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In reality, about the only thing in common between a real estate assessment and a real estate appraisal is that they are both used to arrive at a value for a given property. Because they are used for different purposes and calculated differently, they will often be little similarity between an assessed value and an appraised value.

Assessment is the process of establishing a property value on the basis of which property taxes are levied. It is carried out by inspectors from the local authorities who may or may not be qualified appraisers and rely extensively on public records. As most of us know, public records are rarely up-to-date and this will be reflected in the assessment. If you have reason to believe that your house has been overvalued resulting in payment of excess property tax you can prefer an appeal for a review of the assessment. The assessed value has little relevance for other purposes and is generally not acceptable as a basis for commercial real estate transactions.

The value that is generally use as a basis for actual transaction whether a sale or a purchase or a mortgagee is the appraised value established in an appraisal carried out by a certified appraiser. For instance, home sellers may get an appraisal done in order to establish an asking price though any competent realtor will provide this. Lenders will almost always require an appraisal to be performed by an appraiser on their approved list.

Factors that appraisers take into account. The most critical factor that determines the value of a house is the location. Location together with other basic factors such as built up area, age, number of rooms, condition and so on affects the valuation significantly. The appraiser will also take into account any home improvements that have been carried out such as flooring, tiling, kitchen refurbishment and so all though these may not have a major impact on the value.

Methods of appraised valuation: appraisers generally begin the process of valuation with a thorough inspection of the home and neighborhood. Once he has taken note also the pros and cons of the property, he can use any of the following methods or a combination thereof:
- Cost. He will establish what it would cost to build a similar home from scratch taking into account factors such as cost of material and local labor. This would actually represent the high end of the valuation since your home is not brand-new
- Sales value. In this approach the appraiser gets to know the strengths and weaknesses of the neighborhood and then examines the prices at which local properties have recently sold to provide a base for establishing a sales value
- Rental value. In this approach the appraiser establishes the rental value of a similar income property and color using discounted cash flow is, establishes the net present value of the home.
What he would do in practice is to use a combination of these methods and then exercise his judgment to arrive at a final value.

Remember at all times that the appraiser is a quantified independent professional who can be counted on to render an impartial opinion, no matter on whose behalf he has been employed.

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Traditional stucco siding has been used in homes for many years till, sometime in the 1950s ,synthetic stucco siding was introduced.  Synthetic stucco siding is popularly known as Exterior Insulation and Finish System (EIFS),Traditional stucco is composed of cement, lime, sand and water.  The mixture is applied in layers over wire mesh and finished with an acrylic-polymer finish to guard against cracking.

Synthetic stucco on the other hand is made up of layers of polystyrene insulation, fiberglass mesh and the synthetic stucco coating.  The two look identical but one way to tell the difference is to simply push on eight. 

Traditional stucco will be rigid while synthetic stucco will have some “give”.

Synthetic stucco was developed in Europe after the Second World War to repair and patch walls.  Soon it was discovered that because of the multi-layering, ËIFS had superior insulating properties and was thus far more energy efficient.  Because it is flexible, synthetic stucco lends itself to complicated shapes that cannot be attained by traditional stucco and, what is more, synthetic stucco does not fade or turn yellow. 

Recently, there have been a host of problems reported with this so-called barrier EIFS.  Barrier EIFS was originally developed for use in large buildings using masonry, steel and other non-wood structural materials.  The problems began to arise when it was used for residential building that incorporated wooden beams and members and other wooden parts in their structural components.  It was discovered that synthetic stucco blocks the flow of water and water vapour and can trap water from rain.  This rainwater works its way through the coating and installation to the wooden surfaces causing problems with wood rot.  Moreover, unlike traditional stucco that shows warning signs of water penetration and seepage, synthetic stucco shows no such signs until significant damage has already been caused.

Traditional stucco artisans had long discovered that you could apply traditional stucco to wooden surfaces provided you installed a water resistant layer of material such as treated felt paper as well as flashings around openings like doors and windows to redirect the water. 

Manufacturers of barrier EIFS ignored these lessons and provided neither a water resistant layer nor flashings.  Manufacturers are now beginning to offer so-called water management EIFS that mimic the construction and properties of traditional stucco.  Traditional stucco has thus proved its superiority in wet or humid conditions.

If your house has been built using synthetic stucco, there is no need to panic. 

Just take a few commonsense precautions and be vigilant about maintenance.  Constantly inspect the surfaces including where it is used for decoration and especially after heavy rain or storms.  Check for visible signs of damages on the surface and the seams.  Never attach anything to the surface that could cause it to puncture be it mailboxes, signboards or planters.  Make sure that the EIFS is not in contact with pools of water as water can be absorbed through the bottom of the wall.  Be cautious about the use of sealant called on keeping in mind that while preventing water absorption, they also seal in water that has already been absorbed.  If you feel that you require professional help, by all means call in an expert.  EIFS is not designed to be a do it yourself kind of product.
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• Water Absoration for EIFS

The term “foreclosure” sometimes conjures up visions of buying a home at bargain prices of a few cents to the dollar. The real question you need to ask yourself is whether you are simply looking for something on the cheap or for a good deal on a suitable house. Whether a foreclosure is the right deal for you depends heavily on the specific circumstances.

A foreclosure is initiated by a mortgage lender when the house owner is delinquent on his debt payments. If he has been in financial trouble for some time, it is likely that he has neglected essential repairs and maintenance on the house. This may be a desirable factor if you simply want to “flip” the house in other words resell for a quick profit.

Otherwise any discounts on the price that you can obtain can easily be swallowed up by the cost of repairs required to make the house inhabitable. Also bear in mind that many lenders and banks are really aware of ruling property prices and are not desperate to get rid of the property at any cost.

You can acquire the property at auction but this is not to be recommended for many reasons for inexperienced foreclosure buyers.

Auctions often have onerous conditions on items like payment and inspection and are best left to the professionals. You can also negotiate directly with the bank or a lender but you are unlikely to get any real bargains unless the property in question is badly rundown or otherwise un-salable. Your best chance of getting a good deal is to make direct contact with the homeowner either before the foreclosure commences or before it is complete. You will need to be resourceful in trying to find potential sellers before foreclosure commences because this represents your best chance of a deal [you can for instance check at the court house to see what eviction notices have been issued].
Typically in these cases, in addition to the price of the house, you will probably be required to pay an agreed potion of the owner’s home equity in cash.

Here are some sensible precautions you should take before negotiating for a foreclosed property:

- You need to be sure that the homeowner is not entitled to stay on for a prolonged period after foreclosure

- consult a lawyer if necessary about redemption rights for the homeowner. This means that he has an irrevocable right to rectify his default after paying his debts is all associated costs and regain his property

- make sure you’re the type of person who has no misgivings about taking advantage of somebody else’s misfortune. Make no mistake this is not easy for an ordinary decent person.

- examine and the records to make sure that there are no lesions or
claims on the property as settling these will drive up the price.

As you can see, getting a good deal out of a foreclosure is not as easy as it seems and you may consider it wise to appoint a real estate agent who specializes in foreclosures.

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The things I enjoy most in my spare time I never seem to have enough time to participate in my favorite hobbies, what with working and housework. Although I always make sure I can go to music concerts at different venues around the Yorkshire area, as I couldn’t live without music. My favorite bands are: Madness, The offspring and Sonic Boom Six. I always listen to music on my Ipod, and couldn’t live without it. Another favorite pass time of mine is definitely shopping! Walking round the shops for hours burns off calories so it’s a good exercise, and there is nothing better that buying a new pair of shoes – although any man may beg to differ. Shopping is an ideal way to socialize with friends. I also love visiting theme parks, going to the cinema, driving places, going to the beach, browsing the internet on websites such as facebook and myspace, going to bars with friends and going to good restaurants for nice food.

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When you are looking to create more usable areas within your house, don’t look to your attic or your backyard. You’ll probably have tons of prime space in the basement you are currently using for storage or other mundane purposes. Whether you are looking for a games room, a den or spare bedrooms, a little imagination can turn your basement into an ideal space. In fact finishing your basement is the most cost effective way or adding another 20 or 25% to your usable floor area especially when compared to the cost of me to building an addition to your house…your basement is partly underground, and the extra insulation will:

- keep the space cooler in summer
- provide warmth in the winter and
- make for excellent sound insulation

We are familiar with the flaws of basements such as small windows, low ceilings, possible moisture, and structural columns and so on. We can therefore intelligently plan and design a basement that takes these flaws into account and capitalizes on the strengths. Here are some design tips:

Maximize natural light: install the largest possible windows to allow for the maximum amount of natural light as well as to provide an emergency escape route. If necessary, deepen the existing wells to accommodate larger windows. Use an open plan lay out to down on the use of partitions. Install glass French doors at the top of the basement stairs as well as to communicate with the outdoors (normally the backyard). Remember also that basements can look gloomy and require plenty of artificial lighting much more than any other data in the house.

Handling a low ceiling: relocate all plumbing and ducting from the ceiling to the sides. If you have a high ceiling, then, of course, an artificial ceiling is a cheaper and better solution… if you find that the ceiling is still too low, a possible solution is to remove the concrete slab floor and dig into the dirt below to lower the floor. Use your design alternatives such as flooring and patterns to emphasize height and space.

Flooring: use carpeting if you like but remember that one of the main problems of basements as moisture. You would be far better off with ceramic tiles both in terms of cost and maintenance. Use tiles in combination with throw rugs to create a good-looking but low-maintenance decor.

Handling moisture: because they are largely underground, basements are prone to excess moisture problems. You will need to treat the concrete walls with compounds that retard moisture and prevent damage to your walls and furnishings. It is also highly advisable to install an efficient dehumidifier and circulate dehumidified air through the basement, keeping in mind that excessive moisture in the atmosphere is a health hazard.

Extra bathroom these days a full extra bathroom is considered to be essential rather than a luxury. You should seriously consider building one in the basement and adding custom fittings such as showerheads, sauna and Jacuzzi if you like.

Your use of your basement is limited only by your imagination and you will find that problem finishing will provide a welcome addition to the usable space in your house.

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