It all depends on who wants to know. The tax assessor? The insurance agent? The banker? Or, are you going to try to sell it (market value)? The different values placed on a property by the respective parties often confuse home owners and/or prospective buyers. If you've bought or sold a home recently, you probably noticed the real estate agent, insurance agent, tax assessor and bank all had a different idea of it's TRUE value.
Abandoned oil well and natural gas sites on private land in Oklahoma is a huge problem. It devalues land and can be a serious safety and environmental hazard. Most people who own land with these abandoned sites have no idea there is a state agency that will PAY FOR FREE to clean up the orphaned well sites from years past and restore the land to it's natural beauty and make it useful again.
First, for those who think a non-stop barking dog is a happy dog and it's your right to inflict a constant disruption of peace upon your neighbors , stop reading here because my post is going to be disagreeable to you. Thus, please skip to the bottom of this post and press play on the YouTube viewer. Turn your volume up on your computer and let it play ALL DAY and NIGHT and no you can't mute it during your phone calls, while reading a book, sleeping or during your favorite tv show. It must play non-stop. If you admit there is a problem, please seek the help of an expert trainer, or non-profit animal organization. There is a solution and my hope is your neighbors won't have to 'enforce' the laws and ordinances. Lastly, your dog isn't happy. He's lonely and miserable that's why he barks all day (and night).
Originally posted Nov 2011 before The Journal Record and OK Insurance Commissioner recently addressed this issue in October 2013. Two years after I wrote this blog and April 2014 the US Geological warned Oklahoma of a 5.0 or bigger earthquake. Read below how about insuring your most valuable asset.
We've been shaken by a 4.7, 5.6, and 4.7 to include about 25 in between 'little' ones within the last 5 days (Nov 2011). We're not built for earthquakes and our homes/structures are far from meeting earthquake engineering standards. Thus, many people are looking into earthquake insurance. I've had many clients asking if they should get it. Be clear, only you can assess the risks versus the cost and come to that conclusion. I'm getting it. Why? Because, the cost is low enough and earthquake prediction is far from being an exact science. I read that prior to these recent 2011 Oklahoma earthquakes the USGS database showed there was a 3.204% chance of a 5.0 or bigger earthquake hitting within 31 miles of Oklahoma City within the next 50 years. A 5.5 they had has less than a 1.303% probability within the next 50 years. Hummmm.......97 to 99% chance one wouldn't happen and three did.
I haven’t owned a home yet that wasn’t good to me, especially when I poured my heart into it. The hours spent investing good old fashion sweat equity. Freaking out over the little things that go wrong; lessons only learned with hands on life. I’ve always loved seeing my finished product. It’s just a shame that memories do not hold financial equity and not all improvements return dollar for dollar. After a person goes to Disney Land do they demand a refund? I once had a neighbor that was selling their first home. I really admired what he said to me about why he had priced it so fairly for resale unlike other sellers who start out demanding unrealistic amounts, ‘This house has been good to me. I’ve made a fair amount on it and I want it to be good to someone else.’ He put a price tag on his serenity, realized the gain he had already made and got it sold fast. The home had already been very good to him not only financially but mentally and spiritually too. I often times hear sellers complain, 'I'm loosing money', but most times they're not; when they do the math. There are lots of financial advantedges to owning such as the income tax mortgage interest deduction, homeowner capital gains exclusions, etc... Most times than not, when a seller actually does the math, they discover it cost them considerably less per month to live in their home full of memories versus had they been a renter. And, over the course of their ownership they are far from being at a loss. Of course in today's current economic mess, there are sellers that are truely 'loosing money' and that's a different story. Blessedly, here in Oklahoma, we have not seen the bubble burst the rest of the nation has had to endure.
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