Are you planning to sell your home or refinance it? In either case, you may need an appraisal for the Lender, and the value of your home can affect the outcome. Your home’s appraised value can determine how much you can borrow and your potential resale value. The good news is that there are several ways to increase your home’s value for an appraisal. Here are some tips:
Enhance Curb Appeal
The first thing that an appraiser will notice is the exterior of your home. You can enhance your home’s curb appeal by maintaining your yard and landscaping. You can also paint the exterior of your home, replace your front door, or install new shutters.
Update Your Kitchen
The kitchen is one of the most important rooms in your home, and updating it can increase your home’s value significantly. You can install new appliances, replace your countertops, or repaint your cabinets. A modern, well-designed kitchen can make a big difference.
Upgrade Your Bathroom
Your bathroom is another important room that can influence your home’s value. You can upgrade your bathroom by installing new fixtures, replacing your vanity, or retiling your shower. A clean, modern bathroom can impress an appraiser.
Add Square Footage
Increasing your home’s square footage is one of the most effective ways to increase its value. You can finish your basement, add a room, or build a deck. An appraiser will consider the size of your home when determining its value.
Make Energy-Efficient Upgrades
Energy-efficient upgrades can not only save you money on your energy bills but also increase your home’s value. You can install new windows, upgrade your insulation, or replace your HVAC system. An appraiser will take note of these upgrades.
Renovate Your Attic
If you have an attic, renovating it can add value to your home. You can turn it into a bedroom, a home office, or a playroom. An appraiser will consider the additional living space when determining your home’s value.
Improve Your Home’s Lighting
Good lighting can make your home look more spacious and attractive. You can install new light fixtures, replace old bulbs, or add dimmer switches. An appraiser will notice the difference.
Update Your Flooring
Old or worn flooring can detract from your home’s value. You can replace your carpet with hardwood or laminate flooring, or replace your tile with a more modern design. An appraiser will consider the quality and appearance of your flooring.
Repair Your Home’s Structure
If your home has structural issues, such as a leaky roof or a cracked foundation, it can decrease its value. Repairing these issues can not only increase your home’s value but also prevent further damage. An appraiser will consider the condition of your home’s structure.
Declutter and Clean
A cluttered or dirty home can decrease its value. You can declutter your home by getting rid of things you don’t need and organizing your belongings. You can also clean your home thoroughly, including your windows, carpets, and furniture. An appraiser will notice a clean and organized home.
Research Comparable Properties
Before you schedule an appraisal, it’s a good idea to research comparable properties in your area. Look at the sale prices of similar homes with similar features and square footage. This can give you an idea of what your home is worth and what improvements you can make to increase its value.
Keep Records of Improvements
Keeping records of the improvements you’ve made to your home can help you during an appraisal. This can include receipts for materials, before and after photos, and permits. You can show the appraiser how you’ve improved your home and what it’s worth.
Don’t Overprice Your Home
One mistake that homeowners make is overpricing their home. This can lead to a low appraisal and potential buyers losing interest. Be realistic about the value of your home and what you can sell it for. A professional appraiser can help you determine an accurate price.
Conclusion
Increasing your home’s value for an appraisal can seem overwhelming, but it doesn’t have to be. By following these tips, you can improve your home’s curb appeal, update your kitchen and bathroom, add square footage, make energy-efficient upgrades, renovate your attic, improve your home’s lighting and flooring, repair your home’s structure, declutter and clean, hire a professional appraiser, research comparable properties, and keep records of improvements. Don’t forget to be realistic about your home’s value and what improvements will make the most impact.
FAQs
How long does an appraisal take? An appraisal can take a few hours to a few days, depending on the size and complexity of your home.
How much does an appraisal cost? An appraisal can cost between $500 and $1000, depending on your location, appraisal type, and the size of your home. This can vary widely across the country however.
Can I dispute the appraisal value? If you believe that the appraisal value is inaccurate, you can dispute it. You can provide additional information and evidence to support your case.
How often should I get an appraisal? It’s a good idea to get an appraisal every few years to keep track of your home’s value and make improvements as necessary. But this is not always necessary.
Can I do my own appraisal? While you can research comparable properties and estimate the value of your home, it’s best to hire a professional appraiser for an accurate appraisal.
Have high interest debt and want to consolidate it?
Start your application for a Cash out Refinance and use your equity to consolidate debt, and reduce your total monthly expenses.
