Christine Metros Natale's Blog
The home appraisal is the process of re-evaluating or revaluing your property to determine the market value either because you want to put the house up for sale or because you want to refinance your mortgage. When you put up your property for sale, you want to have it appraised by a professional as this will give you a fair idea of how much your property is worth.
Financial institutions giving out loans order a home appraisal to ensure the value of the house they are taking as collateral is equal or more than the amount they are providing as a loan. The evaluation helps lenders to avoid losing money if they decide to sell off the property due to failure by the borrower to pay up at the specified time, also known as foreclosure. A certified professional handles a home appraisal and usually has years of training and experience. After the assessment, the expert is expected to give an unbiased opinion about the value of your property. Some things would present your house in a better light and impact on how valuable your property is.
Fix All Damaged Safety Equipment
Ensure all safety equipment that is not working is fixed before the day of appraisal, as lack of these would make you lose points during the inspection. Ensure safety equipment like smoke alarms, security alarms, water heater straps among others are present and functional in your property.
Document Your Renovations
Inform your home appraiser of recent renovations you may have done on the property, the time when you did them and the cost of such repairs. The appraiser might not notice all the changes since it’s not their house, which is why you should bring it to their notice.
A Little Touch Up
Houses with cracked walls, a leaking roof, water-stained walls, signs of pest infestation, damaged floors, or moldy smell will get valued at a lesser amount. Repaint your walls, replace your leaking roof, fix any broken kitchen cabinet, change the doorknobs and generally improve on the appearance of your property. Also, take a walk around and assess the visual appeal yourself to know the things that need fixing ahead of time.
The $500 Rule
Appraisers value property in $500 increments. To be assessed at a higher amount, it’s better to have things like broken doors, damaged floors, old wallpaper, leaky faucets, broken windows repaired immediately. By doing this, you will recover the amount you spent on such repairs in your home appraisal report.
Check Your Yard
You want to take a walk outside your property and do a thorough scan of what might devalue your property, and have it fixed before the home appraiser arrives. Keep your grass and shrubs neat, add some colorful flowers, remove dried leaves littering the yard and whatever clutter will make your yard less attractive. Houses with a welcoming curb appeal receive better appraisals and are considered more valuable in the market.
Your seller's agent can help you prepare for your appraisal so heed their advice.
With lots of homes out there and more foreclosed homes coming to the market, home sellers are always looking out for ways to expedite the home selling process. Statistics show that most homebuyers make their decisions in the first few minutes they get to a home. Consequently, experts advise home sellers to invest cash in remodeling their homes and installing features that appeal to a higher percentage of homebuyers.
The greatest fear of a home seller is having his property sit on the market forever. Here are a few buy-me-now features for every homebuyer seek.
Top Features to Make Your Home Sell Fast
- Extra Storage in Garage. Homebuyers have long dropped the trend of using the basement as storage. Instead, they now look for a more convenient place which can double as storage and workshop. Yes, you guessed it – a garage with extra space. Installing features like cabinets, shelving units, and the likes make the home more appealing to potential homebuyers. Convenience is the trend!
- Inviting Exterior. Your home exterior tells potential buyers all they need to know. You could have a fantastic interior décor and still scare potential buyers off with poor unappealing exterior features. Be sure to pay attention to your door and its hardware, mailbox, and most importantly, the lighting. A well-illuminated home sells faster and better than one with poor lighting.
- Hardwood Flooring. Wood floors have to be the most desirable feature in a home. Statistics show that homes with hardwood flooring have the propensity to seller faster and at a higher cost compared to other homes in the same neighborhood. Why? It is because hardwood flooring is durable, easy to maintain, and they make the home pop. It immediately creates a statement as visitors walk into your home.What's more? They complement just about any interior design. Who wouldn't want a home with such an amazing feature?
- Sophisticated Kitchen. The kitchen is the heart of the home. No wonder homebuyers are willing to put out more cash to secure a house with a modern kitchen. As a home seller looking to expedite the buying process, this is an excellent place on which to focus. You also get the opportunity to upsell the property. Be sure to make the kitchen as sophisticated as possible. Homebuyers want a kitchen with ample storage space. Features like modern countertops, pantries with abundant space, hidden storage for utensils are your best shot at closing the deal sooner.
Giving your home a lift – both indoors and outdoors - increases your chances of attracting potential buyers. And the more potential buyers you have, the higher your chances of upselling the home. Invest in your home today!