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Floyd and Varney
5.0(
3
)
Appraisal - Real Estate

Serving Lafayette, VA and surrounding areas

In business since 1997

Free estimates

Credit card accepted

Floyd & Varney, LLC started 1997 by Robert Floyd and Richard Varney. Over the last 22 years we have completed thousands of appraisals, one at a time. Our goal is to is to be accurate, prompt, honest, and helpful. We are looking forward to helping you before, during and after the appraisal. We do appraisals for mortgages, buyers and seller, divorce proceedings, estates, and homeowners wanting to remodel or expand their present home.

Response time5 hrs
Response rate92%
Recommended by100%of homeowners
Property Appraiser questions, answered by experts

In most cases, installing a tennis court on your property will drive up your property taxes. Property taxes are determined, in part, based on improvements made to your property, which includes anything with a permanent foundation. Since most home tennis courts include a large concrete foundation, your property taxes will likely increase following the installation. A general rule of thumb is that if your project requires permits—like for a foundation or fencing for a tennis court—then your property taxes will be affected.

Both conventional loans and FHA loans are types of mortgages, but they have a few key differences. Conventional loans are backed by private lenders without any government backing, and FHA loans are guaranteed by a government agency. FHA loans are designed to be easier for borrowers with low credit scores or income to qualify for.

The differences between market value and appraised value depend on the local market, so they can match, or either one can be higher than the other. In a “seller’s market,” where there is an abundance of buyers, market value will likely sit higher than the appraised value because there’s more demand for the low inventory of homes. In a “buyer’s market,” where there are more homes than there are buyers, the market value is more likely to sit below the appraised value to entice buyers.

Foundation cracks won’t always affect your appraised value. All foundations crack due to normal settlement, so hairline cracks that aren’t leaking or uneven from side to side are unlikely to have an impact on your appraisal. Structural cracks, on the other hand, often lead to a reduced appraised value, especially if the underlying problem will cause the issue to worsen over time.

Basement bedrooms can count toward your room count and the square footage of your home on an appraisal if they’re fully legal, which means they have proper ventilation and points of egress, as defined by your local building code. Simply partitioning off a space for a bedroom in an otherwise unfinished basement that isn’t a legal living space won’t affect your appraisal value.

The Lafayette, VA homeowners’ guide to property appraisals

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