By An appraisal is a crucial requirement when selling or refinancing your home. Essentially, it is an objective assessment of the property’s value based on various factors, such as location, square footage, amenities, and overall condition. While some of the factors are beyond your control, most are not. To this end, making some “tweaks” here and there can help increase your home’s appraisal value.
5 Tweaks and Tips to Boost Your Home’s Appraisal Value
Increasing your home’s appraisal value entails improving its overall condition. Here is an overview of five ways to go about doing this:
1. Boost Curb Appeal
Appraisers are only human, and the first impression they get of your home can set their perspective of the entire process. Your home’s general appearance from the sidewalk is the first thing they see when visiting your property. To this end, curb appeal – the property’s general exterior attractiveness – is the first place to start.
Boosting your home’s curb appeal can take varying approaches, depending on its current condition and design. The most obvious approach is to apply fresh paint on the exterior to give it a fresh, good-as-new look. You can also upgrade the exterior light fixtures for security and decoration. A little landscaping also goes a long way, such as mowing the lawn, planting flowers, and pruning trees.
Overall, everything about your home’s exterior should be appealing and inviting. Interestingly, curb appeal can also attract more buyers if you are selling.
2. Declutter, Clean and Stage
Technically, cleanliness shouldn’t be a consideration when the appraiser values your home. However, appraisers are only human, so cleaning and staging the house can improve their impression of the property’s overall condition and value.
Cleaning and decluttering are the easiest ways to increase your home’s appraisal value. You can do it yourself in a few hours or hire professionals for deep-cleaning services at an affordable cost.
Staging a home is also easy, but it requires some creativity. For example, you can rearrange the furniture to make the living space appear bigger. You can also consider upgrading simple fixtures around the kitchen and bathrooms. However, it is worth noting that staging shouldn’t cost you more money than it can bring.
3. Document Home Upgrades
Renovations and upgrades can increase your home’s appraisal value considerably. They don’t have to be recent – any work that you have done on the property over the years counts. Moreover, they don’t have to be big – small upgrades such as installing a new appliance also count. An appraiser needs proof of all home upgrades, so documentation in the form of photos and receipts is crucial.
Interestingly, some last-minute upgrades, such as installing new faucets or painting the walls, can increase the property’s value considerably. However, major upgrades and renovations may not be worth the cost.
4. Make Necessary Repairs
A few damages around your home can make it appear distressed and take hundreds or thousands of pounds off its appraisal value. For example, moulding can be a costly health hazard but is easy to fix. As such, it is important to make all of the necessary repairs before appraisal. A DIY approach can save you money when making minor repairs if you have the necessary technical skills. However, a professional handyman or contractor is recommended for major repairs.
5. Evaluate the Comps
Besides evaluating your home’s overall condition, appraisers also consider the value of comparable homes (comps) around your location. Notably, the comps’ value can affect your home’s value despite upgrades and renovations.
As such, it is prudent to do your own research on the comps’ values. Moreover, you should also conduct and request a comparative analysis if your property’s appraisal value falls short of expectations.
Don’t Overdo It
Overall, a few tweaks and improvements to your house can improve your its appraisal value. However, it is important to calculate the potential ROI on your upgrades. For example, installing new flooring may not be worth the cost. As such, a calculative approach is necessary, considering that the idea is to save and make money.
Final Thoughts
Increasing your home’s appraisal value can be as easy as decluttering, staging, applying a fresh coat of paint, and making a few repairs and upgrades. Overall, you can add hundreds or thousands of pounds to the appraisal value with the right tweaks.
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