Get the most out of your home appraisal
There could be many reasons why you would need a home appraisal: refinancing, buying or selling, home equity loans, etc. Either way, we want you to have the tools to get the most value out of your appraisal.
Break out the elbow grease
It seems obvious to clean your home beforehand, but we’re talking about a deep cleaning. Clear out anything that resembles clutter. Your daily life needs to be hidden out of view, even if it resides in the garage or home office. Pay attention to the little details like baseboards, ceiling fans, light fixtures. If they are grungy it could detract from your home’s value.
Take it outside
The state of your yard, whether it be overgrown hedges, poor lawn care or bad tree placement, can seriously affect the outcome of the appraisal. We aren’t suggesting that you sink major bucks into fixing your yard, but taking a couple hours to spruce up the first impression will make a big difference.
Keep track of your home fixes and expenses
Every time you replace something in your home, big or small, keep track. If you had a professional contractor or company work on your home, ensure you list it as a reference.
Brag a little
If you love your home because it’s located in a friendly neighbourhood or has access to a great park, keep a list if any notable assets. Turn details like a big garage or paved driveway into selling features rather than just details.
Compare on your own
Many appraisers will take a look housing prices in the area that compare to yours, but it doesn’t hurt to do a little comparing of your own. Take an interest in the selling prices of other homes similar to yours or in the same area.
Don’t spend on updates
Well not too much anyways. Look for ways to update your home’s overall appeal without breaking the bank or doing a total reno. New paint, new flooring, new fixtures can help make an impact on your home’s value.
Remember the $500 rule
Appraisers will use $500 increments when determining the value of your home. They take into account any fixes that need to be done (that leaky tap for instance) and will give value according to this rule. These minor fixes can have a major impact even thought they don’t cost much for you to fix.
Get a pet sitter
Just for the day. Don’t let your barking dog or stinky litter box affect your first impression. Now they say that pets shouldn’t affect the outcome, but don’t take the chance that a bad experience might influence the appraisal.
We hope these tips will help you get the most out of your home appraisal. The brokers at River City Financial can offer more than just mortgage advice. Leave us a question or comment below. We’d love to hear from you!