Home appraisals North Shore MA??

[nightpoison]

So here is the situation. I am looking to get a home appraisal for the home I'm currently living in. My wife and I moved into her family home several years ago. Was built in 1885 by her great great grandfather. Still have a number of the tools in the basement that he used to cut moldings for the house.

We moved in took on the maintenance and upkeep of the home, in addition to rent. I turned an over grown yard that was already overtaking parts of both neighbors yards into a space my son loves to play in. In the home I've replaced appliances, had electricians in to update old nob & tube wires with modern wiring, laid down new flooring, replaced ceilings, painted, started bathroom update, removed 2.5 tons of scrap metal from the yard and basement, and have made the basement into a usable space for projects and the like. The house and property still needs a lot of work and will pretty much take me the remainder of my life and a sizable investment. In the years before we moved in, the home was severally neglected.

The home is currently owned by my mother in-law and her two siblings. My wife and I are getting ready to start home shopping. We are both of two minds in that we both want out of MA, yet we don't want to see families home sold off. The house is a pieces of their history in a great neighborhood in Beverly. Its a sizable pieces of property, for the suburbs, and its in perfect position for fantastic schools. Ocean is a few minutes walk away. For being in MA, its in our ideal area.

What I should have done was had someone out to appraise the house before I started all the work, but I never thought about it. What I am wondering is if anyone on here, or knows someone that, does home appraisals. I'm looking for someone to do an appraisal and then possibly give me an unofficial number on what the home would have been worth before I got to working on it. I need an idea as we need to weigh the cost and benefits of staying in MA vs leaving for NH. There are a lot of reasons to stay in MA, family, boat moorings, work, location, and a few others. But even with all of that, if the house is in our budget, but the cost of repairs and labor is going to put us beyond a certain point, its not worth it to us.

 

[greencobra]

what's an "un-official number?" just curious.

 

[nightpoison]

Yea I thought that was going to get a ? I want an appraisal, but I'm assuming they can't give me a number on how I describe what it use to be. Just an idea of what the difference in the work might have been. So an appraisal on the house, but also an idea of what the house could have been worth before all the extra work.

what's an "un-official number?" just curious.

 

[greencobra]

I want an appraisal, but I'm assuming they can't give me a number on how I describe what it use to be. Just an idea of what the difference in the work might have been.

ok, cool! understand entirely.

 

[TLB]

Sounds like you might really want a market analysis by a good local realtor. Not sure you really need or want to pay for a true appraisal with needing a refinance or something.

 

[wilson911]

Do you know how appraisals work?

I don't see how some new appliances and some yard clean up is going to affect appraisal. I'm still unsure of why you want to know what the house was worth before you did some basic maintenance? Are you trying to get the family to cash you out? If so, you should have saved receipts. If there is any measurable difference in price, it is due to appreciation (which you had no effect on, and have no claim to). It had nothing to do with removing trash from the basement or cutting some brush.

 

[Dennis in MA]

Whatever you do - don't walk on the wrong sidewalk. LOL

Comps comps comps. But comps from a month ago are a bit meaningless right this second. And your minor improvements are hard to quantify - especially in comps. (Which is your most accurate measure most times. It's at least rooted in some fact.)

 

[nstassel]

Sadly your improvements make the house livable and probably more marketable but can't change the actual appraisal much.

 

[Amputee Marksman]

You should call Bonnie Braese. She did some appraisal work for me on one of my houses including doing an appraisal of the value for a previous date. She is good and she also shoots Bullseye and IDPA. Drop my name if you like.

Real Estate Appraisal - home appraisal - appraiser - real estate appraiser - residential appraisals - Woburn, MA - Braese Associates, Inc.

 

[nightpoison]

@ddraper
Thanks I'll give her a call.

@nstassel
I understand that. that make sense.

@Dennis in MA
yea don't get me started with the sidewalk crap. The fact that we need to have police policing sidewalk traffic is beyond me.

@wilson911
nope I know nothing about the process. wasn't that obvious with my question. haha. No but serious, I don't. This will be my first time looking at the home buying process. My mother in-law was the one who told me to get an appraisal. She suggested it, so when it comes time for us to make an offer to the family it would be a talking point. As well, I've kept all the receipts and notes related to the work we've done. The difference in price makes sense, however I'm not making a claim on appreciation. I'm making a claim on the marketability of the home. Put a 500k home on the market and it sells for 500k if its in the condition that someone would be willing to drop 500k on. Put a 500k on the market with 2 tons of scrap metal, falling down ceilings, 5 layers of wallpaper that is falling off, rotting fascia boards, older wiring, and a back yard that could double for the set of the next Jumanji movie and your not getting 500k. Will you get 475k, 450k, 425????? that's my question, more or less.

My MIL suggested the appraisal, because if we decide not to purchase the home she would have a starting point to put it on the market. If we don't stay they will be looking to part with it.

Maybe I'm off base with that. I don't know,

@TLB
I'll put a call into a few realtors. That makes sense. I've heard appraisals run $700+, I thought that was a bit for a valuation.

I'm also thinking maybe just hire a contractor, pay for his time of course, to quote a repair and update cost to the home as a means of valuation to the home.

 

[Rob Boudrie]

But comps from a month ago are a bit meaningless right this second. And your minor improvements are hard to quantify - especially in comps. (Which is your most accurate measure most times. It's at least rooted in some fact.)

The worksheet the bank used when I sold my last house did not have any space for credit for things like new root/siding/heating system/driveway. I still was in the 3rd from the top condion (1 - New; 2 - Rebuit as if new; 3 - Very good used condition; then there were a few lower conditions)

As to comps - we are in what I call the protracted educational phase of real estate sales in which the actual market value of most properties has declined, but sellers have not yet accepted that fact and continue to ask pre-Covid peak prices. I subscribe to listing in the Rockport area and price drops of up to $100K on a listing are not unheard of, and multiple tens of $K are common.

 

[wilson911]

I'm also thinking maybe just hire a contractor, pay for his time of course, to quote a repair and update cost to the home as a means of valuation to the home.
[/QUOTE]

That is the right answer. A contractor will definitely open your eyes more than an inspector. And when you get the quote from the contractor, double it.

The other right answer is dont do business with family, it is inevitable that someone will get butt-hurt. You dont need that.

The third right answer is to follow your instinct and move up here to NH.

Good luck.

 

[nightpoison]

@wilson911

>>That is the right answer. A contractor will definitely open your eyes more than an inspector. And when you get the quote from the contractor, double it.

Yea I'm thinking this might be the best move

>>The other right answer is dont do business with family, it is inevitable that someone will get butt-hurt. You dont need that.

There are other factors I can't get into online, but I'm not concerned about doing business with my inlaws. Its a good situation, with little to no chance of anyone getting hurt in the situation.

>>The third right answer is to follow your instinct and move up here to NH.

Trust me, I want to, but there are a number of factors that will keep us planted here. Its a very precarious balancing act regarding the decision one way or the other. All factors considered this will be a tough decision.

 

[whacko]

I'm also thinking maybe just hire a contractor, pay for his time of course, to quote a repair and update cost to the home as a means of valuation to the home.

That is the right answer. A contractor will definitely open your eyes more than an inspector. And when you get the quote from the contractor, double it.

The other right answer is dont do business with family, it is inevitable that someone will get butt-hurt. You dont need that.

The third right answer is to follow your instinct and move up here to NH.

Good luck.
[/QUOTE]
I agree with the don't do business with family. I have 2 friends that fell into this trap and it has caused nothing but hatred and discontent for decades after. One purchased a home from parents at "family discount" rate......and the siblings all held it over their heads......"mom GAVE you $xxxxx because that house was worth that much more than you paid" yadayadayada. He even called a family dinner over the purchase......had them all over for dinner and announced to them "we are buying mom's house and this is what we're paying......if you have any issues with it tell us now"......and got all congratulations from his siblings. Then mom dies 8 years later and the will comes out (stated equal distribution of estate between siblings) and the siblings all lawyered up to fight to keep him from getting his part of the leftover estate to the value of what he paid under market for the house almost a decade before. He won the suit.....after 2 years of bullshit....but it ruined the family forever.

The other situation was 2 brothers. Dad died and had a double wide in a park up in NH and about $150k in the bank. Will stated 50/50 split. One brother wants to sell the double wide and split the money the other wants to keep the double wide for family vacation type home they can share. The brother (my friend) that wants to sell it knew keeping it would be a problem because of course his brother is not exactly "fiscally responsible" and won't ever chip in for upkeep so that's why he wanted to sell it to avoid the headaches. It was a shit show......over a double wide worth maybe $30k. I told my buddy he'd be better off just letting his brother have the damn thing vs arguing over $15k in value.....he fought and fought over it with the brother telling him to pay him half the value of the double wide by taking $15k less out of the leftover estate and then he'd own it. They finally agreed to just sell the damn thing after a year of arguing.

Nothing ruins a family faster than property and money.

My advice to the op.......just buy a house of your own. You don't need need the headache.

 

[wilson911]

As to comps - we are in what I call the protracted educational phase of real estate sales in which the actual market value of most properties has declined, but sellers have not yet accepted that fact and continue to ask pre-Covid peak prices. I subscribe to listing in the Rockport area and price drops of up to $100K on a listing are not unheard of, and multiple tens of $K are common.

If the OP has a secure job and decent credit, the info Rob cited above make this an unbelievable time to buy a new house. If you can get a house at 10-15% below what they value at, combined with a 2.85 % APR you would be in great position. Once in a lifetime chance.

 

[Happy feet]

An appraisal for the bank doesn't consider appliances other than you are required to have a stove for some reason, a friend of mine bought a house in need of a gut job and before he could close had to get a stove of the side of the road to put in place for the appraisal.The appraiser also didn,t care about what wiring was in the wall etc. (the home insurance company was the one who had questions about the wiring) The appraiser was more interested in the overall area (house surrounding and prior local sales data) This is what I got out of it from looking at the appraisal

 

[Rob Boudrie]

If the OP has a secure job and decent credit, the info Rob cited above make this an unbelievable time to buy a new house. If you can get a house at 10-15% below what they value at, combined with a 2.85 % APR you would be in great position. Once in a lifetime chance.

10%-15% below asking can also mean the asking price was not realistic.

 

[Happy feet]

Maybe get a home inspection, it's cheaper than an appraisal and if you don,t buy the seller (will know what to expect from buyers who will have their own inspections done)

 

[JayMcB]

You replaced appliances and did work on the house and didn't make an agreement about it beforehand?

Bad move, unless you were renting well below market, and/or the work/materials were taken off the rent

Now you get the present of paying for the work you did and the materials you paid for...again...if you buy the house.

If you don't buy the house, and have the receipts proving ownership of the appliances, take them with you.

Otherwise, have a real estate broker come in for a market analysis. Get one that isn't going to give you a sunshine and unicorns number, but a likely selling price number.

 

[silversquirrel]

I have seen properties developed like crazy in Beverly.. if the land can be subdivided or a second house can be built, or a large addition and convert to multifam apt or condo, a developer can make quick work of it.. clean up of land and gut reno or restore of old house is all part of the game.
Might be worth a lot more to a buyer who has experience in that, than some one who just wants to live there, and fix it up.

 

[Rob Boudrie]

siblings all lawyered up to fight to keep him from getting his part of the leftover estate

It's common for wills in MA to have a non-contestability contest - anyone who contests the will gets nothing if they bring an action and lose. I don't know what the chances of beating one of these is, but it certainly raises the stakes for someone who wants to litigate for a bigger share.

Otherwise, have a real estate broker come in for a market analysis. Get one that isn't going to give you a sunshine and unicorns number, but a likely selling price number.

Get 3 or more. Some agents "buy the listing" by suggesting a highly optimistic price to get the listing, knowing a reduction is very likely.

 

[wilson911]

Maybe get a home inspection, it's cheaper than an appraisal and if you don,t buy the seller (will know what to expect from buyers who will have their own inspections done)

I have never seen a helpful home inspection. They rarely find real problems and they do not give a value for sale or repair. Definitely not worth the six hundred bucks they whack you for. Unless your mortgage requires them, they should be avoided. Hiring a GC for a walk through and repair estimate has been much more valuable to me.

 

[Asaltweapon]

I have never seen a helpful home inspection. They rarely find real problems and they do not give a value for sale or repair. Definitely not worth the six hundred bucks they whack you for. Unless your mortgage requires them, they should be avoided. Hiring a GC for a walk through and repair estimate has been much more valuable to me.

They are mostly scammers. I was present for an inspection on a spec house I built and couldn’t believe the coddling he was giving the buyer.
Do they even have a license to operate or liability insurance for shit they miss??

 

[Rob Boudrie]

I have never seen a helpful home inspection. They rarely find real problems and they do not give a value for sale or repair. Definitely not worth the six hundred bucks they whack you for. Unless your mortgage requires them, they should be avoided. Hiring a GC for a walk through and repair estimate has been much more valuable to me.

The $500 I paid for one was the best investment ever made. The inspector not only pointed out issues, but the written report with every other line "hire a ....." (plumber, electrical, roofer,, landscaper, siding specialist, etc.) and list of code violations and mechanicals at the end of their useful life cycle was enough to scare the wife away from the place as well. Massively expensive mistake avoided; domestic tranquility preserved; all for $500.

 

[mkm]

No advice.... sounds like one of my favorite areas to just go, sit and watch the boats go in and out of the harbor.

 

[wilson911]

They are mostly scammers. I was present for an inspection on a spec house I built and couldn’t believe the coddling he was giving the buyer.
Do they even have a license to operate or liability insurance for shit they miss??

Literally no liability at all. You sign a waiver to release them before they even start.

 

[Realtor MA]

Beverly is not my area of expertise but I may be able to get you started and/or steer you towards someone who knows that market well. It shouldn't be difficult to determine a before and after value.

 

[Asaltweapon]

Literally no liability at all. You sign a waiver to release them before they even start.

Sounds like a p/t career gig for me when I retire. I’ll tell the buyer all the shit wrong with the building.

 

[dcmdon]

Sadly your improvements make the house livable and probably more marketable but can't change the actual appraisal much.

Sorry but that could be completely incorrect. Especially for an older house. Kitchen, bathrooms, extra finished space all have a hard impact on the appraised value of a home. Landscaping affects the real world reaction of normal buyers.

Different renovations have differing rates of return. But most of them have some appreciable effect.

 

[dcmdon]

The $500 I paid for one was the best investment ever made. The inspector not only pointed out issues, but the written report with every other line "hire a ....." (plumber, electrical, roofer,, landscaper, siding specialist, etc.) and list of code violations and mechanicals at the end of their useful life cycle was enough to scare the wife away from the place as well. Massively expensive mistake avoided; domestic tranquility preserved; all for $500.

I've had inspections at both opposite ends of the spectrum.

I was buying a piece of residential real estate for a rental property. I knew it had been neglected for a while so I was happy to pay for another set of eyes.

The inspector had been a general contractor specializing in post and beam home renovations. he knew old houses very very well. Better than me. (which surprised me)

I was astonished when he got a 4' level out of his car and put it up against the chimney. This was a 3 story house so the chimney was an over 30' tall brick structure. Hmm. He said. Noting the ball of the level way outside the center. HMMM he said as he flipped the level to confirm it was reading properly and the ball still stayed on the same side of its vial.

He said that he was suspicious and just wanted to make sure his eyes weren't playing tricks on him. Sure enough the chimney was tilting and pulling away from the house. He confirmed this when he noticed that the flashing above the 2nd floor windows was pulling away.

Because of his sharp eyes, I got a $16,000 discount from the seller. I worked with a friend who is a mason and we poured supplemental footings connected with rebar around the existing chimney and fixed the flashing that had pulled away over the years for about $2000. I mounted a piece of wood to the house extended even with the edge of the chimney so I could view check if the chimney was continuing to move over time. It never moved. So this inspector saved me $14,000. Well worth the $400 it cost me.

On the other end, when I bought our new construction home in MA, the inspector was USELESS. Much of what an inspector would do was irrelevant in this situation. No checking the sills and rim joists for rot, no checking the septic by running all the water at once.

It was really just a matter of making sure everything was built right. He was terrible. He checked the appliances, irrelevant because they were all under warranty. He didn't even take the cover/door off of the electrical panel to look for any bad stuff there.

He was useless.

But then again, the other guy saved me $16,000.

I later found out that the guy who found the bad chimney was on the bad side of many R/E agents. He was known as "Harvey the Deal Wrecker". ha. I love Harvey.