Friday, December 6, 2013

How to Maximize Your Home’s Appraisal Value

How to Maximize Your Home’s Appraisal Value

One of the most important elements of pricing your home to sell is your appraisal value. Both buyers and their lenders want to know your home is worth the price tag. So how can you maximize your home’s appraisal value? There are eight simple, yet effective ways to getting a higher value. 

Step 1:Make sure your home is clean and offers great curbside appeal. 
First impressions are important. Make sure to maintain your landscaping. Remove your cars from the driveway to reduce the appearance of clutter. 

Step 2: Keep and Maintain an itemized list of all updates and upgrades you’ve done to your home.

Be prepared to show the money you’ve invested to increase your home value. 

Step 3: Do your homework.
Keep comps on hand of homes similar to yours to show the appraiser. Every bit of information helps increase your appraisal value. 

Step 4: Pay attention to the improvements that will increase your home’s value.
There are certain upgrades you can do that increase your value and yield better returns on investment: hardwood floors, lighting, plumbing fixtures, kitchen and bathrooms. 

Step 5: Always apply the $500 rule.
Any repairs that cost more than $500 actually account against your home’s value. Fix what needs to be fixed, such as broken windows or any structural damage. 

Step 6: Play up your location.
If there have been any recent changes to the neighborhood such as a new school, retail store or if your home is near a landmark, make sure to mention it to the appraiser.

Step 7: Make the appraiser feel at home.
This is one of the most important steps. Make sure the home is at a comfortable temperature. If you have a pet, board it for the day. 

Step 8: Ask questions after the appraiser has appraised your home. 
I know you may get excited or anxious to talk to the appraiser while they are inspecting your home, but wait. Don’t follow the appraiser around your home. They are there to do their job; let them do it. Once they have completed the appraisal, you can ask your questions. 

If you’re thinking about making improvements to your home, make sure you don’t ‘over-improve.’ Call me and we can discuss what repairs your home actually needs. Your home should match your neighborhood’s environment.

If you have any questions about how to maximize your home’s appraisal value or if you need referrals for some great appraisers, call me. I’m here to be your real estate resource.