Ignite FB Tracking PixelWhy You'll Need More Than Just an Appraisal to Determine the Value of a Home - Jennifer Gordon

Why You'll Need More Than Just an Appraisal to Determine the Value of a Home

by Jennifer Gordon 11/26/2018

Shopping for a house is a high-stakes game. If you’re a first-time buyer, it can be difficult to gauge the value of various components and features of a home. Appraisals are designed for just this reason.

However, an appraisal is a subjective tool to determine a rough estimate. Furthermore, there are a number of things you can’t learn from an appraisal--such as how convenient the home would be for your work commute.

In this article, we’re going to help you, the homebuyer, determine the true value of a home as it would mean to you in your everyday life. Read on for tips on finding out the value of that home you’ve been dreaming of and deciding whether it’s really the best home for your budget.  

Appraisals are a baseline

When lenders are in the process of approving your home loan, they’ll want to decide whether the home you’re buying is worth the amount you’re paying. To achieve this, they’ll typically hire a third-party appraiser.

Find out from your lender which appraiser they use and read their online reviews. This will ensure that they’re a trustworthy source of information. Also be sure to check that the appraiser is certified and that they work with a diverse range of clientele (not just your lender!).

Since you’ll likely be paying the appraisal fee as part of your closing costs, make sure you’re happy with the appraisal and appraiser.

Key appraisal factors

After the appraisal, consider getting a second opinion or inspection of any of the key components of your home that may impact the appraisal. Some of these factors include:

  • The roof, HVAC system, and septic systems

  • The energy-efficiency of the home

  • The current market value in the area

  • The general upkeep of the home--a few cosmetic problems shouldn’t affect the home value much, but serious neglect can cause long-lasting and expensive issues like mold, water damage, pest invasion, and more

What an appraisal can’t tell you

Now that we’ve discussed the nuts and bolts of home value, we have to venture into what value means to you and your family. You’ll need to ask yourself a series of questions, and some of them won’t have a cut-and-dry answer.

First, how well does this home fit into the work life of you and your spouse? Will it mean a shorter commute, and therefore lower transportation costs and more free time? Putting a dollar value on an extra thirty minutes not spent in traffic can be difficult, but it’s a worthwhile exercise to take part in.

Furthermore, does the house have features that will make it a better asset in years to come? Energy-efficiency, proximity to in-demand schools, businesses, etc., can all be selling points for future buyers that are willing to pay more for your home.


Using a combination of a certified appraisal and some introspection, you should be able to come to a confident conclusion as to the value of the home as it means to you and your family.

About the Author

Author
Jennifer Gordon

A Staten Island Realtor since 1998, Jennifer earned her NYS Associate Broker license in 2006, and has established herself with an impressive selling record while maintaining a reputation for providing personal attention, quality service, and above all, for her integrity. An active and involved member of the Staten Island Board of Realtors (SIBOR) and the Multiple Listing Service (MLS), Jennifer has served as Chair of the Technology Committee, as a member of the MLS Vendor Task Force, the MLS Transition Committee, the Legal Liaison Task Force, the Young Professionals Network, the Attorney Interaction Task Force, the Grievance Committee, the Installation Committee, the Agent Day & Trade Show Committee,the SIBOR 100th Year Gala Committee and currently reappointed a fourth year on the Professional Standards Committee. Jennifer is also a member of the National Association of Realtors, a member of the New York State Association of Realtors, and she has been a licensed New York Notary Public since 2002, a service she happily offers to all for free.

Jennifer began working in Staten Island real estate part time, nights and weekends, while simultaneously studying for her Bachelor’s Degree at the College of Staten Island and working full time at Staten Island Academy, a private-independent school, as secretary to the Headmaster. Six months later,after successfully selling several homes, Jennifer resigned from the Academy so she could focus her attention on real estate full time – a life-changing and rewarding transition she has never regretted. Earning her Bachelor’s Degree in psychology has well-equipped her to successfully work with various personality types. Jennifer was recognized as the very first student at the College of Staten Island to minor in developmental disabilities and her internship and focus was on autism. Jennifer has volunteered and raised money to bring awareness and resources to the autistic community and she is a concerned supporter of quality future housing for autistic adults. Jennifer has always found pleasure in helping people; right out of Tottenville High School, she worked as an intake counselor at Project Hospitality where she helped serve Staten Island’s homeless population. Now a Realtor, she says that “helping families while earning a living is a winning combination.”

A proud Staten Island resident since 1978, Jennifer became a first time homeowner in 2003 and again in 2009. The experiences gave her valuable insight and made her a better Realtor. Jennifer’s two beautiful children are top students at their schools and are enthusiastically involved in community and charitable events. Both have added cherished perspective to family life and have helped provide an important understanding of and respect for working parents looking to make their next move.

Personal Attention

A great listener with a good attitude, Jennifer has the ability to focus her attention on the needs of her clients, whether they be buyers, sellers,landlords, or tenants. Many have said they have made Jennifer their Realtor“for life” and confidently refer to her their closest friends and family members. Continued education, community involvement, immersed in a brilliant network of business professionals and lovingly supported by understanding family and friends help keep Jennifer ahead of the rest.

Quality Service

Jennifer’s wide range of marketing techniques insures her clients the utmost exposure from, among other things, social media and online marketing,professional photographs, virtual tours, detailed direct mailings, informative open houses, custom-printed color brochures, and extensive publication advertising. 

Integrity

Honesty, good character, fairness, sincerity, and trustworthiness are words her clients use to describe Jennifer. She is a trusted first choice, guaranteeing the most effective marketing, negotiating the most favorable terms and conditions, and communicating well with all involved parties to make the process as smooth and enjoyable as possible. Most importantly, Jennifer’s integrity is intact at all times along with a healthy dose of natural tenacity.

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