If you plan to sell your home, you’ll need to schedule a real estate appraisal. While it can be intimidating to find out what your home is actually worth, the appraisal is necessary to make sure you get as much money for the property as the market will allow. Here is how to better understand what happens during the process and how to prepare for it.
Why Real Estate Appraisals Matter
An appraisal is the objective valuation of your home based on several factors. The derived value is useful in setting the right selling price for your property. Apart from sale transactions, real estate appraisals play a crucial role in establishing the appropriate loan amount under a mortgage. They also come in handy when insuring a property, reducing taxes, and determining necessary improvements for your home.
What This Process Entails
For unbiased reports, real estate appraisals are done by state-licensed professionals who are trained to evaluate properties objectively. Since the industry is highly-regulated, appraisers have to be thorough and writing their reports without prejudice or personal inclinations.
During home appraisals, professionals look at the current property condition with a keen eye. Starting from the exteriors, they observe the materials and appearance of a home’s roof, siding, and foundation. They also look at the interiors and assess the condition of walls, windows, doors, and flooring. Apart from the structure, appraisers will note improvements, such as a finished basement or completed patio, and extra features like a swimming pool or new security system. These amenities factor in significantly in the home’s value.
Other physical characteristics that impact real estate appraisals are property area, age, lot size, number of bedrooms and bathrooms, and location. Once they have established your property’s features, appraisers will do a comparison using market data on similar properties sold in the neighborhood. Adjustments will be reflected accordingly to derive a more accurate valuation.
How You Can Boost Your Home’s Value
Keep in mind that appraisals primarily depend on your home’s physical attributes, and not on expensive décor and furnishings. If you want to achieve a favorable valuation, here are a few measures you can take:
- Point Out the Improvements: Have a list of upgrades, and repairs ready for the appraiser, along with the paperwork at hand as proof.
- Do Repairs: Before the appraisal, do quick fixes and patch-ups on your home—leaky faucets, cracked ceilings, and water-stained walls. You can also conduct extensive repairs, such as finishing the basement, remodeling the bathroom, and installing a patio.
- Improve the Curb Appeal: Trim the lawn, tidy up the yard, and clear the walkway of debris; first impressions sometimes do matter during appraisals. For deep cleaning, powerwash the siding and patch up concrete cracks in the driveway.
To get a reliable real estate appraisal for your property, trust the professionals at Galvin Realty Group. As the leading property management in Monroe County, NY, they have provided unparalleled expertise on residential and commercial real estate since 1987. Call (585) 546-1290 to schedule an appraisal.