How to Prepare for the Real Estate Appraisal
If the value is less than your buyers’ offer, they won’t be able to get the funding from their lender and the deal may fall through.
As the homeowner, you want to make sure the home receives the highest appraisal possible, which justifies a higher price on the market. But to get the very best evaluation, you have to prepare for the appraisal.
You Never Get A Second Chance To Make A First Impression
Curb appeal, curb appeal, curb appeal! Part of the appraisal process is to compare your home to recently sold homes in the area that are similar to yours. If the lawns at those homes consist of well-trimmed hedges and edged sidewalks and your yard has weeds in the flowerbed and dandelions blowing in the wind, you are, by comparison, already looking subpar. Plus, if the outside looks bad, the appraiser will undoubtedly have a negative impression going inside.
If making sure the outside of your home looks clean and well taken care of is important, then it almost goes without saying that the inside should too. But an appraisal is about more than just cleaning the dishes and putting away the dirty laundry. A home with new and improved features makes a better impression on the appraiser.
Look around and figure out what small changes will make the biggest impact. The answer typically starts in the kitchen. Replace your old faucet with a fancy new one. You can easily upgrade to a sleek, contemporary faucet for well under $100. Look around again. What other quick fixes can you make? Maybe it’s time to swap out your old electrical outlets for outlets with USB connections, add crown molding and add a backsplash in the kitchen.
Repair, Replace, Repeat
Take inventory of everything that is broken or flat-out missing in your home. Examine your list and highlight anything that would cost more than $500 to fix – these are your priorities.
The appraiser will value your home in $500 increments. Any damage worth $500 or more will count against your home. You have to fix the big issues before the appraiser arrives so that you can receive the highest possible valuation – which means taking care of leaks, broken air conditioners, faulty circuits and every big issue you come across.
The appraisal process is a big deal. To fully be prepared, you have to put in some effort and fix up your home. Not only will your attention to detail make your home more attractive to prospective buyers, but you will get a higher valuation as well. For more useful tips to help you can get the most out of your home, explore SherriffGoslin.com.