Post # 1
Not the ultimate good news, but good news just the same. My boyfriend took my engagement ring, which I picked out and have seen in person, to get appraised today. the appraisal came in at $4000 above what we paid for it! They told us we got a deal, but I thought maybe they were just telling us that to sell it to us, but they were right!
The other good news is that the ring is insured, and my bf wants my social security number so he can add me to the policy (which is what they said he would need to do once it was mine). So excited!!!!
Post # 3
@aggiemae: Congrats on the ring purchase!!
A note on the appraisal – it is for insurance purposes and the appraisal value is almost always higher than market value. It does not mean that a functioning market will give you the appraisal value if you were to sell it today. For instance, if I buy a ring for $35,000, I would expect the appraisal value to be around $45,000… but that doesn’t mean that I got a $10,000 discount. Insurance companies require the appraisal to issue coverage, but also keep in mind that a higher appraised value means higher premiums to be paid.
Post # 4
That’s good to know. We just used it to up the insurance on the ring, so that’s the important part. In case something happens.
Post # 5
Looking forward to seeing a post from you soon with all the details of the proposal! And of course, some photos of your ring! Good luck and enjoy 🙂