Whether selling or buying a home, you want an accurate appraisal to reveal a property's market value. An appraisal is an impartial estimate of the property's worth based on factors such as the home's condition, location, lot size, quality of construction and materials, recent comparable sales in the area, and local market trends.
In pursuit of an accurate appraisal, real estate appraisers may scour a property for details, take photos, and research recent sales of similar properties. They may also review public records and assess the condition of the home's systems, such as the plumbing, electrical, and HVAC. If you're the one selling the property, it's best to ensure that the appraiser doesn't see anything that can lower the value of your home. Here are five things that can hurt your home's appraisal.
A buyer's first impression of your home is the exterior, and if it doesn't look inviting, it can hurt the appraisal. Ensure the yard is well-maintained with trimmed grass, bushes, and trees. Ideally, have your house freshly painted and your windows cleaned. Any issues with the roof, siding, or gutters should be addressed before the appraisal.
The appraiser will also look for features that add value when appraising an older home. This includes updates to the kitchen and bathrooms, modern appliances, and updated finishes. If these features are outdated, they can negatively affect the home's value.
Consider updating the kitchen and bathrooms to ensure that your older home is appraised well. Updating appliances, fixtures, and finishes can add value to your home and make it more appealing to potential buyers. Additionally, if the home has any structural issues, make sure to have them addressed.
One of the best ways to increase your home's value is to ensure it is well-maintained. This means handling minor maintenance issues, such as a leaky faucet or a broken window. These minor repairs can make a huge difference in how your home is appraised.
Another way to increase your home's value is to make necessary updates. If your home requires a new roof or has outdated appliances, invest in these upgrades before the appraisal. This will show the appraiser that you are keeping your home in good condition.
While you can't do anything about the location of your home, it can still affect the appraisal. If your home is in an area with a high crime rate or poor schools, it can negatively impact the appraisal.
Any unfinished projects, such as a remodel or addition, can hurt the appraisal. Not only will the appraiser take into account the current condition of the project, but they will also adjust the appraisal based on the project's potential value once it is finished.
If the project is far from completion, an appraiser may account for the expense of removing existing structures, which may hurt your home's value. For this reason, it's best to finish any projects before the appraisal.
Awareness of the factors that can affect a home's appraisal value is essential. Understanding and addressing potential issues can help ensure your home is appraised at its highest value. Additionally, it is essential to remember that minor improvements can often lead to significant returns regarding a home's appraisal. Taking the time to make sure that your home is in the best condition possible can help you avoid any surprises when it comes time to get your home appraised.
If you're looking for an accurate appraisal for your home, look no further than Kenny Jay Capital Corp. Our experienced appraisers will provide you with an accurate assessment of your home's value, so you can make informed decisions about your next steps. Contact us today to learn more.