Home Appraisals: What You Need to Know

How Real Estate Appraisals Are Really Done (Photo credit: Dave Dugdale)

A home appraisal is used to determine the value or worth of a property. It is mostly used to determine how much a lender can give the buyer for the purchase of the property in question. It is an expert opinion to protect the financier from getting stuck with a property worth less than the invested amount. Don't mistake the appraisal process with an inspection process. An inspection involves noting potential problems that can prove costly to remedy in the future, while an appraisal uses the general state of a property to determine its worth.

What to Expect During the Appraisal Process

Here is what you should expect during a home appraisal:

Full Access

Expect the appraisers to want full access to your home. The appraisers will want to look over all areas including the garage, attic or basement. This is done to determine how well the property was constructed and how well it has been maintained.

Photographs

The appraisers will also take a lot of photographs of your home, both the interior and the exterior. The photos will be shown to the lender as proof of the condition of the house.

Overview of the Home

You should also expect the appraisers to be interested in the general overview of the house. This includes foundations, improvements, type of rooms, number of rooms and even its age. This overview, however, will not be as thorough as the inspection process.

Square Footage Approximation

The appraisers will also be interested in the total square footage of your home. In this estimation, the non-living areas are usually excluded, but just jotted down as side estimates. Examples of non-living areas include porches and garages.

How to Prepare Your Home for an Appraisal

To ensure that your home is properly appraised, and that the appraisers see its real value, you should prepare your home beforehand. Here is what you can do to help:

Improve Your Curb Appeal

Your front yard makes the initial first impression for those who come to your home, appraisers included. This means if you wish to make your house presentable and well maintained, you cannot ignore the curb appeal. Work on the yard area and the general appearance of the exterior. Ensure that you get rid of any mold and mildew that may be present, clean the gutters and remove overgrowth on the sidewalks. While curb appeal may not necessarily be used to appraise the property, it can be useful in affecting your appraisers' attitude even before they examine the house.

Note all the Updates

You should note all the updates and improvements you have made to the home and show them to the appraisers. This list should preferably cover all the updates done within the last 15 years. If you have their approximate dates and costs, it would be helpful too. Some appraisers also say that you should also include the noteworthy features of your home. Appraisers are professionals, but they are still human and it is easy for them to miss something.

Note Neighborhood Changes

Some people might say that this is an appraisers' job, but it still doesn't hurt to give them a hand in it. After all, they may not be aware of the next door property sold without the involvement of an agent? Data from such a sale may not be readily available.

Paperwork

You should have the necessary paperwork ready before the appraisers arrive. This includes things like certificates of occupancy, tax bills, financial statements and others that may be needed. If there are reports from recent appraisals, you should present them too.

Most appraisals are done when a property is to be sold, but that is not the only occasion that calls for an appraisal. Most insurance companies request a home appraisal before determining homeowners insurance rates. Irrespective of the reason for the appraisal, you should prepare for it using the above tips.

Adam Vaught has extensive experience in the insurance industry. He enjoys sharing his knowledge on appraisals to readers of various insurance and personal finance blogs.

Related articles

• An Overview on Luxury Real Estate Development (50plusfinance.com)
• Pros and Cons of Using the Internet to Sell or Rent Your Property (50plusfinance.com)
• Does Your House Need a Professional Stager to Sell? (50plusfinance.com)

How To Upgrade Your Finances In 2013

New year symbolizes a beginning of something new that is about to happen. That is the reason why so many people look forward to this holiday with a hope for a better future. Both adults and children believe in miracles and hope that next year will bring positive changes. Taking into consideration the economical statistics, most people would like to begin restoring their personal finances next year, though some accept the problem deeper. Some experts admit that life is about making little changes to it and the entire picture will be transforming into the likable one. If you want to upgrade your life in 2013, do not be afraid to face this fact and start moving forward to the changes. Read this post to add some points which are meant to change all aspects of your life into the better. 

Eating Out 

If you want to save more money, stop eating out at cafes, bars and restaurants. Surely, it is quite beneficial for its owners but not for your pocket. Won’t it be savvier to make lunch yourself at home that will take just ten minutes instead of wasting $10 every day? Start saving now and you will not even notice how a decent sum of money will appear in your emergency fund.

 

Be Imaginative! 

Do not forego with simple wishes and impulsion. If you want to have a special evening with your beloved one, do not give up this idea. Use creativity and imagination for making up a romantic scenery, as transforming your kitchen into a restaurant with candlelight and good dishes. Having a good time doesn't mean spending lots of money, keep that in mind. 

Cook more 

Firstly, it is cheaper to cook yourself at home, instead of buying everything prepared in cafes or supermarkets. Therefore once you cook, make more food for freezing it and using later. Most products do not get spoiled and renew their taste when heated. 

Set Long-term Goals 

Consider an issue with saving money a tough one and treat it with all the solemnity. Do not think that one bracelet does not cost a lot, if you sum up all expenses you will be surprised how much you literally waste on fiddlesticks. 

Create an Emergency Fund 

We try plan everything as much as possible, but emergencies still happen. If you do not have any savings then you can borrow from friends or family members or apply for no credit check loans to cover unexpected expenses. But try to save money and put it into the emergency fund. Then there will be no need to borrow and that will make you feel financially independent.

 

Summing up 

New year can meet all your expectations and wishes, just help them come true and be maximally purposeful!

Related articles

• Personal Money Management: How to Save More Money Easily (50plusfinance.com)
• Do You Plan to Help Finance Your Childrens' Weddings? (50plusfinance.com)
• Save Money Calculating Your Finance Package with a Car Finance Calculator (savealittlemoney.com)
• How to Manage your Finances in Tough Times (savealittlemoney.com)

Merry Christmas

Merry Christmas and Happy New Year to all! 

Risk Factors of Small Business Loans: Solutions to Reduce Risk

Financing is the act of funding a business activity that hopefully will lead to profit. That is the book definition written down by students or people that never had the pleasure of running their own business. For those who have gone through the ordeal however, financing might take on a completely new different meaning. 

When someone talks about financing a business, what usually springs to mind is the foundation of startups. That is not true since businesses regularly seek financing. The problem occurs when there is difficulty in finding sources of finance.

The credit crunch in 2008 was more than a revelation for many entrepreneurs. Most of us never thought about the risk factors in small business loans. Small businesses account for the majority of new jobs being made in America and is to credit for 58% of its employment. It’s funny how the majority of the population has no clue as to what happens in the back end process of small business financing. For starters, let’s look at some of the risks an entrepreneur would have to involve himself with to finance his idea or company.

Personal Money

When a business owner wants to start something, his first action is to reach down his pocket. Ironically, if the funds aren’t enough, which in most cases is the case, this is also the first factor that banks would consider. Banks need to know how much of your personal money you are willing to hang on the balance to factor in the amount of loan would they approve you for.

Unfortunately, when the business initiative you’ve financed flounders, it’s not only the loan amount that will get lost, but also your personal savings you initially laid out for the groundwork. 

Collateral

Collateral may be in the form of a house, a car, an equipment, real estate or anything that the lender may find of value to guarantee the repayment for a loan. All is well when you’re able to repay as planned, but when you’re trying to make ends meet the collateral is in danger of being possessed by the lender as repayment. 

Credit Score

We all want our credit score to be untarnished. Sadly, a good credit score is the first thing to go when you fail to make payments on time with your lenders. 

Some Effective Solutions to Lower the Risks

Create a Budget That Includes All Incomes and Expenses –to avoid failing on payments, always know where your money is going. Great entrepreneurs are often described having this trait. This is true no matter how incredible their net worth has become.

Start a Savings Meant for Setbacks – I’m sure you can set aside some part of your business’ income as an emergency fund. This works on all business scales. You’ll definitely have to afford it, because what you will not be able to afford is when your small business loans go on default.

Loans from Family and Friends –Although loans from loved ones are usually filled with benefits, this should be the last resort as it might destroy your relationships.

Author Bio:

Paydayloan.co.uk is the online lending company to go to when confronted by a brick wall. We grant people access to quick cash the moment they need it. For further information on our services.

How to Manage eCommerce Inventory Across Different Platforms

The inventory of any ecommerce business is its lifeblood. Without a fully stocked and varied inventory, no retail business can succeed. Managing your inventory properly can be tricky even if you only have a single store location. However, tracking and measuring your stock becomes drastically more difficult when you expand your brand across multiple storefronts. Each new order must be tallied against your combined stock or you will quickly lose track of your information and the fulfillment steps. There are numerous techniques available to ecommerce owners and managers that want to integrate multiple platforms in one system.

Stick to Compatible Platforms

Many ecommerce systems allow you to open separate storefronts and manage the inventory seamlessly between them all. However, this won't give you the benefit of using the existing customer base of many well-established platforms. Amazon Services says that a company can open a number of different stores and control the inventory through a single management account. This works well for some businesses but does limit your ability to expand later down the road. It can be useful if one platform has a wide enough consumer base to support all of your stores.

Inventory Management

Designers have developed a range of helpful software solutions for tracking inventory. Some rely on hand held item scanners used in the warehouse, while others allow you to manually enter each item that leaves your stock. Shopify says that these systems are essential if your ecommerce business grows beyond the occasional sale. Tracking and managing a complex inventory is extremely time consuming if you don't have help from a powerful software solution. These programs can automatically stop orders when a product runs out. Others include automatic re-ordering that can be switched on and off as needed to maintain a constant stream of new inventory.

Complete Management

Many systems designed to help you manage customer orders and fulfillment can also be used for inventory control. A completely integrated program often reduces mistakes made at every level. Each shipping or stocking mistake can cost you a lot of money. Investing in a fine-tuned order management system can keep your ecommerce business running smoothly, according to Ability Commerce. The best programs integrate seamlessly across all of the most popular platforms, including Amazon, eBay and privately hosted stores. Look for software that can support changes like holiday discounts or free shipping on qualifying purchases without requiring hours of hand coding.

An ecommerce business can start as a small and simple eBay store and grow into a massive network that sells products to customers around the globe. If you want to find true success in the world of online sales, you must start with a system that will allow you to grow. Choose a scalable solution to begin with. This will allow you to avoid a lot of difficulty and downtime in the future. You won't need to completely renovate your platform and install new systems if you go from one order a week to one thousand orders a day.

Ted Hosford has been a business software consultant for more than 10 years and enjoys sharing his knowledge via blogging. Visit ordoro.com for dropshipping software solutions that could help your business.

Related articles

• Business Invoicing Made Easy With Online Software (50plusfinance.com)
• Personal Money Management: How to Save More Money Easily (50plusfinance.com)

Job Hunting When You're Over Fifty

Employment Exhibition (Photo credit: Modern_Language_Center)

Although facing joblessness at any age is a challenge, seniors appear to be one of the groups hardest hit by the unemployment crisis. A government report has shown that 55% of jobless seniors had been out of work for six months or more, and many will dip into their savings or retirement funds in order to survive during this time. Although employers can't discriminate against you based on age, there are a few things you should keep in mind when it comes to searching for a new role.

Consider part-time

You may be used to working a nine to five routine, but if it's a choice between having reduced hours or no hours, going part-time is certainly something to consider. With companies facing budget cuts, many of them are looking for skilled workers but may only be able to offer you part-time hours or a short-term contract. However, there are advantages to this kind of arrangement. Firstly, it means you can spend your spare time looking for something more permanent, or even doing some study to refresh your skills. It also means you'll avoid the dreaded resume gap which employers can find off-putting, meaning your situation is less likely to be long-term. Also, you should consider the impact on your finances. Working shorter hours means you might not be able to keep putting money away for retirement, but it also means you're less likely to dip into your savings to cover everyday expenses. Staying employed is also important for older people who aren't yet eligible for Medicare, as you will need to consider the impact that unemployment will have on your healthcare plan.

Staying open minded

Many seniors who find themselves out of work have much to offer an employer, and many of the older generation worked for years at the same company. However, you may find that your old career has become very competitive, is obsolete, or nobody is hiring for the roles anymore. It may be time to consider different jobs in your field, and what transferable skills you have. Despite high unemployment, there are many jobs that are still in demand, and you may already have the qualifications and experience required for them. For example, many older workers often go into teaching or training the next generation, and with your years of experience you could be an excellent mentor. If your change in career involves a pay cut, then see a financial adviser about your options. It may be the right time to downsize your lifestyle, look at semi-retirement, or even do some consulting work to top-up your income. You may not be keen on the idea of taking a less prestigious job, but it can often work out well in the long-term.

Using your contacts

If you've worked in your field for the past few decades, then you've probably built up a list of contacts that a recent graduate would kill for. Don't be afraid to use them, and make sure you put the feelers out as soon as you face unemployment. Although your contacts might not know of any positions now, something could come up in the near future. Waiting until you're out of work to start job hunting means that you could be facing a longer stretch of joblessness, putting a strain on your finances. Although your contacts are unlikely to have an amazing permanent position waiting for you, they may have some contract or consultancy work available, and your years of building up contacts could certainly lead to something exciting.

Have a positive attitude

One of the most important things for seniors to do when job hunting is to have a positive attitude about the changes in their life. You may have thought you'd be with your old company forever and perhaps be mourning your old job, but change is often good for people, and this is the time to look at things like finances as you start anew. Many senior workers get disgruntled when faced with the prospect of working under less experienced people, but try not to despair. You may enjoy working in a less stressful environment as you age, and you might find yourself with more spare time for family and hobbies. Keeping a positive attitude means that you'll find it easier to try new things and be open to new experiences, hopefully minimizing the time you spend out of work.

Being an older job seeker doesn't mean you're on the scrap heap. Although you may find it a struggle to match the job you had before, it might be a good time to try new things and see where life takes you. With the right financial advice, you can explore a range of options, and decide what's best for you and your family's future.

Related articles

• How To Motivate Your Employees (50plusfinance.com)
• How Best to Manage Your Bank Account Through Retirement (50plusfinance.com)
• Unemployment Figures: A Spur To Buying (savealittlemoney.com)