You can’t cheat your way into earning more money from your property because of the basic parameters used to determine the price cut across for all appraisals. Real estate appraisals are all about presentation though and the time and shape in which your house hits the appraiser’s desk may make the difference between receiving the minimum and the maximum possible value of your property from a buyer. You just have to understand how the process works and make sure that everything that affects the price tag is in order and that the appraiser fully understands the current state of your property’s location. Here are some tips that will help you get top dollar for your house and not labour in vain.
Timing Your Sale Properly
The base number that your property will go for depends on the property market which is a demand a supply situation. If there are more properties in your town on sale than the number of people looking to move in, then the price will take a dip. You might want to wait until there are fewer properties similar to yours on sale if you don’t have to sell in a hurry. Prevailing conditions in your area such as state of security may also affect the price therefore if the crime rate in your neighbourhood is high, then hold off on selling until things cool down.
Even if you still have 20 years warranty on your roof and the latest design on your ceiling and floor, your home has to be its best when the appraiser comes. You should take your time and clean everything and paint it, especially the basements, bathrooms, kitchen and porch. Your clean up shouldn’t be hurried though because the appraiser might catch you on the trick. Just be consistent in keeping everything in good condition for the weeks and months before the appraiser comes so that they can have a clear picture of what everyday life in the house feel like.
Fixing Any Broken Vitals
Nothing sucks more than an appraiser writing off your entire pantry and kitchen furniture because the knobs fell off when the door was opened or the smoke alarm wasn’t working. You should fix any broken parts that you can afford and ensure that every door opens smoothly and everything that the new x=comes may need is usable. Broken windows, doors, knobs, pavements and gates may not be so good for your valuation so you should get them done before you put up the property.
Upselling Your Neighborhood
You need to take your time with your appraiser because, at the end of the day, it is your life’s work on the line. Tell them about the latest trends in your town and neighbourhood including state of security, availability of schools, hospitals and other amenities and anything attractive that new owners may use. Appraisers may be relying on their records which may not be the most updated and your chit chat may just change the value of your property in your favour.
Understanding The Value of Comps in Your Area
Comps simply mean other properties in your area of comparable size, age and condition as yours. You may have to go back a few months up to a year to get all the properties recently sold in your neighbourhood which will often be public information. You can also ask your neighbours and friends to get a good idea of what the highest valued properties in the region had and what you can do to achieve a similar or better valuation. You can also present your facts to the appraiser and help them better understand why you need a higher figure.
Upgrading Areas That Add Most Value
The factors that matter the most when valuing your home is size, age, condition and state of the local market. While you can’t do much to change any of these, you can do something about age and condition by upgrading the right areas of your home. Many people invest too much money in the wrong places of their homes and the valuation ends up disappointing. Upgrading your kitchen, bathroom and bedroom will earn you more credit than the basement and yards. A newer roof, ceiling, tiling and other furnishings may also attract more value.
Having Your Own Documentation of Upgrades
If you can’t back your story when appraising your home, then you might lose out. It is therefore important to keep every record of the upgrades you make to every part of your property including something that may appear as cheap as a socket or wiring. The documentation helps the appraiser back up your story and therefore consider the upgrades when making a valuation.
Updating Plumbing and Electricals
Electricals and plumbing are actually the main indicators of the condition of the home and they do count a lot. This applies more to properties that have been around for some time and the plumbing and electronics are a little ancient. Old plumbing and wiring can cause the value of a house to dip yet it can be changed by just replacing parts and nit the entire unit. If you can afford to put in the latest plumbing and electricals, it may help boost the value of your property immensely.
Your Yard May Make or Kill the Price
Those shrubs and flower beds may appear clean, but some homeowners may not have the time to tend to gardens and so it may be considered extra labour. If you have gardens and flowerbeds, just keep them in the best condition but don’t plant new ones hoping to increase property value. The best way to handle it is to ensure that everything is in good condition and don’t appear like a hoarder when the appraiser comes. If you can keep similar yards as the rest of your neighbourhood, then it may help standardize the valuation.
Give The Appraiser Space
The appraiser needs time to go through the property and get their own opinion of the best price they will give you for each part. While talking to them about pricing and the neighbourhood is important, you also have to allow them enough room to move around and get to know your property. At the end of the day, and ample space to work will allow them to give you the best honest opinion of the state of your home.