With the currently low interest rates, many Americans might be thinking about selling their home or refinancing. But, there is one big factor when it comes to what your home is worth—the appraisal. A home appraisal is an estimate of how much your home is worth. This will be a huge factor in deciding how much to list your home for and will help you understand what improvements you can make to your home to increase its value.
Here are some ways you can maximize your home appraisal value.
LOOK FOR INEXPENSIVE IMPROVEMENTS
There are plenty of inexpensive upgrades that can transform your home. For example, you could give your walls a fresh coat of paint or replace the front door. Take time to look around your home and identify some low-cost projects that will increase the value and curb appeal of your property.
TRACK HOME IMPROVEMENTS TO SHOW YOUR APPRAISER
If you plan to make any improvements to your home, be sure to take before and after photos as well as keep all your receipts. Keeping your receipts and tracking your improvements will help qualify the increase in value to your property.
THINK FROM A BUYER’S PERSPECTIVE
Identifying what buyers want in a home is helpful when determining the value of your home. So, pay close attention to what buyers are searching for so that you can ensure your property meets their standards. For example, buyers may want stainless steel appliances or hardwood floors. If you have both features, your house might be worth more to buyers.
IMPROVE CURB APPEAL
First impressions are everything. That’s why it’s important to make sure you spruce up the curb appeal of your home. You may want to consider painting your front door, touching up the paint on your trim, installing flower boxes, or even freshening up your mulch around the garden. There are plenty of low-cost and low-maintenance ways to improve your curb appeal.
COMPARE YOUR HOME TO OTHER HOMES IN YOUR NEIGHBORHOOD
Look at homes around your neighborhood and compare them to yours. To get the highest appraisal value, you’ll want to ensure your property stands out from the rest.
VERIFY THAT ALL YOUR APPLIANCES & HOME FEATURES WORK
Any malfunctioning big-ticket item could be a significant detriment to the value of your home. So make sure all your appliances are in working order and don’t need any maintenance. You should also make sure that there are no issues with the foundation of your home, holes in the walls, or other issues that could be both costly to fix and unattractive to buyers.
TAKE PRIDE IN HOMEOWNERSHIP
While your appraiser might not consider the tidiness of your home, it doesn’t hurt to demonstrate your pride in owning your home. Therefore, make sure to tidy up, dust, and vacuum to make your home sparkle. You may want to have your carpets cleaned or have a bit of landscaping done to put a nice finishing touch on the appearance of your home.
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CONTACT YOUR APPRAISER IF YOU’RE NOT HAPPY WITH THE ASSESSMENT
If you’re not satisfied with your appraisal, be sure to reach out to the appraiser to let them know your concerns. And if you do decide to call in, make sure you have documentation to back up your claim.
THE BOTTOM LINE
When you sell your home, you likely want to earn as much for your property as possible. Therefore, it is important to have it appraised at as high a value as possible. You can increase the appraised value of your home by ensuring that everything is in working order and looks attractive. Some small touches can go a long way in increasing the appraised value of your home.