Determining the value of a property isn’t a task that’s limited to purchasing or selling a house. In truth, it is a procedure that can play an equally crucial role when looking to refinance or remortgage the property. As such, the importance of the home appraisal cannot be ignored at this time.
The harsh reality is that a low valuation can limit your hopes of getting a good deal due to the loan-to-value ratio. Conversely, though, a higher home appraisal figure will work wonders, resulting in more options including several at improved rates.
Step one is an obvious one: to make the home presentable and clean. Here are five additional tips to boost your hopes of a higher home appraisal.
#1. Research The Neighborhood
Before making any preparations around the home, you must first learn to set your expectations to a suitable level. Arguably the best way to do this is to analyze property prices throughout the neighborhood.
A little online research goes a long way, especially as you can quickly look at the recent sale prices in your area. Likewise, you can quickly drag up a list of properties currently available for sale. While all homes in the area will provide some insight, the houses or apartments that are most like yours should be deemed most relevant.
Properties of a similar size are the most important feature, but looking at the period of when homes were built is significant too. Additional items such as whether the backyard has been updated with decks or a swimming pool, along with green items including solar roof panels, should be on the agenda too.
Make a note of the figures and be prepared to present them to your appraiser if the figure comes in lower than expected.
#2. Add Curb Appeal
When an appraiser visits your property, they will start to form opinions before they’ve even stepped inside – just is the case when trying to sell a property. Therefore, making it look right from the outside is a very important feature.
The landscaping elements will have a telling impact on the look of the home, which will significantly influence the valuation. Likewise, mulch flower beds and using furniture to sage patios and porches will help. Strategically placed container gardens can also create a positive vibe before even entering the home.
A clean exterior is needed too. Cleaning the garden of foliage is a great starting point. Meanwhile, rubbing down the door and window frames can only have a positive impact. If the exterior of the property is looking a little drab, a few coats of paint can prove to be a masterstroke before the appraisal.
Small additions like mailboxes and house nameplates may also have a positive influence on the overall setting.
#3. Complete Minor Improvements
You cannot suddenly transform your three-bed property into a 10-bed mansion. The physical dimensions are virtually set in stone (at least for now), which is why you should focus on maximizing the full potential of the existing features.
The condition and function of the property are considered more significant than the year it was built, especially as the key features like roofs and windows have probably been updated anyway. Servicing all major systems including your HVAC and key functional items should be considered an essential step.
Likewise, this is the perfect time to go through the property and complete all the little jobs that need completing. Whether it’s fixing broken power sockets, repairing a broken skirting board, or treating any other issue doesn’t matter. All of those improvements will make the home look organized and taken care of.
Even the simplest jobs like changing the light bulbs to LED can encourage the appraiser to take a better view and deem the home more valuable.
#4. List All Completed Upgrades
The appraiser doesn’t need to see the details of the minor upgrades like changing plug sockets and light bulbs. However, providing details (including the financial elements) of all major home improvements and upgrades can aid the cause.
It’s not simply a case of listing the recent upgrades such as adding curb appeal. You may have converted the attic, had an extension, built a garden building, or completed structural improvements to boost the security, safety, and energy-efficiency of the home. All of those jobs can be deemed a step in the right direction.
Tax documents, authorization documents, and any other items you have in relation to those upgrades can should all be used to support your appraisal. It’s also worth placing focus on the issues that previous appraisals mentioned as lowering your rate. Besides, this organization will prevent you from forgetting key items.
Showing that you’ve invested in developing the home should work in conjunction with inflation rates to secure a higher valuation.
#5. Make A Cheat Sheet
Simply list every room, along with the dimensions and all key features. This is a great opportunity to showcase the key elements of each room while also ensuring that the appraiser takes note of every room. While the appraiser will still take their own measurements, the supplied info does help.
Don’t forget to list key issues relating to the backyard and any buildings housed in the garden either. They can influence the value.
Getting a higher home appraisal opens the door to a host of new opportunities, which is why you owe it to yourself to take note of the above steps. When you do, the immediate and long-term rewards are huge.