What do appraisers look for? How do I get more money out of my home?
These are some of the common questions we hear on a daily basis. When you want to make sure that you're getting as high of an appraisal as possible, you need to know the appraisal process.
Failing to understand the home appraisal process can cost you big money. You need to learn the following tips to get an accurate appraisal of your home. Continue reading to learn what appraisers are looking at when they're reviewing your home.
Comps in the Neighborhood
Look around at the homes nearby. What did they sell for the last time they were sold? Are some homes for sale now?
The comps in your neighborhood have a lot to do with how much money your home is worth. If one of your neighbors decides they are going to input some terrible structure that decreases their home value, it could also hurt your home value. And this is why it is important that you pick your neighborhood carefully.
While no two homes are alike in most cases, the comps in your neighborhood are a good gauge for how much your home might be worth. Look at the difference in features and how long ago it has been since the home sold to get a more accurate idea of the price of your home. If you need help with comps you can visit this website and others like it.
Your Home's Location
Your home's location is a major factor in how much money it is worth. If your home is in a great school district with many employment opportunities, it's likely to be more valuable than the same home in a bad school district with limited jobs.
How far your home is away from shopping, public transportation, and other important elements will also play into how much your home is worth.
The Size of Your Home & Its Usable Space
If you have a gigantic home, you might think you're going to cash in big-time but that's not always the case. If the appraiser deems a great deal of the space as unusable, you might not get as much money as you'd thought you would.
The value of your home is estimated by the price per square foot but the price per square foot might be on the lower side if some of the space isn't usable. If you have a massive garage that no one will be able to live in, that's not going to be counted in the usable square footage.
Bedrooms and bathrooms are the most valuable space for potential buyers, so the appraiser will check to see how much square footage you have in these areas.
Your Home's Age & Condition
The age and condition of your home are other major factors that the appraiser will look at when they are going over your home. If your home is older but you've taken great care of it, your home might be worth more than a newer home that is in ill repair.
Homes that are newer do tend to appraise higher because critical parts of the home start to break down. When the roof, plumbing or other areas start to go downhill, these can be very expensive repairs which means your appraisal will be lower if your home is coming up on the need for repair to any of these systems.
If you've recently replaced or repaired the plumbing, roof or other areas, make sure to let the appraiser know since this is likely to help the amount of money your appraiser is going to tell you that your home is worth.
Make sure your home is move-in ready if you want to get the most money. Many buyers are willing to pay more if they don't have to do anything when they move into the home. The money you spend repairing problems in the home is likely to be lower than the return you get because you made sure the home was in good repair.
Renovations, Remodels, & Upgrades
If you want to make your home appraise even higher, think about remodeling or renovating your home and doing some upgrades. There are a lot of things people look for when they are considering a home but sometimes people don't even know they are looking for certain things but they fall in love with the home because of them.
When you are looking for projects to potentially increase the appraisal value of your home, you might consider replacing the garage door, redoing the face of the home, adding a deck, or adding another structure that is popular in your area.
If you want to increase the value of your home, don't think about what you want out of a home, think about what potential buyers are looking for. Don't customize your home with flashy colors or structures that aren't appealing to most people. While it might make your home unique, it is more difficult to find a buyer that has the same taste as you do.
What Do Appraisers Look For? Now You Know
You've been asking, "What do appraisers look for?" and now you know. Since you understand what appraisers are looking for, you can prepare to get the best appraisal possible.
Why stop learning there? We have many other great articles that can help you with home issues and life in general. Browse our site, find your favorite section, drop a bookmark and come back soon for more great reads.