your resale more rewarding than you ever dreamed of!

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Cape Coral Home Evaluation

If you are in the market for a home equity loan, or if you are a homeowner considering relocation, chances are that you are concerned about the Cape Coral home evaluation process. Home appraisals and the financial burden associated with them often appear daunting in the beginning. Luckily, for the well-prepared homeowner, a home evaluation is only another simple step of turning a good investment into a great one.

Cape Coral appraisals can be performed by an outside company, hired by the lender involved. The outside appraiser offers a well-trained and objective decision about the market value of your home. Of course, you also have the option of hiring an appraiser yourself, but you need to keep in mind that the buyer will usually still need to get an appraisal of his or her own. When finding an appraiser, check references carefully and look for designations such as MAI (Member, Appraisal Institute) and ASA (American Society of Appraisers). Also, with Florida law requiring that the just value, or market value, be determined each year, Cape Coral home evaluations are also performed by the Lee County Appraisers Office annually. Florida law appraises property according to three distinct principles:

• The “Direct Sales Comparison” finds recently sold properties similar to the one up for appraisal to create a fair comparison. All property sales are analyzed carefully to distinguish between properties sold at market value and those sold both above and below market value.
• The “Replacement Cost” factor is a method analyzing fair value by defining the funding that would be needed to replace the property at current material and labor costs, taking into account depreciation amount, if any.
• The last principle, “Capitalization of Income,” will only apply to your property if it is capable of earning income. In such instances as office buildings, apartment complexes, and other income earning properties, the revenues and operation expenses are all taken into account.

In the event that your Cape Coral home evaluation does not end favorably, there are many steps you may take to raise the market value of your home; just keep in mind a few simple rules: kitchen/bathroom remodeling and the replacement of siding will offer a lucrative return investment. So will new paint coats, and brand new carpet. Garages are worth more than carports, and fireplaces will generally raise the overall value. Also, be wary of swimming pools, since liability and upkeep prevent an increase to the appraisal amount. In the event of a differing opinion from the appraiser, you should ask to see the appraisal information. If the appraisal came from the County Appraisal Office, be sure to file a petition with the Value Adjustment Board to have the assessment adjusted.

A Cape Coral home evaluation can be a simple step in your home selling negotiations. Of course, you must remember that appraisals are opinions and you have many different options when it comes to appraisers and finding the value of your home. Stay aware and keep yourself an integral part of the process.

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