Whether you’re looking to sell or you are looking to refinance, getting ready for a home appraisal can be daunting if you have not been through the process before. Knowing what to expect and putting in a bit of elbow grease can help you get the most out of your home appraisal. These tips can help you make the most out of your home appraisal.
A good renovation can mean a huge boost when your appraisal comes in. Unfortunately, a bad renovation can spell disaster for your investment. While more uncommon, an unprofessional job can be a major problem (especially if the proper permits were not used). Most of the time, a professionally-done renovation simply doesn’t get the return on investment that homeowners expect. Be sure to do your research to find out what the ROI is for any area you are thinking of renovating.
Research Comps in Your Area
In real estate, “comps” or comparable homes are used to help determine value. Knowing about the comps in your area can help you significantly. First, it can allow you some information to present to an appraiser during the actual appraisal process, but perhaps more importantly, it can help you get the most out of a renovation by assessing what other homes in your neighborhood are like. If every other home has a modern kitchen and bathroom, then those could be valuable places to focus your energy when making upgrades.
Opt for Fresh Paint
A fresh coat of paint can go a long way. Paint protects your home’s exterior from the elements and ensures that your home is looking its best. A fresh coat in an attractive color can actually impact your ROI in a sale. This simple update is an easy and inexpensive way to guarantee you’re getting more from your home appraisal.
Upgrade to Eco-Friendly
Eco-friendly and energy-efficient options appeal to both eco-conscious and savings-minded people alike. Appliances and home fixtures should all be upgraded to an energy-efficient option whenever possible. These updates can increase your appraisal and will ensure savings for you and future homeowners while you live in the home. Showerheads, lighting, water heaters, dishwashers, ovens, and refrigerators alike can all be updated to ensure that they are as efficient as possible.
Square footage is a coveted property selling point, and nothing can increase your home’s value like additional space. If you can expand your home reasonably, it can be a great investment long-term. Adding an extra bedroom, an additional bathroom, or simply making the home more spacious can have a big impact on your next appraisal.