Real Estate

[fabrisse]

For some reason my mother decided that she and Sis (Sis is buying into this) need to sell their current homes and buy a new house together with a guest house for me.

There's more than a little "What the Fuck?" to this on my part (Dad doesn't swear, his is more a "What the Heck?", but it has the same force). We're working assiduously to quash this particular folie a deux. Since most of the places they've looked at have less square footage than my sister's place and the guesthouse are unpermitted, Dad and I think we have a good chance that it'll die a natural death anyway.

It occurs to me, however, that actually knowing something about how to read the results of a title search would be useful.

So, for anyone who knows anything about this... Is the value of the house (i.e. the probable amount the owner could get at sale) the sum of the assessed value and the improvement value? Is the land value included in the value of the house, or should I be adding it to the previous sum?

Comments

[jdulac.livejournal.com]

So, for anyone who knows anything about this... Is the value of the house (i.e. the probable amount the owner could get at sale) the sum of the assessed value and the improvement value? Is the land value included in the value of the house, or should I be adding it to the previous sum?

If by assessment you mean tax assessment, it has relatively little to do with value. Value is based on what someone will pay for it. Appraisers who determine value for purposes of mortgages, etc., generally evaluate what similar properties in the area sell for, and how the property compares to them in features and condition. House and land are treated as a unit. The house is evaluated sans contents & furnishings, however. The cost of improvements has little to do with value, either. If the improvement is desirable (modern bathrooms and kitchens in the current taste are what people like most), then it's increase in value is based on how much people want that improvement. If your improvement involves putting flourescent orange wall-to-wall carpeting all over the house, probably you get no increase in value -- it might even be a decrease if a buyer feels like they have to rip it out. If your improvement is repairing the roof so the rain doesn't keep dripping on your bed, then it's cost probably brings you up to zero (a leak would diminish your value compared to an equivalent property in good repair).

The best way to determine value is to call your local registry of deeds and find out what properties similar to yours in the same area have sold for over the last year or so. And look in the newspaper and check the real estate web sites.

[fabrisse.livejournal.com]

Thank you. That's succinct and clear.

It also confirms that the information the realtor gave us was not either what we requested or needed.

My sister had an independent appraisal when she refinanced, so that would probably be a better source.

[jdulac.livejournal.com]

My sister had an independent appraisal when she refinanced, so that would probably be a better source.

that is exactly what you need, especially if it is relatively recent.

[eanja]

I have no real estate advice to offer, but good lord. Has your sister gone mad as well as your mother? I know your mother never pays much attention to what you want to do, but has your sister also decided that that's irrelevant?

I really have insufficient words for how boggled I am at this.

Cats sleeping with Dogs????

[gepooljr.livejournal.com]

Put me in the "I'm beguiled" list. I always hope for the best, but this is indeed odd. I hope this works out for you... keep us appraised.

[fabrisse.livejournal.com]

They've looked at the financials and decided that it's not feasible at this point, but I can still hear it percolating. Dad's working very hard on the "it's a bad idea" front.

Re: Cats sleeping with Dogs????

[fabrisse.livejournal.com]

I love the heading.

Yes, Odd is the word.