Home appraisals are a critical step in the home selling or refinancing process. A low appraisal can kill a deal fast leaving you surprised by the lower-than-expected value of the home. Therefore, you should familiarize yourself with the home appraisal process and the steps you can take to make sure your house makes the best impression.
1. Take care of the home’s appearance – When it comes to appraisals, general appearance of the home can make a big difference. Make sure you tidy up the exterior of the house which includes: mowing the lawn, clearing away debris, and minor paint work. Take into consideration the appearance of the inside of your home. Clean up mess and clutter which can detract the eye and make sure all appliances are working.
2. Do your appraisal homework – An appraiser wants as much information as possible about the home. Be prepared with a survey of the property as well as a list of any improvements and upgrades with associated costs. While cost may not necessarily equal value, this will provide the appraiser with more information when comparing your home to other properties in the area.
3. Check for effective age fixes – An effective age of the home is estimated age of the structure based on utility. An appraiser will look at the workings of lights, doors, and windows to determine the wear and tear of the property. It is a good idea to repair any issues prior to the appraisal which can help group the property with newer homes in the neighborhood.
When the time comes for you to have a home appraisal be prepared with a polished appearance of the property ready for a visit from a qualified real estate appraiser.