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| Determining How Much Your Seaside Home Is Worth |
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| Written by Hubert Miles |
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The appraiser will be able to determine what the replacement cost of the home would be. The replacement cost is generally used by insurance companies when determining how much the home should be insured for. It takes into account what the seaside home would cost to build in today's dollars. One important thing that many homeowners have a hard time understanding is that homes appraised value, replacement cost, and worth are three completely different numbers. The homes worth is based on what a buyer is willing to pay for a home and is generally based on market conditions. In a red hot market it is not uncommon for worth and a homes appraised value to be higher than the replacement cost. While in a slow market the homes appraised value and worth will likely be less than the replacement cost especially if inflation is high. In Closing If you are about to put your seaside home on the market, talk to your real estate agent about adding a small buffer in to the price to account for repairs or negotiations. Your agent will be able to help you establish a selling price for your seaside property. Hubert Miles |
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