The importance of the appraisal in a real estate transaction can’t be overestimated. An appraisal can completely kill a deal if it does not turn out well.
The Wall Street Journal recently posted an article with tips on upping your homes value during an appraisal, and here are some of our top picks:
1. Spruce up the house
While a couple of dishes in the sink won’t make a difference, there are quick fixes that do. Overgrown landscaping should be trimmed, and things like marks on walls and stained carpets should be cleaned. These affect the home’s overall value in appraisal, according to the WSJ.
2. Curb appeal matters
Take the time to mow the lawn, trim the hedges, and pull out any weeds. A nice-looking yard is not only a great first impression, but it can offset any nearby foreclosed properties.
3. Note the neighborhood improvements
Location, location, location! Make note of any changes to the neighborhood that are positive, such as a new playground or a Whole Foods nearby.
4. Keep the $500 rule in mind
According to the WSJ, appraisers often value a home in $500 increments. This means that if there is a repair over $500 that can or ought to be made, do it, or it could count against the property’s value.
5. Maintain a list of all updates to home
All updates, major and minor, to the home should be listed. “Itemize each update with the approximate date and approximate cost,” recommends Matthew George, the chief appraiser of Eagle Appraisals Inc. Remember to include things the appraiser might not notice, such as insulation and roof updates.
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