How to see the value in a house owned by a bank
I worked in the mortgage industry for quite some time before I bought my first home. That’s why he had seen many appraisals and had a good idea of what added value and what didn’t.
Buying a bank-owned home can be a frustrating experience. The generally affordable houses appear shabby, unstaged and neglected due to the financial circumstances of the previous owner. It can be very irritating for someone who is not used to seeing houses in such a state. Because of this, many people defer a valuable home to a home that may actually be worth a little less due to some cosmetic repairs.
When looking at houses, look at the neighborhood you are in. Does it seem to be a desirable location? Is it in a good neighborhood? Don’t settle for where you live. If you don’t feel comfortable where you live, it doesn’t matter what the inside of the house looks like. Then, before you even go in, take a look at the actual lot – is it bigger than average? Usually from the listing itself you can determine the size of the lot, the square footage of the house and the number of bedrooms (all very important)…
While outside, some indicators of value are Porch, Deck, Garage (attached, detached, number of cars), and pool as optional (buried provides better value but may deter some buyers), but all 3 factors increase value .
Within some things to look for the number of bedrooms is important because a 3-bedroom is worth more than, say, a 3-bedroom and is compared to a larger and more valuable range of houses. The kitchen is the biggest determining factor of a home in terms of its condition. A new kitchen in an older home is a better value than an older kitchen in a newer home. Can it be easily upgraded if needed and will the condition as new bring more value than the cost of the repair? The state of the bathroom and style tile, ceramic, granite.
Down in the basement, see if the foundation is in good shape, what kind of heating the house has, if the basement is finished… These are all factors. Is the base free of infestation or mold?
In the house there are new windows (vinyl). There is a chimney? Noble woods, granite is always an advantage
The purpose of this article was to let you know the features that increase value… I searched for almost two years before I found the house that met all of these criteria and fit my budget. There is more to a home than cosmetics. More often than not I’ve heard of people passing up a valuable home because they don’t like the paint color in a room… Those are cosmetics. Many of the features in this article are overlooked, but it contains a great deal. of value.