Real Estate Appraisal in Waterbury
Real estate appraisal is a professional assessment of the fair market value of your property in Waterbury. An appraiser will take dozens of information sources, compare them, and place a value on your property. A correct property appraisal can be worth thousands of dollars on your home mortgage or commercial funding.
The appraiser’s main job is to tell the bank what the property you are looking at is really worth. The appraisal report will include information about the property, market trends, and more, that they use to estimate the value of the property. In the end, they produce a complete report that details their findings and provides conclusions that the bank or mortgage company will use to decide how much to lend on the property.
The report from Diorio Appraisal Services / The Real Estate Appraisal Business in Waterbury will generally include:
- An explanation of the methods used
- A detailed description of the property, including permanent improvements
- A statement about significant structural concerns, like leaky roofs or wet basements
- A note about area trends and developments, such as new subdivisions or highway entrances.
- A review of present market trends that affect the value of the property
- A market analysis that stacks your property up against other nearby properties that have sold
- Maps, photos and sketches
Why is a property appraisal so important for a home loan or commercial funding? Unlike many other types of investments, the value of a property is not appraised on a regular basis. If you want to invest in corporate stocks, gold, or the foreign exchange markets, those values are updated at least daily, sometimes by the second.
A property is generally only appraised when there is a need: someone wants to borrow money against the value of the property for a first mortgage or a second mortgage.
In much of the United States, including Waterbury, real estate appraisals can only be done by a licensed or certified real estate appraiser. Their certification ensures that they have a proper education in appraisal and that they able to do the job that is necessary in a professional manner.
A property appraisal is different from a property inspection. A property inspector will look at every detail of the property’s structure and make-up and provide a report of likely repairs that will need to be done over the course of a decade or so. For the most part a property appraisal is only concerned with those structural problems that significantly affect the value and salability of the house. In truth, when you take out a mortgage on a property, you are asking the bank to invest in it with you. The bank wants to make sure that they are investing in something that is worth the amount they are paying.
Most importantly, you should make sure that the appraisal that is done on your property in Waterbury is done by an experienced professional. This will ensure that you get the fairest and most honest valuation of your property and the best mortgage on the property you can. As a property buyer, the appraisal can be your assurance that the price you are paying is close to what the property is really worth. As a seller, a property appraisal will demonstrate that your asking price is fair and that you deserve the money you are asking for.
Ron Diorio is your first choice for a certified appraiser in Waterbury CT.
VIA WaterburyCT.org The original settlement of Waterbury dates back to 1674 and the city’s name is reference to its proximity to the Naugatuck River and its many tributaries which flow through the heart of the city. Like many New England “river and rail” cities and towns, nineteenth-century industrial development created a vibrant local economy, jobs and great wealth, leading to Waterbury’s position as the “Brass Capital of the World” and earning Waterbury the nickname “Brass City.” Like our ancestors before us, Waterbury today is tapping into its creative energy to forge a new future, as we turn back to our creative roots, natural resources and geographic advantages to move forward.
The City’s Naugatuck River Greenway project, which runs along the Naugatuck River and will make pedestrian and bicycling route connections to the Train Station, was recognized in U.S. Secretary of the Interior Ken Salazar’s America’s Great Outdoors as one of the 101 most significant projects in the country. In September 2012 the City in partnership with the Greater Waterbury YMCA hosted Waterbury on Wheels — a first-time event aimed at promoting bicycle use within the City for recreation, alternative transportation, and physical health. The event celebrated the efforts to build the 44-mile long Naugatuck River Greenway, to raise awareness to the community that streets and roads are available to all kinds of transportation, not just cars, and that City residents need to walk, bike and move.
The sense of neighborhood identity and pride is so important that Waterbury has some of the most active neighborhood associations in the state. Their efforts focus on protecting the small-town character and livability of their communities as they plan neighborhood block parties, concerts and beautification projects. And with over twenty distinct and diverse neighborhoods– many with their own commercial center, park, school, and sports associations– there is truly a place for everyone in Waterbury. These well-preserved and diverse neighborhoods are often recognized as one of the city’s greatest assets.
Whether you’re looking to enjoy a Broadway play at the historic Palace Theater, take in an art exhibit at the Mattatuck Museum, travel through time at the Timexpo Museum, or hit the fairway at one of our courses, Waterbury has something for you.