Knowing the appraisal value of your home is important if you are going to be refinancing your home, selling your home or getting a reverse mortgage loan. But you don’t have to sit back and wait in angst for the appraised value to come in. You can be proactive in increasing the value of your home, and it doesn’t have to take much time or money. We’ve compiled the following list of quick tips to help you increase the appraised value of your home.
Deep Clean. There’s no time like the present to finish up all that deep cleaning you’ve been postponing. Have the carpet or tile professionally cleaned. Renting carpet or tile steamers from your local hardware store is fairly inexpensive, but cleaning your own floors can be hard work. Touch up any walls with stained or chipped paint. If you suspect a pest problem, make sure to take care of that before the appraiser visits.
Mind Your Curb Appeal. Trim up the overgrown bushes out front. Pull weeds from the walkway and the mow the lawn. Even a few freshly planted flowers in the front planter or freshening up the mulch can make a big difference. The condition of the front yard and walkway will help the appraiser distinguish your property from the foreclosure down the block.
Provide a List of Recent Home Renovations. Provide your appraiser with a comprehensive list of all of the home renovations you have done in the last 10 years along with the dates and approximate cost of each renovation. Also be sure to list any special features that may add to the value of your home like an antique stained glass window or a specialty water purification system.
Location, Location, Location. If your neighborhood has a new park or has recently been named a historic or landmark site, or even if there’s a new shopping center around the corner, let the appraiser know.
Lock Up Rover. Even if the appraiser is dog-friendly, they probably won’t appreciate Rover following them around. If you don’t have a space to lock up your pets, consider boarding your dog or cat for the day. Also be sure to vacuum and freshen up the house to rid the area of pet smells.
Fix Peeling Paint. Loans insured by government agencies require that any peeling paint in homes built before 1978 must be removed.
Don’t Be a Distraction. Your appraiser is there to do his job. Try to hold your questions or comments till the appraisal is finished. Distracting your appraiser could lead to him missing something in the appraisal and decreasing the value of your home. Reverse mortgage loans are becoming more common throughout the country and stricter regulations are necessary to protect borrowers. One such regulation is to require reverse mortgage lenders to share the home appraisal and all associated documents with the borrower. This rule requires the documents to be shared with the borrower before three days prior to the loan closing so the borrower has a chance to review them before their loan closes. If you have questions about the appraisal or the appraisal process, contact your lender or title company for more information.