How to Increase Your Home Appraisal Value
Several circumstances may have piqued your interest in the value of your property. Maybe you’re thinking of selling your home or buying a new property. Perhaps you need to settle a legal dispute or are seeking a loan from a financial institution. No matter the reason, a home appraisal value report details the fair market value of your property based on its location, size, condition and the real estate market in that area. It also provides an overview of local market trends, summarises the characteristics of your home, and may also highlight areas of defect that may need improving. Before meeting with an appraiser, there are ways you can spruce up your home to increase your home’s appraisal value.
Focus on curb appeal
The outside appearance of a home can immediately excite and attract buyers. A freshly painted house, with a unified design and clean and well-manicured lawns, presents a welcoming first impression. If your property is in fairly good condition, there’s no need to invest in a complete overhaul. Minor cosmetic repairs such as ensuring all cracks are sealed, the house number is visible and clearing out dead plants and shrubbery may be all that’s needed. An inviting entrance isn’t only appealing to the guests of your home or potential buyers; it’s the first impression the appraiser will have when they arrive at your property.
Planting trees in your yard can increase the appraisal value of your property, space permitting. Trees are not only beneficial to the environment; when strategically placed, they also provide privacy. As a bonus, in warmer months, they provide shade from the heat and can reduce cooling costs. Just ensure your trees aren’t planted near power lines or driveways.
Use neutral colours
Repainting the exterior and interior of your home can give it an instant facelift. Remove any outdated wallpaper and freshen up walls with chipped paint or dirt marks. Keeping colour choices neutral and bright makes rooms feel spacious and welcoming, which in turn will improve your home’s appraisal value.
Update your kitchen
The kitchen is the central space in the home. Nice cabinetry, adequate counter space and an efficient and open layout can add value to your property. If you’re on a budget, start with smaller projects like resurfacing your old cabinets, removing stains, replacing old sinks or updating old appliances. This helps improve the look and feel of the kitchen and creates an appealing space to gather.
Increase square footage
A finished basement or attic increases the liveable square footage of your home by providing more functional space. Ensure these spaces are properly insulated and ventilated to minimize utility costs. These areas are ideal for a home office or gym, or even guest quarters and will boost the value of your home.
Set the stage
Take cues from real estate agents who stage homes for new buyers. Avoid clutter and ensure rooms are organized and clean. Removing unnecessary items and adding a large mirror will increase the visual square footage of any room. Make minor repairs and deep clean old carpets. This presents a home that’s well-maintained.
Interact with your appraiser
Be assertive and mention projects that may go unnoticed, such as improvements to your roofing or plumbing system. If you have documentation, before and after pictures, share them with your appraiser as well. This may help illustrate improvements you have made to the property throughout ownership. If you know of properties in your area with similar characteristics that have sold recently, be sure to mention them. Your appraiser may not be aware of all comparable properties in the area.