8 Ways to Improve Your Home Appraisal
Posted by: laurenc 6 years, 8 months ago
Whether you are purchasing a new home or refinancing your current home, it is important to get an accurate home appraisal.
You want to know that you are making a secure investment when purchasing a new home, or that the updates you have made have been worth the effort.
Recently, there has been a trend towards low appraisals. As many of you know, the housing market has been changing recently, and home prices are quickly appreciating. While appraisers look at recent sales, the market is changing so rapidly, that some of those comps are quickly dated and no longer applicable to the current value of your property.
Here are eight ways you can be sure to get the most out of your appraisal.
1. Make sure the appraiser knows you neighborhood
Try to find a local appraiser. This is extremely important in a town like Coronado, where the value of a property can change drastically from one block to the next.
You can request that your lender send a local appraiser.
2. Talk up your town
If you do end up with an out of town appraiser, make sure you fill them in on the unique qualities of your town, including any exciting developments, such as new restaurants, museums, parks, the community center, etc.
3.Provide your own comps
Do some of your own research, and try to find three recently sold homes that are similar to your property. Look for homes in a similar location, with the same number of bedrooms and bathrooms.
This way you can ensure the appraiser reviews homes that really are similar to yours.
4. Know what adds the most value
When doing renovations on your home, try to focus on your kitchen and bathrooms, as those are the rooms that most affect home values. Other areas that rank high in adding value are wood floors, landscaping, and having a garage.
5. Document your fix-ups
If you have made renovations on your home, make sure you keep documentation to show the appraiser. Write out an itemized list, show receipts, or take before and after photos.
Cosmetic renovations are great, but don’t forget to add structural upgrades as well. Include improvements to electrical systems, heating and cooling, or water heaters.
6. Distinguish between the upstairs and downstairs
Many homeowners covet the refinished basement, but that doesn’t mean appraisers look at it the same way. According the remodeling Magazine, a basement renovation that cost $63,000 in 2011-12 will recoup roughly 66 percent of that in added home value. That's not as good as an attic bedroom, which will recoup 73 percent of its cost. Even similar bedrooms typically count for more if they are upstairs instead of downstairs.
7. Clean up
Make sure your home is ready to be presented. Tidy up your living area; having clutter can make the rooms seem smaller. Clean up your yard, trim the trees, etc. This will give your home more curb appeal, which can easily sway an appraiser.
8. Give the appraiser some space
Let the appraiser do their job. While everybody wants to point out their home’s best features, following the appraiser around might send the wrong message, like you are trying to hide a problem with the home.
Try to make their visit as comfortable as possible, it can’t hurt, and nobody wants a grumpy appraiser!Share on Twitter Share on Facebook
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Latest NewsJanuary 17, 2020 FAQ Friday: Exciting New VA loan benefits! January 10, 2020 FAQ Friday: Can the Buyer back out? January 6, 2020 Restaurant Spotlight: Rosemary Trattoria - Authentic, Family Friendly Italian READ MORE
Our initial experience with you, especially with your demonstrable expertise, knowledge, and willingness to both educate and work with us regarding the market and related considerations particular to Coronado, resulted in a gratifyingly helpful and positive experience for us.—Robert R. READ MORE