When buying or selling your home or even refinancing your existing mortgage, a home appraisal is an important component that dictates the transaction. Banks, lenders, and home-buyers are increasingly becoming interested that they get the best deal, one which will offer them the best value for their money. A reason why you as a homeowner needs to understand the various ways and approaches on how you can improve your home appraisal.
Before we start the discussion, it’s important to know that your home’s location, condition, and features will largely influence your home’s appraisal value.
Furthermore, your home’s appraisal value will be determined by the current market trends, the sale of similar properties, the home’s amenities, floor plan functionality, and the number of bathrooms and bedrooms. These are some of the key considerations looked at when assessing the home’s value. With this in mind, below are some of the key considerations looked at when assessing the home’s value. With this in mind, below are some of the innovative approaches that you need to consider in order to improve your home appraisal value.
1. Ensure that Your Appraiser has a Good Understanding of Your Neighborhood
The market trends for different locations come into play here. Homes located in various neighborhoods don’t necessarily share the same value. Some are highly priced simply because they are located in area A and no in area B. It’s recommended that you request your lender to send a local appraiser who is familiar with the market dynamics of your home’s surroundings so as to give an appropriate judgement. You can also supply as much information as you can to the appraiser.
2. Improve your Curb Appeal
This largely involves you carrying out interior and exterior renovations on your home. Start by giving your house a new paint job so as to improve it’s appeal. Go on and repair your broken roof, install some flower boxes and so on. Carrying out renovations will create a good home picture and will tremendously improve your home’s appraisal value.
3. Learn and Understand what Buyers Want
Ensure that your home or house conforms to the market needs. Do buyers prefer homes with hardwood floors or ones equipped with steel appliances? Research on the common needs or buyers and then try to readjust your home to ensure that it meets most of those requirements. Go on and consult a real estate consultant on such important matters.
4. Compare Your Home with Similar Properties
Let your appraiser compare your house with similar properties. You can also visit nearby open houses or even review recent home sales so as to get the perfect picture of the exact worth on your home. When reviewing different homes try as much as possible to get details such as the number of bathrooms and even the number of bedrooms those houses have. Such details will assist in the pricing details. Sites such as Trulia, Realtor.com, and Zillow provide details such as recent house sale prices.
5. Allow Your Appraiser a Conducive Working Environment
As simple as it looks, this is really important. As a homeowner, let the appraiser perform his or her duties in a fulfilling manner. You don’t want to keep jumping in his way and questioning his every move. An appraiser needs adequate time to accurately value your home so as to make it easier for him to come with a suitable value. You don’t want him to miss out evaluating important areas.
6. Look Out for Any Errors in the Appraisal
Some of the appraisals that are conducted by an appraiser contain numerous discrepancies, a reason which may drag down your home value. In the even where you are dissatisfied with the appraisal done, it is advised that you request a copy of the respective appraisal from the lender and carefully check for any inaccuracies. You can then proceed and appeal the appraisal with the lender.
7. Update the Outdated
It’s high time that you replace your old decor and furnish your home afresh. Keep up with the latest trends or even research around on the preferred home-buyers preferences.
Home appraisals are increasingly becoming important when refinancing existing mortgages and even buying or selling homes. In order to get the best deal, your home needs to be in perfect condition and has to conform to the current market standards.
Hopefully you found these tips of use. Please let us know if they worked for your and your home.