Since 2013, the US real estate appraisal market has grown by 1.1% – reaching $9 billion in revenue. The rise of the home appraisal market is due in part to improvements in home construction. Before selling your home or having your mortgage refinanced, you should have your home appraised.
But what does a home appraisal entail? The best home appraisals are done by a licensed appraiser. He or she will come to your property, inspect it, and assess its current value.
Certain factors they consider include the condition of your property and curb appeal.
Does this sound nerve-wracking? It doesn’t need to be!
Keep ready for five tips on getting the best home appraisal, putting you in the best position for selling your property.
What Is a Home Appraisal?
In short, an appraiser will assess your home from all angles to determine its value. This includes the value of the land as well as the home built on it. Hired by mortgage lenders or by banks, a home appraisal is critical for closing the deal on a home sale.
It also determines whether or not you can get your mortgage refinanced.
Tips to Getting the Best Home Appraisal
The best home appraisal gets done by a certified and state licensed expert. His or her primary responsibility is to evaluate your home and determine how much its worth. If the value is low, your buyer will have trouble getting enough financing from the lender.
Want to ensure you get a professional home appraisal?
Read on and learn five key tips for getting your home professionally appraised at the right price!
1. Make the Appraiser Feel Comfortable
Before the appraiser arrives at your home, set the heater or AC to a comfortable temperature. If you have a ceiling fan, turn it on. We recommend lighting a candle or two.
If you have pets, leash them or send them to the neighbors. Whatever you can do to create a calm, welcoming environment for the appraiser, do it!
2. Keep up with Small Repairs
Are all your lights working? Do you have missing shingles or tough ceiling water stains? Is your paint peeling or your plumbing leaking?
Start making these small repairs long before the appraiser arrives. If the appraiser discovers these small problems during their inspection, chances are it will affect your appraisal and pricing.
Age is a major factor in getting the best home appraisal. And while you can’t change the date your home was built, you can add upgrades and a little TLC to keep it looking updated and fresh.
One great way to update your home is to invest in new roofing.
If the appraiser groups your home with other “new homes”, it increases the value, putting your buyers in a better financial position.
3. Check the Safety Equipment
Are the smoke alarm, home security alarm, and carbon monoxide alarm working? If not, check the batteries or replace them.
Make sure you have fire extinguishers in designated places throughout your home and the inspections are current.
4. Document Your Renovations
If you’ve recently made any major changes to your home, document them. We also recommend taking before and after photos. Maintain a spreadsheet of what you’ve spent.
For instance, if you installed security doors, document the renovations. Don’t forget to show the appraiser the receipts.
5. Inform the Appraiser About Your Neighborhood
If your lender doesn’t send a local appraiser, it is important to supply the appraiser with information about your neighborhood. Have there been any major changes in the area? For instance, a new park, museum or upscale restaurants.
Local additions can increase your property value.
Getting the Best Home Appraisal
A few more ways to get the best home appraisal is to deep clean your home, boost your curb appeal, go green, or renovate your attic and basement.
Be sure to give the appraiser space as they go through your home. Don’t hover or make them feel pressured. This could backfire.
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