Getting the Most Value Out of Your Home Appraisal
A home appraisal is the opinion of a certified or licensed appraiser about the value of your home. The estimation of appraisal value is achieved through brief research on the latest sales of the comparable houses present in a particular location. Home-related factors such as square footage, the amenities offered, materials, etc., are compared with the other sold properties in that area.
When you prepare your home for an appraisal value estimate by an appraiser, you need to be aware of some essential facts that influence the appraisers to a significant extent. Even a tiny change in your home may prove to be highly beneficial in terms of its appraisal value. A home appraisal significantly helps you in asking for your anticipated price for your property.
To achieve the best possible appraisal value for your home, here are seven key appraisal tips:
1. Deal With A Nearby Appraiser
According to suggestions from highly experienced real estate agents, you should always take appraisers from nearby areas under consideration. You are more likely to get the value you are looking for from an appraiser in your area.
The likelihood of acquiring a better appraisal value for your home is comparably less when you visit an unfamiliar appraiser who doesn’t operate in your location.
2. Add More Value
You can boost your property’s appraisal value by making changes that effectively add to its desirability. According to real estate professor “G. Stacy Sirmans,” you can prepare your home by making small renovations in your bathrooms and kitchen. Wooden flooring, an enclosed garage, and landscaping are other key changes that help you squeeze the most value out of the appraisal.
3. Offer Comparable Options
You can help the appraiser by letting them know about the best comparable property options. This will help convince the appraiser that you’re asking for reasonable value when compared with similar properties in your area. The comparable options can also help you gain the appraiser’s trust, who is then more likely to offer you a better rate.
4. Make The Modifications Known
According to some professionals, you should offer proof of what renovations or modifications you have made to the property with before-and-after pictures. Additionally, a well-prepared spreadsheet that shows the amount spent on the changes made can be of great help.
You can even show the appraiser minor structural modifications that are otherwise hard to notice, such as cooling systems, electrical appliances, heating, etc.
5. Keep The Property Clean
Another major aspect of the appraisal checklist is to keep your property clean to make it look desirable. A clean property creates a feeling of calmness, and appraisers are more likely to see better value in your house. Declutter the home inside and out, while also giving your walls and floor a fresh look.
You can maintain a clean yard by planting trees, trimmed plants, and keeping your lawn clean. A clean and tidy entrance is bound to make a great first impression. This can be a great way to give your home’s appraisal value a much-needed boost.
6. Let The Appraiser Know About Your Town
You may consider the facilities available in your area as another essential factor that influences the appraiser. If you have shopping malls, hospitals, education institutions, metro stations, banks, shops, etc., in the area, you’re in luck. Informing the appraiser about these facilities can help when it comes to your home’s appraisal value.
This shows the appraiser your home is in a prime location with easy access to all the essentials, such as supermarkets, schools, hospitals, and so on.
7. Respect The Appraiser’s Expertise And Space
While you would want to do your best to crack a great deal with your appraiser, you must be respectful of their expertise and space and deal with immense decorum. Invading their personal space may reflect on your insecurity and can even come across as overbearing.
On the contrary, your positive and respectful attitude or approach towards the entire process is more likely to impress the appraiser. With mutual respect between you and the appraiser, the possibility of increasing the home appraisal value will rise much more than you would think.
This checklist can help you achieve the best possible appraisal value for your home. Apart from the physical changes you can bring to your home to increase its value, these tips will also go a long way in showing the appraiser the actual value of your home, so that you can get the true appraisal value.