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How to Improve Your Home Appraisal
1 Sep

How to Improve Your Home Appraisal

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Improve Your Home Appraisal Value

Photo courtesy of American Advisors Group

A home appraisal can help you in selling or refinancing your house. Appraisals are based on recent sale prices of comparable properties. Receiving a low appraisal can derail lots of paperwork and add time to buying a home. They can also become a bigger problem if the market stabilizes and/or rises. Here are ways you can boost your appraisal.

Know The Neighborhood

When you hire an appraiser, make sure they know the neighborhood. If they are unfamiliar with the area, they will not return with a correct appraisal. Request a local appraiser from your lender and ask if they are from a 10-mile radius of your property. If this is not possible, provide as much information as you can. Along with the history of your neighborhood, you want to include at least three well-priced comparable properties. This will save your appraiser some work and guarantee that they are getting the correct price information from homes that are like yours.

Location

Location is important in any real estate investment or exchange. If your town or area has seen improvements in buildings, shopping, or major highways, this can also help with your appraisal. If your home is near any of these items, they could help with your appraisal as well as potential You want to highlight if your home is close to any amenities such as restaurants, shopping, or schools.

Renovations

Some renovations add more value than others. If you have wanted to remodel or renovate, start with your kitchen and bathrooms first. Be sure you finish what you start so that there are no incomplete projects when your home is being appraised. Other renovations that can bolster your appraisal are wood flooring, an enclosed garage, and landscaping. If you have done any improvements or added upgrades to your home, be sure to document and list them. Take before and after photos and document all expenditures for proof. Do not forget to document any structural improvements such as electrical or heating and cooling. These are harder to see but can be proven with receipts. If renovations are not needed, simply cleaning up your house can sway an appraiser. This includes the inside as well as the outside.

 

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