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Getting The Most From A Home Appraisal

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One of the most important parts of the refinancing process is the home appraisal. This is because the appraisal will set the stage as far as how much you will end up paying on your refinance. The appraisal is the official estimate of what your home is worth, so the object of the game is to get as high of a number as possible.

Researching

Getting as good an appraisal as possible begins with research, as this will help you to make an informed decision about the appraiser you choose. And this can be made much easier by doing some of your own research into what homes in your area have recently sold for. Ensure the homes you are comparing are similar to your own.

Once you've noted some homes, you can create a file. The file should include categories like the amenities each home is close to, the square footage of each home, the year each home was built, and the sale price of the home.

You will also likely come across homes in your area that were similar to your own, but ended up selling for less that you expect your home to sell for. However, this may have been due to unique circumstances, such as the owners being forced into foreclosure.

The benefits of doing your own research include providing an out-of-town appraiser with an accurate look at your local housing market.

Getting Clean

The next step is to take a good look around your home for anything that may need to be repaired. This could include items like stairs, windows or anything that could present a hazard. Chances are that your appraiser will notice these things as they do their walk through. And not attending to them before your appraisal can cost you big points on the final estimate of your home's value.

Along with ensuring any repairs that need to be made are completed is making sure your home is ready for an appraisal. This means making your home as presentable as possible. Although you may not need to put in as much effort as you might for an open house viewing, doing the dishes, putting any laundry away and ensuring the garbage has been taken out can all contribute to a positive impression.

Lay Of the Land

Did you know that you can increase your home's value by up to 15%, just by hiring a professional to update your landscaping? According to the American Society of Landscape Architects, that is a fact. Attractive landscaping adds curb appeal , which appraisers consider when figuring out how much your home is worth. Other affordable ways to improve the appearance of your home from the outside don't involve professional intervention. Even a new mailbox, or the addition of window boxes and porch planters can pretty up your property.

Being There

Experts recommend that when getting an appraisal done, the homeowner should always be present. There is no law which states that you can't be there when the appraisal is being conducted. As well, you can definitely inform the appraiser of any features in or around your home which may be unique, but which the appraiser may not see right away, such as special storage or larger-than-usual closet space.

However, experts warn against saying too much to an appraiser. Going for too much control may appear as though you're trying to do their job for them. And so if you offer your appraiser your file of researched area homes and are refused, try not to take it personally.

Aging Gracefully

Another aspect of your appraiser's job is to determine how well your home is aging. If you have taken good care of your home and made updates, your home value may be end up being higher than similar properties in your area. An example of a home that is not aging well could be one that was built only a decade ago, but is already showing signs of wear and tear via drywall cracks or a sinking foundation. Older homes are not immune, and can show their stress with features and details that are out of date, and therefore not major selling points.

Guest author Tony Donovan writes on mortgage-related topics. He recommends The Refi Guide, a site dedicated to helping consumers navigate the refinancing process.

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