An appraisal is an unbiased opinion of the value of your property. It is required when you buy, sell, or refinance your home. The appraiser will use “comparables”, or recently sold homes within your direct area, to make an accurate value estimate of your home.
First, it is important to understand what the appraiser is looking for. Here is a condensed list to give you an idea.
General condition of the home
The home's location
The age of the home
The home's exterior
The design of the home
Signs of water damage
The size of the home
The home's interior
Home improvements
Signs of infestation
Safety features.
You can find more information by going to Uphomes.com.
Having someone evaluate your home in order to obtain a loan or sell a home can be very stressful. With these six tips, you can be better prepared for inspection day.
Here are six ways to prepare for your home appraisal.
If you have had any appraisals done in the past, review them and look for issues that lowered your home's value at that time, and address those issues.
Tidy up and make small updates if you can. Fix chipped paint, repair leaky faucets, and make sure your home is clean. These small changes can make a big difference in the overall appearance of your home.
Look for any damages that the appraiser may notice such as loose floor boards, leaks, unstable porch, broken gutters, loose cords, etc., and get them repaired prior to inspection.
During the inspection, inform your home appraiser of any home improvements you have done on your home such as new additions, siding, new roof, remodeled kitchen, updated bathrooms, etc.
Be sure any safety equipment is installed and working properly. This includes things like smoke detectors, carbon monoxide detectors, and water heater straps.
Take care of yard work. Mow the grass and trim bushes. Consider removing clutter from both the front and backyards including toys, bicycles, bins, etc. Houses with high curb appear generally receive better appraisals.
Preparing for an appraisal can be stress-free if you know what the appraiser is looking for and if you follow these six tips. When all is said and done, these factors working together can help you get the highest possible home valuation estimate to ensure a smooth closing process.