9 Tips to Increase Valuation During The Appraisal Process
An appraisal is an important part of selling your home. It is an evaluation of your home’s monetary value by a licensed industry professional. The appraisal provides documentation to all interested parties that your home is worth the price it’s listed for. There are some factors that can affect the appraisal, and there are some ways to get the most for your money.
Your home should be neat, free of clutter, and have some serious curb appeal. Landscaping will add value, but too much landscaping will look overdone and diminish your home’s value. If your home is painted, there should be no peeling, fading, or graying. Siding will add to your home’s worth; even if your home is already painted, it might be a good idea to install siding. If your home is already fitted with siding, make sure it is very clean and in excellent repair.
The interior of your home should be tidy, organized, and clean for the appraisal. Pet and smoke odors will negatively impact the appraisal, so take steps to eliminate these odors right away and thoroughly. If there are any special features of your home that you want the appraiser to consider, make sure you can easily access those areas.
Remodeling and Upkeep
Updating certain areas and features of your home can increase your home’s value. The kitchen and bathrooms are focal points for appraisers, so updating the cabinets, sinks, and fixtures can improve the appeal. Repainting rooms that are peeling or faded, and cleaning or repairing wallpaper will also improve the value. Finishing the basement is another great choice. If you have begun any improvements or repairs, make sure they are all complete before the appraisal.
Some appliances will aid you in the appraisal. If you have a luxury bath, like a hot tub or spa, make sure the fixtures are clean and in working order before the appraisal. Central air conditioning units are included in the inspection as well, so change the features and clear away any debris.
Something that not everyone knows is that the appraisal of your home is based on the condition and features of your home as they compare to the value and features of similar homes in your area. Adding features that are excessive or unusual for the area can actually diminish your appraisal value. Bedroom walls painted in bright neon colors or large, ornate garden statues in a smaller yard are not good choices in a moderately-priced suburban area. Permanent pools can also lower appraisal value due to the expected maintenance required by the new owners.
You basically want your home to look its best when the appraiser arrives, and you want to have an idea of the things you want to point out to the appraiser beforehand. Don’t leave projects unfinished, and don’t plan any huge improvements that eat up money and don’t add a lot of value. Remember that your neighbors’ homes will provide a comparison basis that the appraiser will consider, and that your home is not existing in a bubble. Put on a smile, and be assured that the worst is nearly over. You’ll be on to bigger and better things soon.