Having an appraisal completed on your home used to be pretty uneventful. You opened the door, showed the Appraiser around and thanked them as they left. Those days are gone!
Times change and strategies need to change! With new appraisal regulations and guidelines, YOU must be actively involved in making sure your home gets a fair valuation. Getting a fair appraisal is very important when refinancing and critical when selling your home.
There are several simple steps to a good appraisal:
Appearance Counts:
- You want to consider the appraiser's visit to be similar to an open house. They have a short period of time to form an impression of your home. Pretend it is a first date and work hard to make a good impression!
- The old saying that a picture is worth a 1000 words is VERY true with appraisals. Pictures will be taken throughout the interior of your home. Put away things you don't want photographed. Make sure a chair or TV is not blocking a major feature like a fireplace.
Condition is a major factor in valuing real estate. Your home appearing well maintained and cared for will have an influence.
Inside: Clean-up the dishes, mow the yard, put dirty clothes in the hamper , toys in the toy box and pick up stray clutter around the house. Sweep, mop and vacuum.
Outside: Maybe it is time to clean-off the deck or patio. Step back and look around. Does your porch look neat and tidy or do the three dead plants need to find a new home? You don't want to ruin your curb appeal.
Details Matter:
- Be an active participant in your appraisers visit. An Appraiser will usually be at your home for about 45 minutes. You are probably one of three, four or fives houses they will see that day. They can only remember so much, so write down a "features" and "improvements" list that they can reference when working on your appraisal. Be specific. If you stripped all of the woodwork in your historic home to expose the wood - say so.
- There are a lot of items that may have changed while you have owned your home. Point out details that add value to your home like new windows, hardwood floors or additional square footage not listed with the county.
- Remember, many improvements cannot be easily seen like insulation, plumbing, and electrical upgrades - don't forget those.
- It doesn't hurt to add some selling points to your list as well. Don't assume the appraiser knows all the details of your neighborhood. If you live in a historic area, point it out. If you have special amenities like a community pool or other factors that contribute to the value of your neighborhood. It is not the time to be shy!
The results of your appraisal can have big impacts on your new financing or your buyer being able to close on your home. A little work upfront can make a big difference on the end result!
Good Luck!
|
