|
|||||||||
 |
|||||||||
 |
|||||||||
|
|||||||||
 |
|||||||||
|
|
||||||||||||||||||||||
|
 How Much is Your House or Apartment Worth? Some people say that real estate is a better investment than ever. If you are already a homeowner, you may have wondered how your property has fared in the market over the last few years. A change in your lifestyle that involves relocating,retirement, a job search in a distant location, or simply emigration to an area with lower home prices, might be part of your long-term plan. Are you wondering if this is the right time to do it? Maybe none of these circumstances fit your situation, but, after years in one place, you are just curious about how much selling the roof over your head might do to enhance your net worth. Without making a commitment, or even coming to a decision, you can find out easily. There are two ways to determine your home’s value: an appraisal and a comparative market analysis. An appraisal: Look up a sampling of certified real estate appraisers in your neighborhood to get an idea of fees, make some phone calls and explain that you are thinking of selling and want to start out with a professional appraisal. Explain that this appraisal is not connected with a mortgage – the buyer will be responsible for paying the appraiser at that time. The fee will depend on the location, size and type of the building. For a small condo in suburban New Jersey, for example, appraisal costs range from $225 to $350. For this fee, you will get one expert’s opinion of the worth of your home at a given point in time. It is based on the home’s size, square footage and construction quality, improvements you have made since you purchased it, the condition of the home and neighborhood, and any pertinent historical information. The appraiser will also look at the design of the home, its floor plan, the size and condition of the lot, and the availability of shopping, transportation and schools. An appraisal shouldn’t be confused with a tax valuation, which may be higher or lower than a home’s market value, and is not a good indicator for market value. Tax valuations are used by municipalities to determine property taxes. A comparative market analysis: This analysis is based on recent data from actual sales of similar properties in your area. You can find out these sales figures by checking the tax assessor’s office in your municipality. Or you can ask a real estate agent to prepare an analysis for you; most will do so without charge as a courtesy in the hope that you will do business with them if you decide to sell your property. Other sources are companies that charge to prepare real estate data, or listings on the Internet. However, these sales figures and the analyses based on them do not take a home’s condition into account, or the community or neighborhood factors that will affect its value. A real estate agent’s experience with local housing stock is a better source of that knowledge. American Express can provide you more information on its Web pages on mortgage and home equity loans. November 7, 2002
|
||||||||||||||||||||||||||||
| Copyright (c) 2000 American Express Company. All Rights Reserved. Users of this site agree to be bound by the terms of the American Express Web Site Rules and Regulations. View Web Site Rules and Regulations and trademarks and Privacy Statement of American Express. See Corporate Entities and Important Disclosures for additional information about the American Express entities who offer products and services on americanexpress.com. American Express Brokerage is offered by American Express Financial Advisors Inc., Member NASD and SIPC. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker dealer. |
|||||||||||||||||||||||||||||
