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Real Estate Agents 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. 

Yes, a screened-in porch will increase your property taxes because it has a foundation and is considered a permanent improvement to your land. The exact amount your taxes will go up depends on the value of your existing home, the value added by the screened-in porch, the size of the structure, your location, and more.

Appraisals are not mandatory but are helpful for pricing accuracy and negotiation purposes.

In cases where an appraisal comes in lower than an offer price, sellers might opt to lower their asking price to meet the appraisal, especially if the market is slow, and replacing the offer with a higher one may take a long time. Sellers can also offer to make repairs to boost the appraised value, hire another appraiser to get a second opinion, or just move on to another offer that isn’t contingent on the buyer getting a mortgage or an appraisal inspection.

Yes, updating your countertops can increase your home's resale value. High-quality, stylish countertops play a significant role in a property's overall appeal and can attract potential buyers. The impact is greatest when replacing outdated, chipped, or stained countertops, or when upgrading from a low-end material like laminate to a high-end, durable one such as granite, quartz, or other natural stone. While you may not recoup the entire cost, investing in attractive, durable countertops is a smart move, as kitchen and bathroom updates often have the most significant impact on a buyer's opinion. For the best results, ensure they are professionally installed.

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