Before purchasing or investing in any property
it is wise to consult two professionals
within the real estate industry, an inspector
and an appraiser. The inspection helps you
spot any flaws in the home's construction,
systems and any building code violations.
This is usually very straight forward as
the final report will list all items needing
attention.
A home appraisal, however, is a much more
complicated matter. There are many different
types of appraisals that can be performed
and many different ways to conclude value.
The most common method that is used in single
family real estate is known as the "sales
comparison approach". Utilizing this
method an appraiser will visually inspect
a subject property and then search for homes
within the market area that are considered
comparable to prove value. This process
is much more difficult than it sounds and
for that reason alone ONLY STATE
LICENSED REAL ESTATE APPRAISERS CAN APPRAISE
A HOME. Regardless of what a realtor
or other real estate professional may value
a home at, the appraiser will have the final
word. While realtors generally base their
opinion of value on square footage and condition,
appraisers make it their profession to learn
exactly how to spot features of real estate
that may affect value up or down. They also
look for external features that may influence
values including market trends, crime rates,
market stability, employment factors, foreclosure
rates, nearby properties and more. Appraisers
are also skilled in being able to determine
exactly what amount different features or
conditions of a home will affect overall
value.
If you are investing with hope of later
RENTING your property then
there are even more appraisal methods. For
income producing properties appraisers use
the "income approach" to determine
exactly what Gross Rents and Net Income
can be produce for a property, be it residential
or commercial.
And let's not forget REHAB PROPERTIES.
In these situation appraisers can act as
consultants to ensure that you do not "over-improve"
a property, allowing you to get max value
for your investment. Our appraisers commonly
utilize a "proposed construction"
appraisal in which we base our values on
the condition of the home AFTER all improvements
have been made.
Unlike other appraisal companies, Choice Point
welcomes working with individuals and investors
as we feel it is another avenue to utilize
our talents that often goes overlooked.
By contracting Choice Point to assist you
with the valuation of a property pre or
post purchase, you are greatly increasing
your chances of a successful investment
in real estate. For those of you who perform
several investments a month, we offer reduced
rate services to help accommodate your appraisal
needs.
We serve 11 Houston Area Counties
Call Us Today!
281-812-4491 Ext. 111
