If you choose to get a copy of your home appraisal, you may have some questions after reading it. We have put together a list of most frequently asked questions for your convenience. We hope that any questions or concerns you have will be answered here.

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Go! FAQ's


Questions about Home Features

Q. The appraisal says that I have 3 bedrooms but I actually have 4 bedrooms.  What do I do?
A. Please note: any bedrooms or bathrooms below grade, (in a basement), cannot be counted in your room count. (This is also true for bathrooms). Also, rooms that you may be using as a bedroom but that don’t have closets cannot be counted as bedrooms. Finally, any attic or porch rooms may not have been counted as bedrooms if they don't have closets and/or don't have central heating/cooling.  
 
Q. The room count on my report is not correct.  I have an office in my basement and it is not in the room count.  I think the appraiser missed my laundry room also.  Why?
A. Any rooms below grade are not included in the room count section.  Also, utility rooms, foyers, breezeways, etc. are notincluded.  Finally, note that no adjustments are made for the number of rooms in an appraisal.
 
Q. The appraiser did not check the boxes that say I have a washer/dryer, (or dishwasher or garbage disposal).  What do I do?
A.  This happens upon occasion.  It is a clerical error and has NO effect upon the value of your home.
 
Q.  I have a walk-out basement but the appraiser did not count that space in the square footage of my home.  Why not?
A.  Any area below grade cannot be counted in your square footage, even if it is a walk-out basement.
 
Q. I recently added a sunroom, (or added a breezeway or finished an attic), and that space is not included in my square footage.  Why not?
A.  If your addition is not connected to your central heating and air conditioning unit, it cannot be counted as living area.
 
Q. We just got new carpeting, paint and a new water heater.  But the appraisal says my home is in average condition.  Why?
A. Condition is generally based upon updating of kitchens and baths first.  Renovations such as new paint or carpeting are considered, but generally do not have a dramatic impact on value.
 
 
Questions about Home Values

 
Q. My appraisal just came in at (amount) but the tax assessor says my home is worth (amount).  Why aren't these values the same?
A. Appraisals rarely, if ever, amount to the same value estimate as your local assessor's value.  The two home values are derived in different ways using different techniques.   The assessed value of your home has NO effect on the appraised value of your home.
 
Q.  I had my home appraised two years ago and the recent appraisal came in lower.  Why?
A.  Home values in many areas have been declining and you are probably seeing the effects of those declines.
 
Q. I recently spent $60,000 to update my kitchen, (or finish my basement or put on an addition) and my appraisal only came in 15k higher than the appraisal from one year ago.  How can that be?
A.  Property values in your area are probably declining.  Also, please note: you will rarely, if ever, see a dollar for dollar increase in your home's value when you spend money on home improvements.   If you'd like more information on how to determine what improvements and renovations are the most cost-effective for your home, ask your appraiser.   The best time to consult with an appraiser is BEFORE you start your home improvement project.
 
Q. My realtor friend says that my appraisal is too low and suggested other comps the appraiser should have used.  What do I do?
A. First of all, please note that the appraiser has much more training in comparable selection.  But, you can get a good idea if your friend's comparables are truly "better" by looking at a few items:

• Are the comps that your friend is suggesting older sales, (i.e. did they close before the comps in the report)?  If so, know that the appraiser can only use the most recent sales as comparables.
• Are the comparables that your friend is suggesting located further away than the comps in your report?  If so, know that the appraiser is obliged to use the closest comparables and can't overlook those in favor of others that are located further away.
• Are the comparables that your friend is suggesting a lot larger or do they have a lot more upgrades than your home?  The appraiser is obligated to use the comps that are closest in size to your home.  And, the appraiser must choose comparables in the most similar condition.
• Are the comparables that your friend is suggesting located in your neighborhood?  The appraiser is obliged to select comparables from your actual neighborhood first and can only go outside of your neighborhood if there is nothing else available.

Q. I have a builder friend who says that homes in my area generally sell for about (amount) per square foot.  My appraisal does not add up to this figure.  Why not?
A. A home value in an appraisal is not derived in this way.  Average $ per square foot figures have NO BEARING WHATSOEVER on an appraisal.
 
Q.  I purchased the top of the line home with the most upgrades from my builder.  Now my home is being compared to the same models that have fewer upgrades.  Why?
A. Generally speaking, differences in builder upgrade prices will have less impact once your subdivision is complete.  An appraised value will not necessarily correspond to the retail value of your home when it was purchased from the builder.  This is because the appraiser is judging the effect of your upgrades on current potential buyers which may or may not correspond to the original retail value.
 
 
We hope this has been helpful in explaining some aspects of your appraisal and the appraisal process.  
 
Thank you again for using Go! Appraisals.  It's been a pleasure serving you.

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