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Mortgage Appraisal Posted On 21 October 2021

How to increase your Home’s Value

 

When you make the exciting decision to sell your home, it will be appraised to determine its current market value. You want to get the best possible price for your home, so it needs to be ready for the appraisal.

 

The appraiser will look at factors such as square footage, materials, amenities, and condition and evaluate these against comparable properties that have recently sold in the area. Some of these factors, such as square footage and the materials from which it is made, are obviously beyond your control. However, despite the fact an appraisal is supposed to be an objective procedure, appraisers are human and good curb appeal and clear, uncluttered rooms indicate a well-maintained home.

 

Minor cosmetic improvements can make a big difference to the appraisal but try to avoid big-scale, expensive improvements as these usually don’t pay off and add unnecessary stress and time to your selling process. Make sure your home is looking its best when the appraiser arrives. – imagine your in-laws are coming to stay and you want to impress them. Get inspiration from professional home stagers or apps such as Houzz and Pinterest. De-cluttering, making minor repairs and touching up paint will help to present your home in its best possible light. Ensure outdoor areas are clear and tidy and remove any dead trees or bushes which are detracting from your home’s appearance.

 

As already mentioned, it is not worth beginning any major home improvements before the appraisal as you are unlikely to recoup 100% of the cost. However, if you have completed any major work recently, for instance if you’ve replaced the roof or installed a new patio, make sure your appraiser is aware.

 

During the appraisal, offer to answer any questions they may have but don’t follow them from room to room. Afterwards, you may ask for a copy of the appraisal (you may have to pay a small sum for this) and see if it aligns with your opinion. You could always ask your estate agent to conduct a comparative market analysis to see if your appraisal aligns with recent comparable sales.  Remember, appraisals are completed by independent third parties so should be unbiased but why not showcase your home in its best possible light to ensure your home is valued at its worth?

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