Thinking Of Having Your Home Appraised?
These home appraisal tips might help if you are looking to sell your home. With the Real Estate market being in full swing here in Alberta, its that time of year again – spring/summer time – where a lot of people are looking to sell their home and plant their roots elsewhere. “Realtors and brokers are reporting that they haven’t seen buyers this confident in the Canadian real estate market and the Canadian economy in years.” – ReMax Projections. Although this is great news this can be somewhat stressful. Rampant thoughts may run across homeowners’ minds such as: How much is my property really worth? Have I included all that I can in the appraisal listing? The following are some guidelines and home appraisal tips that might help.
There are items that will create greater equity in your home if you have taken the time, and done the work to improve the property. When having a home appraisal done, the general rule of thumb is that to determine the value of your home it will be compared against neighboring properties in your neighborhood to determine its value. Small and large improvements to your home may fit the bill and qualify for a value increase in your home. When preparing for an appraiser to visit the home, homeowners should consider the following as well as have the information ready for review.
Facts and Documentation To Have Handy
- Largest lot in the community – Prior knowledge of this would be of great help to the appraiser, and should have been communicated to you when you first purchased the property
- Have you made significant upgrades? – Since last appraisal have you installed such items as:
- New Roof – (Provide contract and warranty for the following 3 bullet points)
- New Siding
- New Extensions to the home
- Don’t overlook the smaller renovations such as extra insulation, sealing drafty windows and/or doors
- Provide Proof that you are participating in energy savings program this will be considered as well
All the above listed can increase the value of your home.
The Real Estate Appraiser
Your real estate appraiser should be a certified, licensed professional that will have the appropriate skill set and knowledge to determine the value of your property. This certified appraisal will provide the information to the bank or loan officer if you will, he or she needs to verify that the property is worth the loan amount being held on the home. There are a number of sources of information that an appraiser would look at but the process will always most likely begin with a physical inspection of your property, and comparisons of the value of similar homes in the neighborhood.
Once the appraiser physically shows up on site you may be surprised to know that there are other ways to get a higher appraisal amount yet. How is this possible? Two words: Curb Appeal. The overall maintenance of your home and property will be considered. How clean is the home? And how well has it been maintained? – Upgrades and improvements notwithstanding.
Removal of clutter and cleaning the home’s interior can make the house seem larger and more spacious this may increase the value furthermore as a result. Putting away all the memorabilia hanging on the walls or the counters is a necessity; as these items only benefit you and your loved ones. Leaving all these items on display will be a deterrent that will make your home seem cluttered and small. Specifically, no counter space might be an observation from the appraiser’s point of view. Obviously this is very count-intuitive to the process of having your home re-appraised.
Things Not To Do During The Appraisal
Please do not do any of the following as this will counteract all that you and your loved ones have worked so hard for:
- Do not follow the appraiser around during his or her inspection – this may cause suspicion that something may be wrong in the home that you do not want them to see.
- Do not keep the house in the dark – this is not a time to get picky about saving money on you power bill
- Do not make the temperature in the house uncomfortable – If its too hot during the summer make sure the house is cool and vice versa if it’s the middle of winter
- Do not keep pets loose roaming around the home – Please put your pets in kennels or in a location where they will not be bothersome or frightening to the appraiser (Just remember just because you love your pet does not mean the feeling is mutual. The appraiser may be scared or uncomfortable around pets that do not know personally.)