Tips for Getting a Better Home Appraisal Value

Getting an appraisal with the desired value is crucial when selling your home for a fresh start or refinancing your current home loan. Here are several easy and cost-effective methods to prepare yourself and your home for the appraisal process.

We compiled a list of the best tips below. Before we dive in, let's briefly review the fundamentals of home appraisals.

Why is a home appraisal necessary, and what is its significance?

A home appraisal is a fair evaluation of your home's value conducted by a qualified individual with state licensing. Appraisals are crucial in home financing, providing an unbiased, uniform, and precise evaluation of the property's worth for the buyer, seller, and lender.

The lender is responsible for ensuring that your home serves as sufficient collateral for the mortgage. The lender often acquires a signed and finished appraisal report that truthfully represents the property's market value, condition, and marketability.

The appraiser is responsible for giving an objective, thorough, and truthful account of the property and its surroundings. When appraising a home, all factors that impact its value must be considered to determine the market value opinion in the appraisal report.

What factors do home appraisers consider?

A property's value is assessed by a home appraiser using multiple sources of information. As a part of the evaluation, the appraiser will personally inspect the property and examine recent sales of similar homes. Factors commonly reviewed in home appraisals include:

Property dimensions—In real estate appraisal, the size of the property has a considerable impact on its ultimate value. Typically, as the size of a house increases, so does its market worth. An appraiser will also examine the kitchen, bedrooms, bathrooms, and closet space.

Exterior condition - When determining the value of your property, the appraiser will consider not just the external look of your house but also its state. They will verify the following:

• Inspecting the roof, foundation, siding, gutters, chimney, and walls for indications of leaking, mold, and potential safety risks
• Size of the property, comprising both the front and back yard area dimensions
• Swimming pool, open-air cooking area, elevated platform, veranda, and additional features
• The interior condition pertains to the appearance and functionality of standard household assets.
• Plumbing
• Systems for electricity and heating, ventilation, and air conditioning
• Entrances and glass openings
• Light fittings
• Any kitchen appliances that will be part of the sale

A finished basement or attic can impact a home's value, but it must meet specific criteria to be considered part of the Gross Living Area (GLA). A home appraiser will assess the foundation of your house as well as its state.

Inform your appraiser of any improvements or renovations you have completed to enhance your home's appearance. This could involve everything from the central air system you put in a decade ago to the updated kitchen flooring and countertops, along with the new oven and fridge.

Checklist for Home Appraisal: Top Tips

Conduct your assessment

Picture yourself as the evaluator. Inspect your home's inside and outside carefully as if you were preparing the appraisal report. Observe any clear signs of damage or postponed maintenance tasks that require immediate action. Include leaks, malfunctioning systems, and surfaces needing repair on your list of tasks.

Carefully examine safety devices such as smoke, carbon monoxide, and home security systems. Do they all work, or do some parts or whole systems require replacement? Develop a strategy to fix these problems and address any aesthetic issues that may have arisen.

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Research 

Take a look at the most recent sales of houses in your area. What has been the price range for houses with features and updates like yours? The values of these similar homes should align closely with your home's appraisal value. This data can assist you in determining where to concentrate your time, energy, and resources.

Reach out to a neighbor or real estate agent who has recently sold a home in your area to inquire about any appraisal problems or information they may be able to provide.

A finished basement or attic can impact a home's value, but it must meet specific criteria to be considered part of the Gross Living Area (GLA). If your home has unique or unusual characteristics, your agent may have to think outside the box to find comparable properties within the set criteria.

One quick way to approximate the value of your home is by utilizing a home value estimator calculator. Include some basic details to assess the current value of your home and check out recent home sales in your neighborhood.

Declutter

Tidy up your entire house thoroughly and get rid of any unnecessary items. After completing all potential cleaning and organizing tasks, think about incorporating simple, affordable cosmetic changes that can make a significant difference, such as the ones listed below:

• Add new paint or make repairs to the current paint.
• Install new window coverings.
• Upgrade old faucets, doorknobs, and cabinet hardware.

If you have been preparing to refresh your decor post-move, consider incorporating some newer items from the home store to give the old house a fresh and contemporary appearance. Should you downsize or pack for a long-distance relocation? Inquire with your real estate agent about the availability of staging furniture to borrow or for suggestions on a service to utilize.

Be Sure To Share Your Upgrades

Inform your home appraiser of the enhancements you have made to your residence. Inform them about improvements like those listed below, which will increase your appraisal value.

• Additional updates, such as a security feature that you have implemented
• Newly improved HVAC systems
• Enhancements to the outside, such as siding, gutters, or a fresh roof
• Renovations for rooms with high value, such as kitchens and bathrooms

A straightforward method to ensure your appraiser recalls all these enhancements is to produce and distribute a concise, one-page document outlining each. Prepare this list ahead of time and include any relevant permit details.

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