Years of building up equity in your home can work in your favor. Before you get ready to call your broker and get your new home upgrade or refinance started, you want to get the most out of your equity. That means getting the best appraisal.
An appraiser is a third party that will give an unbiased opinion of your home’s current value. They are responsible for comparing your home to current marketing values, assessing the value against similar homes in your neighborhood, and the overall condition of your property.
An appraiser helps the lender determine the risk on your home. The lenders are looking for the best return on their investment when putting trust and value into your new mortgage.
Getting your home ready for an appraisal is like putting on your best dress and making sure you focus on your home’s best features.
Start with your home’s curb appeal. Is your front yard trimmed and appealing? This means more than just a mowed lawn. Gardens should be weeded and if possible add a touch of extra color to accentuate your home’s charm.
If you home is being appraised in the warm weather, adding floral planters on your front stoop adds an inviting element to the front of your home. Step back and ask yourself, would you want your family living and playing on this front lawn.
Although the front of your home is your first defense, your back yard should be trimmed and staged as well. Garages, out buildings and decks add value to your home. Make sure your decks are cleaned off and stained. Now is the time for you to do that weekend garage cleanout and have a big garage sale. You can remove all of the extras that you don’t use anymore.
Once inside your home your appraiser will look at the obvious and the not so obvious. Is there functionality in the layout of your home? Although the layout of your home cannot be changed, the way you perceive flow in your home can be helpful in accentuating its function. Move furniture to open up space and improve walking areas.
Having a clean and organized home creates the perception of space. Put any extra items in your home away and show off its beauty. Don’t overdo the wall décor. This too can give the perception of clutter.
If you want to get the best appraisal from your home, make it feel new again. You can do this by simply putting up a new coat of paint in each of the rooms of your home. Although you may think paint colors that are bright or unique are appealing. This may not be the case to a new buyer who may not have the same taste in color you do. Keep your paint colors neutral and pure.
Your carpets can make you home look older than it really is. Pay a professional to come in and clean your carpets giving them that brand new look. Do you have hardwood floors under your carpet? Consider taking the carpet up and giving your hardwood floors a new life.
When you look around your home consider the value of your windows. Putting new windows in your home can create great value in your home. This does not necessarily mean you need to replace your windows. Start with a good cleaning inside and out. Putting up simple and yet attractive window dressings can give your rooms a blast of color and class.
Does your home have any unique points of interest? It’s these unique elements in your home that give value over the others on your street. Remember that your appraiser has to follow rules when doing an evaluation. Make your home stand above the rest and get a few more dollars added to your appraisal.
Although appraisers are now required to follow a stringent set of rules, it is still based on the opinion of one person. If you feel like your appraisal was low, get another one. There is no rule that says you can’t get a second opinion.
The amount of your refinance is dependent on it’s evaluation, so make sure your home is all dressed up and ready to go. Any amount of money you put into improving the look will come back to you in the end.
For great rates on refinance or other mortgages, contact Integrity First Lending. We make the home loan process easy!