First impressions are everything! Before a job interview, we often take steps to improve our appearances so we can be viewed as our most presentable selves. Why treat your home any differently? These tips prove that there are many simple ways that you can increase home appraisal value and improve overall desirability.
What is Property Appraisal and Why Should You Care?
A property appraisal is an independent opinion of a home’s market value at a given point in time. Your home’s value is based on several factors including location, size, condition, age, amenities, and prior sales prices. Due to the housing market’s ever-changing nature, the property values in your neighborhood may be much higher or lower than when you first bought the home. There are many changes that can occur to your home since you purchased it.
An appraisal is used by the Lender to see how much the property is worth because the home serves as collateral for the loan. Having the value of the property assists the Lender in deciding how much money to lend. From a buyer’s perspective, an appraisal can let you know if the amount being asked is an appropriate price.
5 Tips to Increase Home Appraisal Value
- Update Your Kitchen and Baths. You will get more return on your investment when renovating your kitchens and bath than any other improvement to your home.
- Improve Curb Appeal. Curb appeal can make or break a house. Buyers will notice damaged siding and overgrown lawns, so it’s best to correct such eye sores.
- Create the right atmosphere. Now that you’ve fixed the outside, it’s time to give the interior some TLC. Remove unnecessary clutter, use natural lighting, and refresh the paint to make your house feel more like a home.
- Fix small imperfections. This is the perfect time to work on that to-do list. Fixing the dripping faucet or upgrading an outdated kitchen will add more value to your home. Remember to document all the updates you’ve made along the way.
- Really sell your home. Do not be shy! Mention the newly built library, museums, shopping centers, and parks in the area. These will make your home even more desirable.
The housing market can be extremely intimating. Sellers should attempt to make their home look its best in order to look appealing on the housing market. Pulling weeds and touching up paint may seem small, but those changes can make a dramatic difference to your house.
We hope that this blog was informative and provided helpful home improvement tips, but if you still have questions, our team is here to help. Contact Millennial Title for more information on the home appraisal process.