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Avatar for Morales Real Estate Appraisal Services, LLC
Morales Real Estate Appraisal Services, LLC
4.9(
174
)
Appraisal - Real Estate

Serving West Cornwall, CT and surrounding areas

Approved

Super Service Award Winner

In business since 1987

Free estimates

Emergency services offered

"Iâ m a realtor in CT and Elliot is the BEST appraiser Iâ ve worked with! Heâ s punctual, honest and more importantly fair. My client had more than one property appraised and refused to work with anyone but Elliot. We love you Elliot!"
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+31

Response time8 hrs
41 neighbors recently requested a quote
Recommended by82%of homeowners
Avatar for JLAppraisal, LLC
JLAppraisal, LLC
4.8(
19
)
Appraisal - Real Estate

Serving West Cornwall, CT and surrounding areas

Approved

In business since 2003

Free estimates

Customers say: Terrific value

"Joanne was late by a couple of days in providing the appraisal. There were a couple of errors in the report. It took her another couple of days to get back to me and make the necessary corrections to the appraisal. But she is knowledgable, friendly and the final product is satisfactory."
Response time6 hrs
14 neighbors recently requested a quote
Recommended by94%of homeowners
Avatar for RJG Appraisal
RJG Appraisal
5.0(
9
)
Appraisal - Real Estate

Serving West Cornwall, CT and surrounding areas

Approved

In business since 1983

Free estimates

Customers say: True professional

"I have hired Bob through my law firm to perform real estate appraisals for divorce and probate clients for approximately 20 years. His work is always professional, reasonable and timely. I have always had positive feedback from the property owners. Highest recommendation."
Response time7 hrs
28 neighbors recently requested a quote
Recommended by75%of homeowners
Showing 1-10 of 16
Property Appraiser questions, answered by experts

While a finished basement adds value to your home, it is assigned a different value than space on the main floors. An appraiser will assess the square footage of a finished basement at about 50% to 60% of the value of the square footage for the rest of your home. Appraisal value for a finished basement depends on your location’s real estate market and the specifics of the basement and how it was finished. 

While some aspects of an appraisal, such as comparable properties nearby, are out of your control, there are several steps you can take to potentially increase your home's value. Make any necessary repairs and upgrades before the appraiser's visit, as they can only value what is currently part of the home, not its potential. Examples include renovating older areas, updating landscaping to boost curb appeal, and staging your home. You can also provide the appraiser with the cost of recent upgrades, which may increase your home's value by about 50% or more of what you paid for those improvements.

A property valuation, sometimes called a comparative market analysis or CMA, provides a real estate expert’s opinion on how much your property will sell for. It takes many things into consideration, like the condition and location of the home, but ultimately, all that matters for a property valuation is what a buyer might be willing to pay for the property. An appraisal is more concerned with determining the value. A valuation is to estimate what you’ll get for a property, while an appraisal helps a lender establish loan-to-value ratios and loan amounts.

While there’s technically no limit to the dollar amount you can borrow for a home addition, the standard limit is around 80% of the value the addition is expected to add to your home. That means you could feasibly borrow up to $80,000 if an appraiser determines that the addition or bump out will add $100,000 in value to your property. You might also be limited by your debt-to-income ratio or credit score.

As a seller, it might feel tempting to skip the appraisal, especially in a hot market that sees a lot of all-cash offers. While you can technically forgo it and hope for an all-cash offer, you’ll likely have a very tough time selling without an appraisal. 

In addition to protecting lenders from risk, appraisals also protect buyers’ investments. As such, it isn’t typically recommended for buyers to skip appraisals.

The West Cornwall, CT homeowners’ guide to property appraisals

From average costs to expert advice, get all the answers you need to get your job done.