Property Values

Difference between assessment value, market value, appraisal value, personal value.

Assessed Value is the value assigned by a city or town for taxation. Usually an assessing company will request to view the property and will establish value at that point in time. This assessment will stay on record until the property is up for review. Some municipalities may reassess once a property is transferred. The state requires that new assessments are done periodically.

Appraisal Value is the value that a certified appraiser determines the property is worth at a given point in time. Lenders require the licensed appraiser to establish the market value as part of the loan application process. The cost of the appraisal is paid for by the Buyer and is approximately $300.00.dllars. This is based on recent sales that are similar to the subject property.

Market Value is what someone will pay for the property within a certain point in time. To determine this prior to a sale a Comparative Market Analysis is done by a Realtor who will use recent(past6-8months)sold properties that are similar to understand what a buyer is willing to pay based on what other buyers had spent on similar properties. The Realtor has to be able to determine the Sold price in order to advise the client as to what price they should put the property on the market for and how long it will take to sell.

Personal Value is what an Owner thinks their property is worth. Although this figure may change over time it takes into account the first hand knowledge of what the Owner has into the property. This may be considered valuable to the Seller but not always substantiated by a Buyer depending on market conditions. It can be difficult for a homeowner to objectively determine value. The Owner may also under estimate their property value especially when a market is just starting to appreciate. Whether selling a diamond ring or your family home it is important to get an outside opinion either from an appraiser or a Realtor.

Top Ten Remodeling Projects
Cost vs. Value

If you are planning to stay in your current home or looking to do some spruce ups to be prepared to sell, homeowners want to know what will give them the most bang for their buck so to speak
While having a major system that is not in good shape will hurt the value of a home, such as a leaky roof, or an older or non function heating system. Ensuring that these systems are in tip-top shape do not have the highest paybacks, but if they in need of help they will drive your price down. For example;
Roofing in the New England Area a homeowner can expect to see a return on their investment 54.6%, but a home needing a roof could cause the buyer to negotiate for an amount higher than the cost of replacement.

1. Basement 56.7%
2. Attic to Bedroom 66.6%
3. Mid range major kitchen remodel 68.6%
4. Mid range bathroom remodel 71.3%
5. Composite deck 70.7%
6. Minor mid-range kitchen remodel 73.7%
7. Mid range Wood windows 75.1%
8. Mid range Vinyl Windows 76%
9. Wood deck 76.8%
10. Mid range Vinyl Siding 78.8%

Being careful that all remodeling projects fit in with the surroundings is important. Before you decide to put on an addition that will make your home larger and more impressive than the neighborhood can support may not be a good idea. However finishing a basement while may not have the highest return would add needed living space and give a bigger return than an unwise addition. Same with converting attic space to living space.
Adding a marble bathroom to a home that is mostly carpet and vinyl may not be the best choice, when a more mid range option is available. Up grading to a mid range tile, perhaps adding a cabinet package that is available at home improvements stores, that have cabinet, solid surface top, and faucet for around $500 give or take may be the better option. Remember you can never go wrong with a fresh coat of neutral colored paint.
So all in all think smart, looks that are new and well cared for yield a higher return than going the extra mile for the higher end. So save some money and reap a larger return.