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Real Estate Agents questions, answered by experts

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.

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.

A land survey includes the layout of a single property, including precise measurements and to-scale drawings of boundary lines, land improvements, and sometimes other features, like topography and drainage information. A plat map includes the layouts and boundary lines of several adjacent plots and basic structure measurements. Surveys are normally more valuable for homeowners and buyers, and plat maps are for governmental use.

Several government-backed lending programs can help first-time home buyers purchase a home with little money down. FHA, USDA, and VA loans are options for qualifying borrowers, though many conventional mortgage lenders will lower down payment rates to as low as 3 percent.

Some of the home repairs with the highest ROI that can improve appraised value include exterior paint, new exterior doors, new windows, landscaping, kitchen and bathroom renovations, new flooring, new interior paint, finishing a basement, home additions that add to the square footage, and replacing major components, like the roof, heating and cooling equipment, and the water heater. Upgrades to home energy efficiency are also a big hit with buyers and can add significantly to value, as are smart home integrations.

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