Real estate appraisers arrive at a property value by comparing the property to other properties, looking at market value. What if you have updated your house yourself and kept all your receipts?
You may be wondering if you can just add that to the original cost of your
house. Or what if you read on the internet that the cost of houses in your city
is increasing by so much per year - can't you just do the math yourself?
I wish it was that easy. Although all the hard labor you put into your
house is very valuable to you, it may not mean as much to someone considering
the purchase of your house. Buyers pay attention to market value, not the value
that you have put into your house. Market value is what a motivated buyer is
willing to spend on your house, but, in order to be accurate, the buyer must
not be emotionally involved in your hard work. The buyer is emotionally
involved in seeing themselves in your house, instead. Their tastes might be
different from you and they probably care about different things than you do.
Sellers and buyers definitely look at the same house differently.
This is why selling a house is hard work for the seller. It means
letting go of memories and trusting that someone else will make new memories
with their house. And this is why it's important to have a real estate appraiser do the work of impartially researching the value of your property.
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