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What to Know About Home Appraisals

Wednesday, June 28, 2023
by Mehner Weiser Real Estate, LLC.

 

Home appraisals often get confused with home inspections — and while both play an important role in the homebuying process, they aren’t very similar.

During an inspection (which is optional), the property’s systems and structure are evaluated. The inspector will highlight deficiencies, safety hazards or repairs that may need to be addressed before you buy the home.

Appraisers, on the other hand, assess the value of a home to ensure your loan amount is appropriate. If you’re paying for the house with a mortgage, this process is mandatory.

Here are some other things to know about appraisals.

  • They’re done by a professional appraiser. Appraisals are conducted by professionals specifically trained in real estate valuation. A subset of appraisers have approval to appraise properties for FHA and other government loans.

  • Physical assessments aren’t always included. Some appraisals are done via an in-person physical evaluation of the house. There are also drive-by appraisals based on the home’s exterior and desktop appraisals, which are data-based — using property records and local sales data to determine value.

  • An appraisal could impact your mortgage amount. Lenders want to be certain they can break even if the home goes into foreclosure and they have to sell it. Because of this, you won’t be able to borrow any more than the home’s total appraised value.

    If a home’s appraised value comes in lower than what you’ve offered for it, you’ll either need to make up the difference out of pocket, renegotiate with the seller or back out of the transaction.

  • It’s included in your closing costs. Buyers pay for appraisals as part of their closing costs. The exact fee varies, but it’s usually a few hundred dollars.

Reach out if you have questions about appraisals or any part of the homebuying process.
 
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4 ways to keep your house cool this summer

Wednesday, June 14, 2023
by Mehner Weiser Real Estate, LLC.

How to Keep Your Home Cool in the Heat

It’s summertime, and the weather’s heating up. While having ceiling fans and air conditioning can certainly help cool things down, they can also raise your electricity bill.

Fortunately, there are some ways to stay comfortable around the house — without spending an arm and a leg to do it.

Are you searching for affordable ways to keep cool this summer? Try these four strategies.

  1. Be choosy about your cooking. Turning on the oven or cooking on the stovetop will heat up your house. In the warmer months, you could try to eat more cold foods (like salads and sandwiches) or cook outside on the grill. If you do need to use your stove or oven, try to do so in the evening once the sun has gone down.

  2. Create more shade. Add shade around your home by planting trees or adding a pergola or awning where the sun gets the most intense. Adding reflective film to your windows can help, too.

  3. Maintain your HVAC system. If you’re going to be using central air this summer, make sure it’s in top condition by getting a professional tuneup. You should also change your filters regularly. These steps can ensure your system is working as efficiently and effectively as possible.

  4. Upgrade your windows and insulation. If you have it in your budget, consider upgrading to double-pane or high-efficiency windows and updating your insulation if it’s been a while. Poor insulation and old windows let your cool air out and warmer air in — which will run up your electric bill.

Looking to buy a home that’s already got the updates you need this summer? Get in touch to start your search.

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Mehner Weiser Real Estate Group
RE/MAX Dynamic Properties
3350 Midtown Place
Anchorage AK 99503
Bethany (907) 223-1632
Bonnie (907) 223-0005
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