As a homeowner, you can take steps to increase your home’s appraisal value. Home appraisals are essential when determining a selling price or preparing for refinancing. To maximize your home’s appraisal value without overspending on improvements, consider these five tips:
Do your own research.
Investigate recent sales of comparable properties in your area and understand current market trends. Examine factors like square footage, features, and interior layouts, which impact your home’s value. This information will help you identify potential upgrades or changes that could increase your home’s appraisal value before the appraiser arrives.
Document home improvements.
Make a record of any improvements you’ve made to your home throughout your ownership. This documentation could include before-and-after photos or receipts to support your claims. Keep in mind that upgrades to aboveground spaces typically contribute more to your home’s value than basement renovations.
Update your kitchen and bathroom.
Enhance curb appeal.
First impressions matter, so invest in your home’s exterior appearance. Simple touches like flower pots, a freshly painted front door, or a well-maintained driveway can make a substantial difference. Address any issues that might detract from your home’s visual appeal, like overgrown trees or weeds in the garden. Keep in mind, though, that these improvements might have a more significant impact on selling appraisals than refinancing appraisals.
Give the appraiser space.
While it’s crucial to share information about home improvements and comparable properties with the appraiser, avoid hovering during their evaluation. Allow them to conduct their review independently and remain available to answer any questions without intruding on their process.
In conclusion, wise interior and exterior improvements can effectively increase your home’s appraised value. Thorough research of comparable properties is also crucial, as it influences your home’s overall market value. Remember that a home is only worth what someone is willing to pay; if buyers can find similar properties at a lower price, your home may struggle to sell.