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Real Estate Agents questions, answered by experts

Depending on where you live and the demand for pools and spools, a spool may increase your property value and make your home more appealing to potential buyers. It’s worth looking at installation, maintenance, insurance, and safety costs to see if the increase in value is worth the cost of installing a spool.

Appraisals can come in above or below the list price or offer price for a property, and where it falls depends on many factors. Those include the condition of the property, the location, and the age of the home, but often, the condition of the market is the biggest determining factor. Where demand is high for properties, buyers compete with each other for homes, which tends to drive up offer prices above where appraisals come in. Where demand is low, you’ll often see the opposite happening.

Adding a detached garage can increase the home's value by a healthy amount, provided it's well-constructed, permitted, and inspected. The return on investment for a detached garage depends on the structure's size and function, as well as its quality. On average, consumers who add a detached garage can expect their home's value to increase by between $12,000 and $36,000. 

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 age of the well, installation methods, and maintenance logs can affect your home insurance premiums and any potential future claim. Mortgage companies can request proof of water quality before they approve the loan. Review all well information, including the Shared Well Agreement, before you make an offer to purchase.

The Milan, NM homeowners’ guide to real estate services

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