High-Value Home Appraisals: 10 Tips
There’s a great article in The Wall Street Journal this week that gives 10 handy tips for getting a high value on your home appraisal. Below is a shortened version of the list. For the full list and article, check out “Ten Tips for High Value Home Appraisals.”
1. Spruce the house up. Things like overgrown landscaping, soiled carpeting, marks on walls — those do affect value and are part of the property’s overall condition rating.
2. Curb appeal also matters, so mow the lawn, hack those weeds, and trim those hedges. This can also help offset your house from unfair comparisons with foreclosures nearby.
3. Keep a list of all the updates you’ve made and be ready to hand it over; a sketch plan of the house indicating square footage also helps. Also highlight the notable features of the property.
4. Have comps on hand. Yes, you say this is the appraiser’s job, but every little bit helps.
5. Be mindful of peeling paint. Government-insured loans such as FHA and veterans’ loans will require peeling paint to be removed in houses built before 1978.
6. Focus. Don’t spend money that won’t yield a return on the investment. The best expenditures for most markets are paint, carpet, and plumbing and lighting fixtures.
7. Location still matters. If there have been changes to the neighborhood, mention them, from a new playground to a new Whole Foods.
8. Keep the $500 rule in mind. Appraisers often value houses in $500 increments so if there’s a repair over $500 that can or should be made, it will count against the property.
9. Remember the concept of “effective age,” the age the appraiser can assign to a home after taking into consideration updating and condition.
10. Lock up Fido and Fifi. Appraisers say they get annoyed enough by homeowners following them around but a snarling, growling dog is even worse.
Present Value LLC is a worldwide international appraisal and advisory company that provides a range of professional services such as Certified Machinery and Equipment Appraisals, Inventory Appraisals, Asset Verification Services, Business Valuations, and Real Estate Appraisals. Contact us today!
By: Present Value
Additional Reading
Problems That Will Keep You from Getting a Mortgage