How to Prepare for a Property Appraisal?

What is the current value of your house?

You should know this exact figure before selling or refinancing your property. Although the market determines the value of your house, you will often hire a professional appraiser to give you an estimate for your home.

Let’s admit it. Lenders need an appraisal before they can lend you money. You will also need this estimate if you are trying to refinance the house. The question is, how are you supposed to prepare your home? In other words, what can you do to achieve favorable results from this appraisal?

You can do quite many things to improve the market value of your house. This blog will discuss a few tips and tricks to help you get started.

Inspect Your House

It is difficult to find flaws in your house after living in it for years (or you see too many flaws!). Before the property appraisal, you should take a detailed look at your house. Imagine a new visitor entering your house. What do you think he will notice?

What is the best part of your home according to a newcomer? Which things should be improved?

Dull lighting, broken doors, and wall cracks do not impress anyone. You should handle any problems that can turn away potential buyers. If your imaginary buyer notices those issues, the appraiser will also note them, and they will affect the market value of your property.

Safety Should be Your First Concern

Structural damage and security issues can scare away buyers. These types of problems will negatively affect the price of your property. Make sure that your home is safe for living.

Before anything else, you want to ensure that locks, security alarms, electricity system, plumbing fixtures and the general structure of the home are in a fine condition.

Make the Essential Repairs

It is never a good idea to spend thousands on home renovation especially when you do not know the exact ROI you will get. However, essential repairs and small improvements can bring you back the investment amount with profit.

First, you should focus on essential repairs, like these projects:

• Floor damage
• Roofing problems, i.e., missing shingles or black spots
• Running water
• Cleaning the Gutters
• Fixing problematic doors and windows
• Calling a professional contractor to check the working of AC and the heater.

Give Your House a Makeover

A fresh coat of paint, extra set of lights, and new hardware installation can increase your home value. Do not undertake projects that will cost more than $500. Instead, focus on a small project such as:

• Painting the interior & exterior
• Purchasing new plants for your yard
• Getting new door knobs and drawer handles
• Replacing the switchboards
• Replacing the showerhead and faucets
• Installing new led lights

Find a Qualified Property Appraiser

Working with a professional appraiser is the most critical part of this process. The job of the appraiser involves five significant tasks:

• Check the property interior
• Examine in detail, the exterior of the house
• Note down any amenities like a swimming pool
• Check for safety-code violations
• Describe the layout of the property

The right person will not only check for flaws but will also highlight the positive aspects of your house. Search for a certified appraiser. If the person is a member of ‘the appraisal foundation,’ he/she will be certified and will know how to tackle your project.

For more information, please contact us or leave a comment below.