Living In DFW

Most things to do with buying or selling a home can be pretty stressful, from finding the house of your dreams, to securing the financing, all the way through to closing. But for most transactions, everything, absolutely everything, hinges on the home appraisal. This is probably why so many myths and misconceptions have grown up around the process. We’re here to help you sort the truth from the stories.

Myth #1: Home Appraisals and Home Inspections Are the Same

This couldn’t be further from the truth. The sole purpose of a home appraisal is to determine the value of the home, in that moment, in those market conditions, in the shape that home is currently in. A home inspection, on the other hand, determines the condition of the home, along with any major defects, in the moment when it’s being inspected.

The waters get muddied when buyers are securing FHA or USDA loans, which require an additional loan-specific inspection be performed by the appraiser. This particular kind of inspection is there to ensure that the home meets the loan’s minimum standards, not to determine the overall condition of the home. Always have a home inspection, it’s a much different thing.

Myth #2: Home Appraisers Create Market Values

Although the home appraiser will assign your home a rough value, the work they do is actually based on a thorough study of the current real estate market’s conditions, the condition of the home, the value of each component of the home, the value the neighborhood contributes, and a myriad of other factors, as well as the fact that a buyer was willing to pay the amount of your contract for the home.

So, while any individual home appraiser could be considered to be contributing to market values, they in no way set them. You can think of them more like a reporter, simply telling the story of your home and the things in it, for better or for worse. They see homes every day and understand what a dollar will buy in their particular markets.

Myth #3: If You’ve Had an Assessment, You Don’t Need an Appraisal

While an assessment is a type of valuation of a home for the purposes of determining tax responsibility, they don’t go into the kind of depth an appraisal does. Do you remember the last time someone went onto your property and into your home to perform a tax assessment? Of course not, because they’re simply not that thorough. Tax assessments have to be done quickly due to the sheer number performed at once, so they are often painted with a very broad brush.

Appraisals, on the other hand, can each take several hours, including the time the appraiser is on site examining the home’s interior. This is why when someone believes their assessment to be incorrect, they can challenge it using a home appraisal. The appraisal is simply more accurate. Never use an assessment for sales or purchase purposes, you’ll be sorely disappointed.

Myth #4: The Appraiser Is on the Bank’s Side

An appraiser is a neutral third-party expert who is contracted by banks to determine the value of your home so they can use this figure in making your loan. This doesn’t mean that appraisers are working on behalf of the bank or that they’re simply there to make the numbers work out every time. Sometimes, appraisers come back with very bad news about homes, determining that they absolutely cannot be appraised for the transaction price, or that there’s something about them that means they cannot meet the minimum requirements of a given loan type.

Take a listen to the episode Get to Know Your Home – The Inspection! of my Relax, I Got This Podcast, where my guest and I talk about all things real estate. This episode features Ken Dugan, owner of Pillar to Post, a local DFW home inspection company.

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Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Robin McCoy Realty Group and Living in DFW does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Robin McCoy Realty Group and Living in DFW will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Are you tired of looking at the drabby paint on your walls, the outdated cabinets, worn furniture, and stained carpets? Your home is overdue to be remodeled, which is on your wish list. However, you are afraid of what the cost might be. Unless you want a major overhaul, you can still spruce up your home and improve its appearance and functionality without going broke. The following are some budget-friendly ideas for renovating different rooms of your home.

Refurbish, Reupholster, and Refinish

You can minimize the cost with these suggestions — whether you want to change cabinets, furniture, flooring, or curtains. For cabinets in fairly good condition, you can opt to repaint, reface with a contemporary style, or add new doors. For furniture and curtains, trade the worn-out, faded material on your couches and chairs with a different texture and color. You can save additional money by using the same curtain rods and rings and finding fabric you can sew yourself. Refinish or recoat hardwood floors without replacing them. There are peel-and-stick flooring options that you can apply over the existing surface. The old carpeting can be removed to reveal useable hardware flooring you can restore cheaply.

Renew Kitchen Surfaces and Appliances

Usually, the messiest and grimiest area is where you cook and eat. Periodically you will need to replace appliances and refresh the overall appearance. There are many materials available to fit your budget. For essentials like refrigerators, stoves, and dishwashers, it’s possible to replace them inexpensively with package offers or discounts on multiple purchases. You can also learn how to install an appliance to save an extra $100 to $500. If your oven is new or still in good condition, all you may need is to add a new backsplash. You may also want to consider new countertops since they are one of the most worked surfaces. Check on deals with your local store and tile companies.

Create More Open Space Without Increasing the Size

Increase efficiency without knocking out a wall to expand your home. You can replace bulky cabinetry and large shelves with vertical cabinets with pull-out drawers wide enough to store racks for pantry items. Need a kitchen island to prep meals? You can use a simple stand-alone table and add wheels for easy moveability.

Declutter, Add Color, Style, and Lighting

Improve the livability of smaller rooms, such as your bathroom, by adding a storage closet, vanity, or medicine cabinet. Peel and stick wallpaper can save time and labor if you’re not ready to paint. Add new hardware to give your room more of a modern flair, such as updating knobs and drawer handles. Save on cost by finding recycled fixtures. Brighten a windowless room with a light tube that funnels in natural light. Add wainscoting trim to dull walls and ceilings to add texture and detail.

A simple, cost-effective renovation can breathe new life into your living space and bring you a renewed sense of accomplishment without financial hardship. From your biggest, most lived-in rooms to your tucked-away areas, there is always an affordable solution to get your home in tip-top shape again.

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Robin McCoy Realty Group and Living in DFW does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Robin McCoy Realty Group and Living in DFW will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.

Whether you are looking to move now or may consider it in the future, there are many affordable options for making significant changes to your home without having to do a major renovation. With low-cost purchases of supplies, DIY instructions or professional guidance, and time set aside, you can make improvements that will increase your home’s resale value, save you money on energy costs, and improve your quality of living. When considering improvements, consider what needs attention first, such as protection from the elements, mold removal, mobility safety, and energy efficiency. Once those are addressed, you should pay attention to enhancing the appearance to attract future buyers. Such consideration should include space, lighting, curb appeal, and interior decorum. The following upgrades can transform your home into a more comfortable and stylish environment without stretching your wallet.

Start simple with cleaning, painting, and other resurfacing

Always begin with sparkling up the floors, walls, fixtures, and cabinetry which you can easily do with minimal expense. Sanding and repainting, wallpaper, and retiling can give a new look to what has grown old and drabby. Also, replace old appliances and countertops when you can find items on sale. Another way to eliminate eyesores is to hide them with a photo or painting. You can also cheaply replace old handles, knobs, locks, and outlet plates with a newer style to create a unique look. If preferred, you can paint over these fixtures and tile and tubs. It’s important, though, to match the colors and style of your room, furniture, and appliances. Consult a professional to recoat ceramic, porcelain, or fiberglass.

Give the illusion of space, and don’t waste what you have

Do you have an unused room? Why not turn it into a functioning space, such as a comfortable den or extra bedroom? You can add new furniture, rugs, pillows, a TV, or a free-standing wardrobe closet. Add mirrors to a small area to make it appear more spacious. Install visible storage, such as floating shelves, to allow others to see the capacity. Rid your home of bulky furnishings to free up space.

Refurbishment instead of replacement

Re-stain or refinish old wood on decks, doors, and furniture. Update your windows by adding molding or painting the frames inside to make them appear bigger and more modern. If you need to replace, buy energy-efficient windows; vinyl ones are recommended. You can also add interior shutters for style and privacy.

Upgrade the lighting

You can improve the ambiance of a room with a different light fixture, such as a new dining room chandelier or a vintage lantern, to give a rustic charm to your entryway. Consider investing between $1000-$3000 to install a sliding glass door to bring in more natural lighting. In addition, choose neutral paint colors for a softer environment pleasing to the average eye.

Improve curb appeal

Although they shouldn’t, people will judge a book by its cover. You don’t get a second chance to make a first impression, and that includes your home. You may only need to paint your front door and add a few plants or plant shrubs and perennials to populate a barren area. You’re not only beautifying your property but benefiting the environment. In addition, pay attention to the exterior material of your house. Worn siding and peeling shingles will immediately turn potential buyers off. You can remove dirt and stains by power washing, but if you need to replace siding, fiber-cement is recommended for its affordability and resistance to fire, rotting, and termites.

Compared to more extensive remodeling, these small home improvements are a more affordable and less laborious approach to giving your home the facelift it needs to be saleable. In addition, these upgrades allow you to enjoy the time you have in your home with the added comforts and conveniences they provide.

Free Buyer Guide

Free Seller Guide

45 Easy Ways to Sell Your Home Faster

Robin McCoy is a Texas Realtor with Keller Williams Realty. License #0582766
RobinMcCoyRealty.com | 214.226.3770 | RobinMcCoy@kw.com

The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. Robin McCoy Realty Group and Living in DFW does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Robin McCoy Realty Group and Living in DFW will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.