A true home evaluation gives homeowners substantial bargaining power when refinancing or selling a home. It eliminates potential buyers’ arguments that the selling price is too high and ensures that a home up for sale doesn’t sit for weeks with no offers because of an inflated introductory price. A high evaluation also helps homeowners obtain the most money possible should they choose to borrow money against their equity. By following some key measures, homeowners can help ensure an accurate appraisal.
Review Your Old Appraisal
According to a 2006 Wall Street Journal essay by writer Amy Hoak, many homeowners neglect to check the home appraisal that has been finished when they bought their houses, but this paperwork serves a purpose when you are trying to determine methods to make the most of your appraisal. An old evaluation lists defects in your home and other issues that were previously mentioned. With this information, you can tackle curable issues that led to a negative adjustment to the property’s value. Maybe you could add a toilet or replace aging kitchen cabinets. All these are usually features you never thought to tackle. If you do not have a replica of this old evaluation, you should be able to obtain a copy from the lender.
While an appraiser is mostly interesting in taking a close look at your premises, you can help him judge its worth by providing documentation. According to Green Evaluation Group, of Boone, North Carolina, a land survey enables the appraiser determine the actual size of your property when such information is not easily apparent. You also can provide proof of the most recent selling price on the property. This provides a frame of reference for the appraiser to take into account. Green Evaluation Group also recommends adding a record of which things in the house is going to be included in the sale. If you are selling major household appliance with the home, it is going to raise the appraisal. Conversely, if you are removing a shed or another feature, it is going to reduce the evaluation value. Lists of recent improvements to the home and just how much the improvements price to make are also valuable tools. They permit the appraiser to make an accurate judgment of just how much the property’s value has appreciated since your last evaluation. You also can provide home inspection reports, information on almost any applicable homeowners association guidelines and property tax bills.
Make Minor Repairs
Along with fixing any significant issues with the property, you should fix modest problems that could affect the evaluation value. The majority of these concerns are of the type that homeowners can tackle themselves. For instance, you may replace a damaged baseboard, fix a leaky toilet or replace a broken toilet mirror. Minor issues do not cause big adjustments to your evaluation worth, but they add up. They also force the appraiser to spend more time taking notes.