Homebuyers and sellers often don’t agree on much. But, they do share one very important concern; they want the transaction to be successful. The camaraderie is most evident in the appraisal process. The results of the home’s appraisal can hurt the deal as a whole.
Appraisers take several factors into account when deciding what a home is worth. While some factors, such as locations, can’t be helped, there are things a homeowner can do to ensure that the home is appraised for its maximum value.
1. Information Matters Most
Appraisers don’t spend much time in the home. In fact, the inspection only takes around 20 to 30 minutes.
It’s relatively easy for the inspector to assess the amenities of the home. They tend to look around rather quickly, so you don’t have a lot of time to make a good first impression. Make sure to have everything as perfect as possible before the appraiser’s visit.
First, make sure there’s a packet of information that you can give to the appraiser as they head out after the inspection. The packet should contain the basics about your home, and anything that will help encourage the buyer’s offer. Your Real Estate Agent should be able to provide all the information and create a packet for you.
In the packet, have a fact sheet about your home, including the address, the year the home was built, the square footage, the number of bedrooms and bathrooms, the size of the lot, etc. You can also include a listing of recent sales in the area.
Work with your agent to create a list of any improvements you’ve made to the home, listing them by date. Be sure to include the name and contact information of the contractor who did the work.
2. Make Necessary Repairs
The appraiser will assign your home with what is called an “effective age”. This is based on the condition of your home as well as how it’s been maintained. Due to this criteria, the age may end up being older or younger than its actual age. For example, if you have a cracked window, worn out carpet, and tiles falling off of the shower, these items could add up to a below average condition rating.
3. Clean, Clean, Clean
A clean house can give the illusion that a home has been well-maintained, even if it hasn’t been. It’s always a good idea to keep a home clean, especially before the appraiser’s arrival. Everything from landscaping, carpeting, to marks on the walls, they all affect value and are part of the overall condition rating, so clean up the outside and inside of the home.
While some factors will impact a home’s value more than others, the bottom line is that it can vary by appraiser. Anything you can do in the three areas listed above has the potential to streamline the process and increase the value of your home. Plus, going through these steps before you list your home will only increase the number of potential buyers. Ultimately, selling your home is what it’s all about!
For more information about maximizing your home’s appraised value, Contact Me!