Before you officially sell your home to a buyer, it must pass an inspection and appraisal. But what does that mean, and how can you prepare for your home appraisal?
An appraisal is a rate established by a licensed professional determining your home’s value in accordance with the local housing market.
How is a Home Appraisal Determined?
Professional appraisers take a number of factors into consideration when officiating your home’s market value. These include:
- The condition of the home
- The square footage and lot size of the home
- Any types of views (or lack thereof)
- How many bedrooms and bathrooms are included
- The location of the home
- Any neighborhood amenities
Now that you know what they are looking for you can stay ahead of the game. Prepare for your home appraisal with the following steps below to guarantee the highest possible market value for your home.
1. Perfect Your Curb Appeal
First impressions matter. To prepare for your home appraisal get rid of any dead plants or weeds and make sure your grass is mowed and watered.
If you were never into gardening, now is the time to add a few colorful flowers. A little effort in your front lawn can go a long way when the day comes to establish your home’s market worth.
2. Complete All Aesthetic and Functional Repairs
If your home is not in tip-top shape before the appraisal tour, you could miss out on a lot of money. So take the time to freshen up your walls with a paint job, and get your carpeting deep cleaned (or completely redone) if there are any unsightly, stubborn stains.
Likewise, make sure your heating, A/C, and plumbing are all fully functioning. But don’t stop there- check that all your lightbulbs, smoke detectors, and security alarms are working too.
Professional appraisers have an eye for detail, so you should prepare for your home appraisal with the most meticulous expectations.
3. Do Your Own Research
Home appraisers ultimately decide your home’s value based on the surrounding market. Much prior to the tour, you can prepare for your home appraisal by researching other home values in your vicinity that have been recently sold or are currently on the market. Feel free to reach out to your real estate agent for help.
Conducting personal research will help you gain your own grasp on what to expect when appraisal day comes around. Another reason it’s important to research early on is so you can level up and maximize your home’s potential. For example, if your neighbor’s home of similar size and condition has a surprisingly high value, maybe they renovated the kitchen and bathroom. You can then calculate for yourself if a renovation is a feasible idea before you get your home appraised.
4. Upsell Your Neighborhood Perks
While it is the appraiser’s job to determine your property’s worth, in the end they are people too and can miss out on certain details. They are doing a walkthrough of your home after all- not the entire neighborhood (although that does come into play in the final value price). So if there are any new parks or recreation centers in your community, for example, don’t miss out on your opportunity to let them know.