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1. Lend a Hand and Do Homework for Your Appraiser
An appraiser does not work with the property owner or the mortgage company. The professional is independent to prevent any type of damaging influences from either party. While your appraiser will be an independent party, you can lend a hand to help your appraisal by doing your homework before your appointment.
Use the Internet and look for comparable homes in your neighborhood that have recently sold. When you run comparable reports, make sure that you highlight why your home may carry more value. This will help the appraiser understand trends in the housing market in your neighborhood so that they can provide an accurate estimate.
2. Do the Important Maintenance First
You want to paint the best picture of your home as possible. If you are aware of maintenance issues, make sure that you take time to finish these projects before your appraisal. Cracks in your entryway, broken fixtures, or even worn carpeting can dramatically impact the value of your home. Point out what issues need to be fixed first and budget the cost. Typically, small improvements will offer a gain of as much as 15 times the cost in the home’s appraised value.
3. Make the Right Visual Impression
While appraisers are supposed to look at the fundamentals of the home, superficial things have a ways of impacting the appraiser’s estimate. By simply grooming your lawn, manicuring your landscaping, and cleaning your windows, you can breath life into a drab and uninviting home. If you want to make your home more inviting, consider slapping on a fresh coat of paint. You may even want to request a New Jersey vinyl siding estimate to compliment the new paint color and make your home look updated.
4. Point Out Features the Appraiser Might Miss
Appraisers look at homes all day long. While they are trained to spot updated features, it can help if you are present during the appraisal to stress the good stuff. If the appraiser fails to notice the best features of your home, it can affect the estimate. The special woodwork or the imported tile floors might be easy for an appraiser to overlook.
5. Stage the Property
You know how much more inviting a property feels when it is clean and tidy. Make sure you take time to stage your property as if you are inviting potential buyers over. This will make the floor plan appear more spacious. It will also help highlight your beautiful floors, cabinets, and counter tops if the home is free of clutter and all of the surfaces are clean.
6. Get a Second Opinion
You have the right to hire another independent appraiser to appraise your home if you are not happy with your first appraisal. If you are sure that the estimate is well off, a second opinion may make the difference between a loan approval and a denial.
There are several factors you cannot change that will affect your home’s value. Location, rooms, and the size of the parcel are just a few. Make sure to consider what you can change, and make an effort to maximize your home’s value. By making the effort, you will have no problem refinancing your home for that lower rate you have been looking for.
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