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Preparing Your Home for an Appraisal
A home appraisal can be a stressful time for homeowners, but the good news is it does not have to be that way. With the right tools and tips, the appraisal process can go smoothly and help homeowners make a huge financial leap into the future with a new home.
Do the Homework
As with anything in life-the selection of a doctor, dentist or other professional-homework is required to make sure the right decision is made. Appraiser's come in all shapes and sizes. The most important thing is to make sure the appraiser understands and has knowledge of the market in the area. An appraiser who lives locally and knows the area will likely have seen fluctuations in the market. It is important to hire an appraiser who is state certified.
Check Maintenance
Any maintenance that needs to be done on the house should be completed before an appraisal. Whether it is chipped paint, a dirty carpet or siding issues, an appraiser will take notice. Obvious signs of work that needs to be done can chip away at a home's overall value. Keep a list of maintenance work to be done on the home including dates when items are fixed or upgraded and the money spent for record keeping.
Curb Appeal
A home appraisal focuses not only on the interior, but the exterior of the home including how it looks to potential homeowners who drive by the property. Landscaping plays a huge role in making a good first impression. A good first impression is one that lasts. Make sure to keep the yard tidy and up-to-date. Trim or replace dead plants and keep it nice and green.
Appliances
Working appliances in a home are very important to the overall appraisal. Malfunctioning big appliances (refrigerator, stove, washer or dryer) can leave homeowners at a huge disadvantage when it comes to the home's appraisal value.
Know the Neighborhood
Before an appraisal is done, know what comparable homes nearby are valued at because this can be a huge predictor of the home's value. An appraiser will want to know of any extraordinary circumstances such as a person in the neighborhood selling property quickly or other situation which may affect home values.
Cost is Not Value
Home improvements are a great way to build curb appeal but it does not always equal the increase in property value people think it will. If a seller things spending, for instance, $60,000 on the home and $20,000 on a pool, then the home will increase in value by $80,000 the market may say differently. Find out the economic investment and rate of return prior to doing any major improvements.
A second appraisal is always an option if a homeowner is not satisfied. The appraiser may have missed something so offer to show him or her the facts to see what can happen. It cannot hurt and, in some cases, may help the overall appraised value.
The Agents of Choice Properties Real Estate have been through the whole process of buying and selling homes thousands of times over. If you're looking for some guidance, give us a call and let us help you get the most out of your Central Ohio Home.
