Frequently Asked Questions
Artisan Appraisal Group, Inc. is always willing to answer any questions you might have about appraisals in Kent County. Contact Artisan Appraisal Group, Inc. today to talk about how we can help you with your valuation problems.
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We ensure a thorough and efficient appraisal process tailored to your needs, this includes:
Comprehensive Inspection: Most appraisals involve an interior and exterior inspection of your property, though we can accommodate exterior-only inspections if necessary. Our experienced residential appraiser will schedule a convenient time for you and arrive promptly for the inspection.
Detailed Examination: During the inspection, our appraiser will spend approximately 20-30 minutes (depending on property size and complexity). This includes taking photos of each room, including the basement and garage, as well as capturing images of all systems. Measurements of each level of the home will be taken, and questions about recent upgrades or remodeling will be asked to ensure an accurate assessment.
Timely Report Delivery: You can expect to receive a detailed appraisal report within 2-3 business days from the inspection date. If you require the report sooner, expedited services are available with applicable rush fees.
Our commitment is to provide you with a precise valuation that reflects the current market conditions and the unique characteristics of your property.
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A CMA, or Comparative Market Analysis, and an appraisal report both provide estimates of a property's value, but they serve different purposes and are created differently.
CMA (Comparative Market Analysis): A CMA is typically prepared by a real estate agent to help sellers determine a listing price for their property or help buyers decide on an offer price. It compares the property to similar properties that have recently sold in the same area. A CMA is generally less formal, less detailed than an appraisal, and doesn't rely on specific, documented evidence. It's also not legally defensible.
Appraisal Report: An appraisal is a more formal, in-depth evaluation of a property's value, usually conducted by a licensed appraiser. It considers various factors, including the property's condition, location, and recent sales of similar properties. Appraisals are often required by lenders during the mortgage process to ensure the property's value supports the loan amount. Appraisals provide a precise, documented opinion of value, which can stand up in legal situations.
In summary, a CMA gives a quick estimate based on market trends, while an appraisal provides a detailed, professional assessment of a property's value.
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While online platforms like Zillow can offer a general estimate of your home's value, these figures often lack the accuracy and reliability needed for important financial decisions. Zillow's estimates are based on automated algorithms that may not consider crucial factors such as your home's unique features, recent renovations, or the local market's subtleties. These estimates are not legally defensible and can vary significantly from a property's true market value.
For an accurate, comprehensive, and legally defensible valuation, it's essential to obtain a professional appraisal. Certified appraisers provide a detailed analysis, considering all relevant factors, to determine a fair market value. This ensures that whether you're buying, selling, or refinancing, you have a precise and reliable assessment of your home's worth.
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The impact of renovations on your home's value varies based on location and market preferences. For instance, adding a central air conditioner in Houston, Texas, can significantly increase value, while it may have less impact in Buffalo, New York. Generally, kitchen remodels offer the highest return on investment, with a national average of 88%, meaning a $10,000 kitchen renovation might add about $8,800 to your home's value. Bathrooms also provide a good return, at around 85%.
For a precise evaluation of how your specific renovations contribute to your home's value, a professional appraisal is recommended. Our certified appraisers consider local market trends, comparable sales, and the quality of your upgrades to provide an accurate assessment, helping you understand the true return on your investment.
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