Tips to maximize your home appraisal
From houzz.com
By Inman News, Monday, June 11, 2012.
Appraisal factors image via Shutterstock.Editor's note: The following item is republished with permission of houzz.com. See the original article: The Do's and Don'ts of Home Appraisal.
By Vanessa Brunner
Selling a home was difficult even before the market started to slide. Now, every penny counts more than ever, which means that every leaky window, every dangling gutter and every ugly cabinet can make a big difference in the price of your home. While we all have a natural tendency to nest in the places we live, the reality is that many of the changes we make (or don't make) can make or break our home's asking price.
What to do -- and what not to do -- before and after a home appraisal? We asked Houzz users and professional appraisers across the country for their tips.
When remodeling, DO tackle all the major features in each room.
Photo credit: Feinmann Inc.
KITCHEN
DO have:
- An open layout.
- Newer, matching appliances; stainless steel.
- Extra perks like small-beverage refrigerators, dual dishwashers, instant hot water, and a central vacuum clean-out.
- Granite countertops.
- Custom cabinetry.
DON'T try to fix outdated cabinetry or countertops. These need to be replaced if you want to add value -- new hardware won't be enough to fix them.
BATHROOM
Photo credit: Rikki Snyder
DO have:
- New fixtures and mirrors.
- A freshly painted tub, if necessary.
- Natural light.
- Good ventilation.
- New or refaced cabinetry.
DON'T let your bathroom feel dark or have any outdated colors or materials.
BEFORE YOUR APPRAISAL
Photo credit: Kenny Craft, CNU LEED AP
DO make a list of recent improvements to your home. Think big and small here -- this can range from renovating the kitchen to painting your deck. Make sure your appraiser has a list when comparing your home to others in the area.
DO talk to your appraiser before the inspection. Discuss your house and its history. Find out the appraiser's history, number of years in business, and knowledge of the area. "The key in getting a fair appraisal is to have an appraiser that is experienced and knowledgable in the local market, and that you've checked out," said Greg Wilkinson of Worth Every Dollar Appraisals in Atlanta.
DO ask your agent to do a walk-through with the appraiser. Houzz user Genevieve Llerena says this is the best decision she made. "She pointed out all of the work that I'd done and made sure the appraiser was familiar with all of the comparables in our area. She reminded him of how our location made a difference in the comparables."
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Submitted by David Liberty on June 12, 2012 - 9:37am.
I think we all know that the bathroom and the kitchen are the biggest places to upgrade for home value, but having the upgrades for an appraisal is key. These tips are great, especially the one about not adding new hardware on outdated cabinetry. Follow me @libcaplending
Submitted by Tim Thornton on June 14, 2012 - 6:54am.
Good comments on the kitchen and bath. Of course, all things have regional application and time applications. Unfortunately, right now the banks have "arms length" relationships with the Appraisers, which often gets generalized to the Realtor which means the Realtors never see or hear from the Appraiser until they get the report from their client/clients bank. At that point, all you can do is protest the report if it is too low. I have had to protest 2 appraisals already this year! Won both of them, but this is a very difficult process and very taxing on Buyer, Seller and Realtors.
I wish Realtors did have more access to Appraisers, but frankly, I don't think it would enhance the view that many Appraisers have for Realtors--possibly with good reason.
Nice Article. tT