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Real Estate Agents questions, answered by experts

Yes, a garage apartment is generally considered a valuable asset as long as the new structure has been legally built. It's important to weigh the cost to build a garage with an apartment against the cost to convert a garage to living space if you already have a garage.

The purpose of the home appraisal determines which party pays for it. You’re generally responsible for the cost if you need to know the current value of your home to refinance your mortgage, though in some instances the lender will pay for it. The buyer pays for the appraisal when they are applying for their mortgage.

You can be present during a home appraisal, but it’s best to stay out of the appraiser’s way. Make yourself available, but don’t engage or interrupt, and don’t discuss value or your target sales price. If possible, have your agent present in the house instead of being present yourself.

Avoid using a home equity loan for non-essential or short-term expenses like vacations, luxury purchases, or temporary financial fixes. It’s best to reserve home equity loans for long-term investments, such as home improvements, that can add value to your property or financial position.

Currently, the average house in Hawaii is around $830,000, with prices having risen over the last five years. Some areas, like Honolulu or Ewa Beach, are a bit less expensive, but others, like Waimanalo and Pearl City, drive up the average price.

The Hondo, NM homeowners’ guide to real estate services

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