Home appraisal is often something required when it comes to real estate selling. Some people enlist the service of a real estate appraisal when dealing with private lenders. Whatever the purpose of the enlistment of home appraisers, being aware of your property’s value as well as understanding the means to maintain and increase your house’s perceived value is more than just essential.
The value of a property depends on a number of factors. Locations being one of the major ones. If you’re resourceful, you can go the extra miles by gathering the data of your competition around the area. This is generally the job of home appraisers and they use it for comparison in order to determine your house’s value. However, don’t hesitate to present the data you acquire if you decide to enlist the help of an appraiser. The appraiser may not be familiar with the area, and you could help in better determining the value of your house. It has become common for customers to conduct their own research regarding the houses in the area they have their eyes on.
With that said, these are several things to note in home appraisals. The subject itself is a highly subjective matter. But these are some of the basic things that would commonly apply across practices.
Remember the 500$ increment rule
Professional property appraisers often go by the $500 rule, which means they value a house by the $500 increment. This affects things that are permanent fixtures of the house. Decorations and furnitures are not a part of home appraisal’s evaluation. Things that may seem minor such as peeling paints, cracks in the walls, and such affect the value of your property. These repairs when left, over time will accumulate. Make sure to do repair when it’s due.
It is the first impression of your property. You could pretty much say that curb appeal is basically the “face” of your house. Because curb appeal directly affects how customers see your house for the first time, this factor is an important one in deciding property’s appraisal value. Maintain your yard or lawns. It does not have to be fancy; it simply needs to be well-maintained, and make it show.
Note down the repairs and upgrades
Always keep track of the repairs that you’ve done. This is extremely important especially when it regards elements of the house that cannot be easily seen, such as house’s insulation. It’s also important to note down the dates of the repairs and upgrades you did for your house. New roofs, landscaping, even the replacement or an upgrade of kitchen sink. Keeping copies of the bills would help track your expenses better and enables you to report the value of your house more accurately.
If there are new additions to your neighborhood and the surrounding area, make sure to mention them to your home appraiser. Things such as new schools, new roads, and other developments or changes that bring an improvement to your neighborhood. Note them down and be sure to report it to your appraiser.
The overall condition and appearance of the house, as well as things such as functionality all contribute to the “effective age” of a property. Damages such as broken windows, leaky faucets, cracking or falling tiles affect the overall condition of a property. Homebuyers expect houses that will last. Having parts of the house falling apart or not functioning well would damage the house’s value. If you don’t have any significant repairs due, then sprucing up your house for a bit would greatly help shape the age appearance of your house.