There was a time when filling up my taxes and submitting them to the IRA was the most painful thing I could imagine. I mean, many were the days when I feigned sickness or lay in bed the whole day wallowing listlessly just so that I could avoid this chore. But the coming to age of online tax returns, especially the filing of them has put the spring back into my step.
The first time I heard about online tax returns was when my accountant told me about it. Apparently his firm, that processes the tax returns of several individuals like me was among the first few organizations that was chosen for a trail test of the online tax return process. If that sounds like a contradiction in terms, please be informed that lazy people like me were still going to use the services of accounting firms to get our taxes in order. So whether online tax returns became a reality or not, I was still going to use the services of the said accounting firm! In any case, he was the first person to tell me all about online tax returns and he was fairly bubbling with enthusiasm when he told me about it.
Of course, you must remember that this was in the early days of the Internet and many of the capabilities we take for granted nowadays, simply didn’t exist back then. But even at that time, it was a revolutionary concept to be able to file online tax returns. A lot of water has flowed down the bridge since then and nowadays, most of us take online tax returns for granted. It is no longer the disruptive technology that it once was and more and more people have grown up not knowing what a time saver it truly is. Nowadays for instance, it is well and truly possible for an individual to get onto a portal, file for online tax returns, connect to another service provider to get salary and benefits details, integrate the two and then simply press a button to submit the compiled document to a software that calculates the tax, the returns and even tax saving techniques and tips – all for your benefit, simply in a matter of minutes.
But for those of us who learnt about online tax returns relatively later in our lives, it continues to be a novel concept that ranks right up there with the ingenious minds who developed a concept like the Internet in the first place.
Friday, May 2, 2008
Income Taxes
2006 is over and a new year has begun. This means that tax season is upon us. Even though we have months until our tax returns are due, it is never a bad idea to get started early. If you are preparing your own tax returns like millions of other Americans, you might want to start gathering up all of the pertinent documents so that when the 15th of April rolls around you are not overwhelmed, under the gun, or out of time.
Working on your own income taxes has become increasingly easier. There are many pieces of software out there these days that can help you prepare returns for your income taxes. One of the most popular pieces of tax software is TurboTax. Millions of people will likely use the software to prepare their tax returns this year. This piece of software and others are reasonably priced and widely available if you want to go this route.
If you do not want to purchase tax software to help you figure your income taxes this year, you can always file your returns online on one of many web sites. Whenever you are entering personal information, and your income taxes are certainly sensitive, please be very careful and attentive when searching for a web site. Because you will be using your name, address, social security number and other sensitive and important information, it is important that you only share this information with secure and reputable web sites.
If you belong to the group of Americans who prefer to have a professional work on their income taxes, you are in luck. There are many agencies out there that can prepare your returns for you and most of them you already know by name. H&R Block is a large and well-known agency that can prepare your returns for you for a reasonable fee. Although they may not be as thorough and aggressive as a certified public accountant would be, they can do the job and relatively quickly.
Working on tax returns and figuring your income taxes does not have to the difficult. There are many agencies, people, and pieces of software out there to help you. You may even live in an area where knowledgeable people will assist you for free. There is such a service in my hometown at the local library every spring. If you do not have such a resource at your disposal, I suggest that you look around at the different pieces of software because I believe you will find one that makes this task seem much simpler and easier to accomplish.
Working on your own income taxes has become increasingly easier. There are many pieces of software out there these days that can help you prepare returns for your income taxes. One of the most popular pieces of tax software is TurboTax. Millions of people will likely use the software to prepare their tax returns this year. This piece of software and others are reasonably priced and widely available if you want to go this route.
If you do not want to purchase tax software to help you figure your income taxes this year, you can always file your returns online on one of many web sites. Whenever you are entering personal information, and your income taxes are certainly sensitive, please be very careful and attentive when searching for a web site. Because you will be using your name, address, social security number and other sensitive and important information, it is important that you only share this information with secure and reputable web sites.
If you belong to the group of Americans who prefer to have a professional work on their income taxes, you are in luck. There are many agencies out there that can prepare your returns for you and most of them you already know by name. H&R Block is a large and well-known agency that can prepare your returns for you for a reasonable fee. Although they may not be as thorough and aggressive as a certified public accountant would be, they can do the job and relatively quickly.
Working on tax returns and figuring your income taxes does not have to the difficult. There are many agencies, people, and pieces of software out there to help you. You may even live in an area where knowledgeable people will assist you for free. There is such a service in my hometown at the local library every spring. If you do not have such a resource at your disposal, I suggest that you look around at the different pieces of software because I believe you will find one that makes this task seem much simpler and easier to accomplish.
Wednesday, March 26, 2008
property tax
property tax
One of the reasons that my husband and I do not own our own home yet is because of property tax. Though we live in a really great area that has some of the best schools in our state, the rate of tax is much higher than almost anywhere in the country. We do not live in an urban area, so this is somewhat of a mystery. We aren’t sure why it is, but people here are paying more tax on their property than they should be. Perhaps that is why we have such good schools, I really don’t know, but I do know that is why we don’t own just yet.
Many people don’t consider property tax when they decide they can afford to buy their own home. They may think they can get a mortgage that is equivalent to what they pay in rent. That might very well be true, but you can not forget about property tax when you are deciding if you can afford the mortgage or not. There are many hidden things that come with home ownership, and that is just one. You are also going to have to make your own repairs, and you are going to buy your own appliances. These are things most landlords take care of when you rent from them. When you buy a house, those things fall on you.
You might want to find out what your property tax might be before you buy something. Though this is a smart move, some don’t do it, and they are shocked when they get their first tax bill. This can ruin the dream of home ownership for many. If yours are high like mine are, you may not be able to get the house you think you can afford. You may have to go with something smaller so you can have a smaller monthly house payment. That might be the only way you can afford your property tax.
If you can’t pay your property tax, you should know that you could very easily lose your house this way. If you are having problems paying it, you have to talk to your bank. They may be able to extend you more of a loan to cover it, but don’t expect them to do that more than once or twice. Only do that if you have an emergency, and remember that it’s not free money, you still have to pay it back. In many cases, the bank won’t help you with that, and you will be on your own.
One of the reasons that my husband and I do not own our own home yet is because of property tax. Though we live in a really great area that has some of the best schools in our state, the rate of tax is much higher than almost anywhere in the country. We do not live in an urban area, so this is somewhat of a mystery. We aren’t sure why it is, but people here are paying more tax on their property than they should be. Perhaps that is why we have such good schools, I really don’t know, but I do know that is why we don’t own just yet.
Many people don’t consider property tax when they decide they can afford to buy their own home. They may think they can get a mortgage that is equivalent to what they pay in rent. That might very well be true, but you can not forget about property tax when you are deciding if you can afford the mortgage or not. There are many hidden things that come with home ownership, and that is just one. You are also going to have to make your own repairs, and you are going to buy your own appliances. These are things most landlords take care of when you rent from them. When you buy a house, those things fall on you.
You might want to find out what your property tax might be before you buy something. Though this is a smart move, some don’t do it, and they are shocked when they get their first tax bill. This can ruin the dream of home ownership for many. If yours are high like mine are, you may not be able to get the house you think you can afford. You may have to go with something smaller so you can have a smaller monthly house payment. That might be the only way you can afford your property tax.
If you can’t pay your property tax, you should know that you could very easily lose your house this way. If you are having problems paying it, you have to talk to your bank. They may be able to extend you more of a loan to cover it, but don’t expect them to do that more than once or twice. Only do that if you have an emergency, and remember that it’s not free money, you still have to pay it back. In many cases, the bank won’t help you with that, and you will be on your own.
Small Business Tax
Small Business Tax
You have to watch every little thing when you are staring your own business. One little misstep can land you in a lot of hot water. Though most people know this, there are some who start a new business when they don’t know what they are doing. I worked for such a woman once, and it was no surprise when she had to sell her business a few years after opening. One thing she neglected to keep an eye on was her small business tax, and she ended up in over her head.
You have to have a lawyer and an accountant if you want to be successful. You can’t possibly keep things in check all by yourself. No matter how smart or how hard you work, you can’t possibly keep up like you need to. There are so many different things you have to know and have to do. Your small business tax is something that you have to keep track of, but you should make sure your accountant stays on top of it for you as well. If anything, make sure they are checking over what you are doing as a failsafe.
If you don’t understand anything about a small business tax, you have to find out, or you have to really trust that your accountant knows what they are doing. In most cases, you won’t have anything to worry about, but bad things happen. One mistake can snowball into something larger. The woman I worked for had this exact problem. I was taking care of some of her work load, but I was strictly data entry, and I made sure she knew this. I basically organized the financial information she gave me, and then it was handed over to her accountant. I know very little about small business tax, and I made that very clear.
We parted company early last year because she could not longer afford to pay for the extra help. That was the first clue that something was wrong. I have talked to her since she had to sell, but I’m not exactly sure what happened. I do know it had something to do with her small business tax and some of her records. She was bad about getting receipts, and there were too many holes. She was nice woman with a good heart, but she was in over her head. Read up and understand what is going on and what is expected of you so that you don’t end up with the same fate.
You have to watch every little thing when you are staring your own business. One little misstep can land you in a lot of hot water. Though most people know this, there are some who start a new business when they don’t know what they are doing. I worked for such a woman once, and it was no surprise when she had to sell her business a few years after opening. One thing she neglected to keep an eye on was her small business tax, and she ended up in over her head.
You have to have a lawyer and an accountant if you want to be successful. You can’t possibly keep things in check all by yourself. No matter how smart or how hard you work, you can’t possibly keep up like you need to. There are so many different things you have to know and have to do. Your small business tax is something that you have to keep track of, but you should make sure your accountant stays on top of it for you as well. If anything, make sure they are checking over what you are doing as a failsafe.
If you don’t understand anything about a small business tax, you have to find out, or you have to really trust that your accountant knows what they are doing. In most cases, you won’t have anything to worry about, but bad things happen. One mistake can snowball into something larger. The woman I worked for had this exact problem. I was taking care of some of her work load, but I was strictly data entry, and I made sure she knew this. I basically organized the financial information she gave me, and then it was handed over to her accountant. I know very little about small business tax, and I made that very clear.
We parted company early last year because she could not longer afford to pay for the extra help. That was the first clue that something was wrong. I have talked to her since she had to sell, but I’m not exactly sure what happened. I do know it had something to do with her small business tax and some of her records. She was bad about getting receipts, and there were too many holes. She was nice woman with a good heart, but she was in over her head. Read up and understand what is going on and what is expected of you so that you don’t end up with the same fate.
Tuesday, March 11, 2008
Tax Assessment And Information On Juristdiction
In most jurisdictions, tax assessments happen every few years (and often in the first year you own your home). What should you do if you are unhappy with your new assessment? Consider appealing it. Experts estimate that up to 60 percent of home assessments are too high and about one-third of all property tax appeals succeed. They key is to act promptly because there's always a time limit to file an appeal.
Get your property card. The first thing to do is to ask your assessor's office to see your property card. The property card shows all the information on your home and land. Ensure its accuracy since the lot size, house square footage, number of rooms, bedrooms and bathrooms enter into the assessment. Make sure the card doesn't describe more house or land than you own. If the property card is incorrect, you may get your assessment changed without a formal appeal. Check for an error in the tax rate for your home as well. Jurisdictions often have different tax rates for homes with rentable spaces, homes zoned for commercial use, homes in a historic district, or other provisions. Be sure your property is being charged the correct tax rate.
Check the market value. If your property card checks out correctly, check on your home's market value. Assessed values are based on a percentage of market value which may be listed on your assessment or supplied by your tax assessor's office. If you have had a recent home appraisal to refinance your home or to get a home equity line of credit, you may be able to use it as evidence of market value. It may also help to search online for sites that show what homes in your neighborhood sell for. You may have a good case for reducing your assessment if you find similar homes at lower values.
Compare your assessment. Check your assessor's list of homes in your area and look for homes with similar features, such as square footage or lot size, that have lower assessments. Next, check for homes with similar assessments that are bigger or have more land.
Although new homeowners can't do much to argue market value (since it's usually established by the purchase price), they should look at their property card to make sure it contains the right information for future assessments.
Get your property card. The first thing to do is to ask your assessor's office to see your property card. The property card shows all the information on your home and land. Ensure its accuracy since the lot size, house square footage, number of rooms, bedrooms and bathrooms enter into the assessment. Make sure the card doesn't describe more house or land than you own. If the property card is incorrect, you may get your assessment changed without a formal appeal. Check for an error in the tax rate for your home as well. Jurisdictions often have different tax rates for homes with rentable spaces, homes zoned for commercial use, homes in a historic district, or other provisions. Be sure your property is being charged the correct tax rate.
Check the market value. If your property card checks out correctly, check on your home's market value. Assessed values are based on a percentage of market value which may be listed on your assessment or supplied by your tax assessor's office. If you have had a recent home appraisal to refinance your home or to get a home equity line of credit, you may be able to use it as evidence of market value. It may also help to search online for sites that show what homes in your neighborhood sell for. You may have a good case for reducing your assessment if you find similar homes at lower values.
Compare your assessment. Check your assessor's list of homes in your area and look for homes with similar features, such as square footage or lot size, that have lower assessments. Next, check for homes with similar assessments that are bigger or have more land.
Although new homeowners can't do much to argue market value (since it's usually established by the purchase price), they should look at their property card to make sure it contains the right information for future assessments.
Procedure For Property Tax Assessment
One of the reasons that my husband and I do not own our own home yet is because of property tax. Though we live in a really great area that has some of the best schools in our state, the rate of tax is much higher than almost anywhere in the country. We do not live in an urban area, so this is somewhat of a mystery. We aren’t sure why it is, but people here are paying more tax on their property than they should be. Perhaps that is why we have such good schools, I really don’t know, but I do know that is why we don’t own just yet.
Many people don’t consider property tax when they decide they can afford to buy their own home. They may think they can get a mortgage that is equivalent to what they pay in rent. That might very well be true, but you can not forget about property tax when you are deciding if you can afford the mortgage or not. There are many hidden things that come with home ownership, and that is just one. You are also going to have to make your own repairs, and you are going to buy your own appliances. These are things most landlords take care of when you rent from them. When you buy a house, those things fall on you.
You might want to find out what your property tax might be before you buy something. Though this is a smart move, some don’t do it, and they are shocked when they get their first tax bill. This can ruin the dream of home ownership for many. If yours are high like mine are, you may not be able to get the house you think you can afford. You may have to go with something smaller so you can have a smaller monthly house payment. That might be the only way you can afford your property tax.
If you can’t pay your property tax, you should know that you could very easily lose your house this way. If you are having problems paying it, you have to talk to your bank. They may be able to extend you more of a loan to cover it, but don’t expect them to do that more than once or twice. Only do that if you have an emergency, and remember that it’s not free money, you still have to pay it back. In many cases, the bank won’t help you with that, and you will be on your own.
Many people don’t consider property tax when they decide they can afford to buy their own home. They may think they can get a mortgage that is equivalent to what they pay in rent. That might very well be true, but you can not forget about property tax when you are deciding if you can afford the mortgage or not. There are many hidden things that come with home ownership, and that is just one. You are also going to have to make your own repairs, and you are going to buy your own appliances. These are things most landlords take care of when you rent from them. When you buy a house, those things fall on you.
You might want to find out what your property tax might be before you buy something. Though this is a smart move, some don’t do it, and they are shocked when they get their first tax bill. This can ruin the dream of home ownership for many. If yours are high like mine are, you may not be able to get the house you think you can afford. You may have to go with something smaller so you can have a smaller monthly house payment. That might be the only way you can afford your property tax.
If you can’t pay your property tax, you should know that you could very easily lose your house this way. If you are having problems paying it, you have to talk to your bank. They may be able to extend you more of a loan to cover it, but don’t expect them to do that more than once or twice. Only do that if you have an emergency, and remember that it’s not free money, you still have to pay it back. In many cases, the bank won’t help you with that, and you will be on your own.
Friday, February 22, 2008
Appeal Against Tax Assesment
In most jurisdictions, tax assessments happen every few years (and often in the first year you own your home). What should you do if you are unhappy with your new assessment? Consider appealing it. Experts estimate that up to 60 percent of home assessments are too high and about one-third of all property tax appeals succeed. They key is to act promptly because there's always a time limit to file an appeal.
Get your property card. The first thing to do is to ask your assessor's office to see your property card. The property card shows all the information on your home and land. Ensure its accuracy since the lot size, house square footage, number of rooms, bedrooms and bathrooms enter into the assessment. Make sure the card doesn't describe more house or land than you own. If the property card is incorrect, you may get your assessment changed without a formal appeal. Check for an error in the tax rate for your home as well. Jurisdictions often have different tax rates for homes with rentable spaces, homes zoned for commercial use, homes in a historic district, or other provisions. Be sure your property is being charged the correct tax rate.
Check the market value. If your property card checks out correctly, check on your home's market value. Assessed values are based on a percentage of market value which may be listed on your assessment or supplied by your tax assessor's office. If you have had a recent home appraisal to refinance your home or to get a home equity line of credit, you may be able to use it as evidence of market value. It may also help to search online for sites that show what homes in your neighborhood sell for. You may have a good case for reducing your assessment if you find similar homes at lower values.
Compare your assessment. Check your assessor's list of homes in your area and look for homes with similar features, such as square footage or lot size, that have lower assessments. Next, check for homes with similar assessments that are bigger or have more land.
Although new homeowners can't do much to argue market value (since it's usually established by the purchase price), they should look at their property card to make sure it contains the right information for future assessments.
Hilary Basile is a writer for MyGuidesUSA.com at http://www.myguidesusa.com, you will find valuable tips and resources for handling life's major events. Whether you're planning a wedding, buying your first home, anxiously awaiting the birth of a child, contending with a divorce, searching for a new job, or planning for your retirement, you'll find answers to your questions at MyGuidesUSA.com.
Get your property card. The first thing to do is to ask your assessor's office to see your property card. The property card shows all the information on your home and land. Ensure its accuracy since the lot size, house square footage, number of rooms, bedrooms and bathrooms enter into the assessment. Make sure the card doesn't describe more house or land than you own. If the property card is incorrect, you may get your assessment changed without a formal appeal. Check for an error in the tax rate for your home as well. Jurisdictions often have different tax rates for homes with rentable spaces, homes zoned for commercial use, homes in a historic district, or other provisions. Be sure your property is being charged the correct tax rate.
Check the market value. If your property card checks out correctly, check on your home's market value. Assessed values are based on a percentage of market value which may be listed on your assessment or supplied by your tax assessor's office. If you have had a recent home appraisal to refinance your home or to get a home equity line of credit, you may be able to use it as evidence of market value. It may also help to search online for sites that show what homes in your neighborhood sell for. You may have a good case for reducing your assessment if you find similar homes at lower values.
Compare your assessment. Check your assessor's list of homes in your area and look for homes with similar features, such as square footage or lot size, that have lower assessments. Next, check for homes with similar assessments that are bigger or have more land.
Although new homeowners can't do much to argue market value (since it's usually established by the purchase price), they should look at their property card to make sure it contains the right information for future assessments.
Hilary Basile is a writer for MyGuidesUSA.com at http://www.myguidesusa.com, you will find valuable tips and resources for handling life's major events. Whether you're planning a wedding, buying your first home, anxiously awaiting the birth of a child, contending with a divorce, searching for a new job, or planning for your retirement, you'll find answers to your questions at MyGuidesUSA.com.
Tax Assessment And Appraisal Value
If you are in the home buying or selling market, it’s important to understand the difference between tax assessment and appraisal value. Concentrate on the appraisal value because this determines your asking price.
Understanding Tax Assessment
The tax assessment is a tool local governments use to exact a property tax rate on residents. The local government determines your home’s worth by reassessing the homes in the area you live in periodically. Some areas reassess every 2-3 years. But with today’s booming real estate market, the National Association of Realtors estimates 60-70% of U.S. tax assessments do not reflect the escalating market value on home sales. This is why the tax assessment is not always an accurate gauge of true home worth.
Tax assessment offers a general idea of home value. If you are curious about whether your tax assessment office is keeping up with the local market, telephone your local real estate board and local tax assessment office. Ask them about the local appreciation value on homes to determine if they are up-to-date.
Focus on the Appraisal Value
Home sellers should concentrate on the appraisal value, because a mortgage lender will write a loan on the home for this amount. Location is the prime factor in appraising a property. An appraiser will look at three homes that sold during the previous three-month period to determine what similar properties have sold for in the same neighborhood. If your home is in a rural area, or if the sales in your area have been sluggish, the appraiser can go within a five mile radius to locate similar homes for comparison. If there is home value inflation in the area, the appraiser will factor this in. A good appraiser will contact the realtor who sold the homes he or she is using as a comparison.
What Do Appraisers Look For?
An important rule of thumb of real estate is: location, location, location. Appraisers are mainly focused on the following to determine home worth:
* square footage
* condition and age of the home
* location
* lot size
* number of bedrooms
* number of bathrooms
* total number of rooms
* garage(s)
* decks
* screened porches
* fireplaces
Secondary Enhancements Help a Home Sell
There are other bells and whistles the appraisers may factor in, but their impact on home value is marginal. Although these improvements do help the home sell, they do not impact the appraisal significantly.
Here are some examples:
* ceramic tile
* hardwood floors
* crown molding
* chair railing
* specialty counter tops, cabinetry
* sprinkler system
* wainscoting
* upgrades in light fixtures
* upgrades in faucets, sinks, tubs and showers
* swimming pool
Sell Your Home Quickly
Do not be mistaken -- upgrades are worthwhile because they will help sell your home quickly. For example, eye-catching landscaping will lure people in to look at the home, because 80% of homebuyers decide if they like a house when they first drive up to the property.
When do I Need an Appraisal?
Home sellers may want to pay for a professional appraisal so they know the true value of their home, but they are not required to have an appraisal. Your realtor will determine an asking price with you. To determine a fair and marketable price for your home, expect your realtor to research comparable home sales on Multiple Listing Services (MLS). Homebuyers are required by the lender to have an appraisal done and they must pay an average of $300-500 for it. Payment is due at the time of the appraisal. The buyer does not have the right to choose the appraiser -- the lender does this. Loan officers keep an approved list of appraisers on hand.
Research on Home Value
While conducting research on home value consider this: Is the neighborhood you live in completely built out, or are you competing with new homes still being built? If you are putting your home on the market and would like to conduct some of your own research, you can do one of three things. Visit the courthouse in your county and see what has sold in your area that is similar to your home. Call your local realtor and ask for a comparative market analysis. Or, visit open houses in your neighborhood which are similar to your own, to see what they are selling for. All of these activities are a good education for homeowners interested in learning the value of their home before placing it on the market or refinancing.
Understanding Tax Assessment
The tax assessment is a tool local governments use to exact a property tax rate on residents. The local government determines your home’s worth by reassessing the homes in the area you live in periodically. Some areas reassess every 2-3 years. But with today’s booming real estate market, the National Association of Realtors estimates 60-70% of U.S. tax assessments do not reflect the escalating market value on home sales. This is why the tax assessment is not always an accurate gauge of true home worth.
Tax assessment offers a general idea of home value. If you are curious about whether your tax assessment office is keeping up with the local market, telephone your local real estate board and local tax assessment office. Ask them about the local appreciation value on homes to determine if they are up-to-date.
Focus on the Appraisal Value
Home sellers should concentrate on the appraisal value, because a mortgage lender will write a loan on the home for this amount. Location is the prime factor in appraising a property. An appraiser will look at three homes that sold during the previous three-month period to determine what similar properties have sold for in the same neighborhood. If your home is in a rural area, or if the sales in your area have been sluggish, the appraiser can go within a five mile radius to locate similar homes for comparison. If there is home value inflation in the area, the appraiser will factor this in. A good appraiser will contact the realtor who sold the homes he or she is using as a comparison.
What Do Appraisers Look For?
An important rule of thumb of real estate is: location, location, location. Appraisers are mainly focused on the following to determine home worth:
* square footage
* condition and age of the home
* location
* lot size
* number of bedrooms
* number of bathrooms
* total number of rooms
* garage(s)
* decks
* screened porches
* fireplaces
Secondary Enhancements Help a Home Sell
There are other bells and whistles the appraisers may factor in, but their impact on home value is marginal. Although these improvements do help the home sell, they do not impact the appraisal significantly.
Here are some examples:
* ceramic tile
* hardwood floors
* crown molding
* chair railing
* specialty counter tops, cabinetry
* sprinkler system
* wainscoting
* upgrades in light fixtures
* upgrades in faucets, sinks, tubs and showers
* swimming pool
Sell Your Home Quickly
Do not be mistaken -- upgrades are worthwhile because they will help sell your home quickly. For example, eye-catching landscaping will lure people in to look at the home, because 80% of homebuyers decide if they like a house when they first drive up to the property.
When do I Need an Appraisal?
Home sellers may want to pay for a professional appraisal so they know the true value of their home, but they are not required to have an appraisal. Your realtor will determine an asking price with you. To determine a fair and marketable price for your home, expect your realtor to research comparable home sales on Multiple Listing Services (MLS). Homebuyers are required by the lender to have an appraisal done and they must pay an average of $300-500 for it. Payment is due at the time of the appraisal. The buyer does not have the right to choose the appraiser -- the lender does this. Loan officers keep an approved list of appraisers on hand.
Research on Home Value
While conducting research on home value consider this: Is the neighborhood you live in completely built out, or are you competing with new homes still being built? If you are putting your home on the market and would like to conduct some of your own research, you can do one of three things. Visit the courthouse in your county and see what has sold in your area that is similar to your home. Call your local realtor and ask for a comparative market analysis. Or, visit open houses in your neighborhood which are similar to your own, to see what they are selling for. All of these activities are a good education for homeowners interested in learning the value of their home before placing it on the market or refinancing.
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