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How long is a home appraisal valid to calculate the value of the house and can the value of a house go down in high growth markets?
Wiki User
∙ 18y ago
Strictly speaking, the home appraisal is valid on the day it is signed and dated. The courts and the IRS generally recognize an appraisal as valid if it is less than a few months old. As a general rule of thumb, an appraisal should be considered out of date if it is more than six months old, under most market conditions. When prices are changing quickly, as they have over the last few years, even six months is too long. The value of your home can change the next day due to outside conditions. A free way is going to be built in front of your home. A person living next door is murdered in his home. These are unlikely and exaggerated conditons, of course. Generally, real estate values change in an orderly fashion determined by larger market conditions.
Wiki User
∙ 18y ago
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Will you have instant equity when you build a new house?
Not necessarily, it depends on the market and the price of homes around yours. The only way to know is lets say you built a house that cost you 300,000 and your appraisal for the bank is the same amount, then no equity yet. If the appraisal is 400,000 the you have 100,000 worth of equity right away. When you start paying down the loan on the house that is equity too, for the amount you've paid off and the worth of the house.
How can one calculate how much equity they have in their house?
One can calculate how much equity they have in their house by using an online home equity calculator. Both Chase and MSN Money offer a home equity calculator that can be used for free.
What is the average cost of an electric bill for a house?
There are two main factor to calculate an electric bill of a house. 1. Tariff per KWH 2. The load of House in terms of KW If you have average consumption of your house then you can calculate easily your house bill. For example you have average use of 100 KWH per month and tariff is $2.00 for 1 KWH then you average bill will be $400 per month. But again it depends the home appliances being used in your house and tariff defines by the electric company.
Difference between otc market and primary market?
OTC Markets (over-the-counter) are basically penny stocks and they operate on the OTC exchange. If you're looking for micro cap stocks that's the exchange they're at. Primary markets basically house small to large cap stocks that have long passed the micro cap stage.
How home purchase price affect appraisal value?
It usually doesn't unless but sometimes the purchase price may be lower than the appraised value because demand is low or the seller is anxious to get rid of the house and willing to take a loss.
What is an example sentence using the word appraisal?
She was dissapointed with the appraisal of her house and wanted to get a second opinion.
How do you calculate the value of a new house?
It is called an "appraisal" and can be done by any licensed real estate appraiser in your area. It should incorporate the features of the house, the location, and recent comparable sales in the area.
How do you get an appraisal of a Coco Chanel little black dress?
You can get an appraisal at Auction house, Costume Apprasal firm, or even a FIT (Fashion Institute of Technology).
What is the value of my 1845 ames pistol?
You need a professional appraisal or an auction house.
How do you calculate the size of a dry well for a house?
Answering "How do you calculate the size of a dry well for a house?"
How do you calculate plinth area of house?
To calculate plinth area of a house, you would calculate the thickness of walls that external along with the entire carpet.
How do you convert the house price index to growth percentages?
The House Price Index should be compared to the annual growth rate. By dividing the marginal growth rate by the HPI during a time parallel. The House Price Index is converted into its marginal growth percentage rate.
How to calculate the whole area of your house in meters square?
We can calculate the area by taking out the product of the length and the breadth of the house
What is an example between resource markets and product markets?
Let me explain with a house/flat sale. Resource market for this includes the labor that includes to build a house, and also the window grills, wooden doors and all other things which should be necessary to build a house. Product market for this the market to which the house is sold.
How much does a condo or a house cost?
There is no standard amount, pricing being determined by individual markets where the condominium or house may be located.
If you did not pay for your home do you pay capital gains when you sell?
I assume you mean it was a gift or inheritance? You calculate your capital gain by subtracting the adjusted basis from the net sales price and if that's a profit, you pay tax. If you lived in the house and owned it for at least two of the previous five years, the first $250,000 of profit is tax-free ($500,000 if married filing jointly and your spouse also lived there for two years). Your basis is determined differently depending on whether it was a gift or inheritance and, in the case of gifts, depending on whether the house was worth more or less on the date of the gift than the donor paid for it. If you have recently received a gift of a house, in order to properly calculate your taxes you should obtain the donor's records before the donor throws them away. You will need to know how much the donor paid for the house and how much he paid for capital improvements while he owned it. If you don't get these records, you will overpay your taxes when you sell. You will also need to get an appraisal done of the value of the house as of the gift date. Don't put off getting the appraisal. Getting one ten or twenty years from now will be really expensive. If you inherited the house, you will need an appraisal of the value of the house as of the date of death and to find out if any estate taxes were paid. If an estate tax return was filed, the executor probably already had one done. If not, you should get a "retroactive" appraisal from a licensed appraisor.
Will you have instant equity when you build a new house?
Not necessarily, it depends on the market and the price of homes around yours. The only way to know is lets say you built a house that cost you 300,000 and your appraisal for the bank is the same amount, then no equity yet. If the appraisal is 400,000 the you have 100,000 worth of equity right away. When you start paying down the loan on the house that is equity too, for the amount you've paid off and the worth of the house.
