If you’re trying to sell your home in today’s market, you may be faced with a lowball appraisal that could threaten a loan. Even the nicest houses are being downgraded, and if your area has had a lot of foreclosures, getting a good appraisal may be next to impossible. However, there are some great techniques that you can employ that can affect your appraisal value by more than 15%.
First, it is important to know where to start in your home. If you have a basement that is not yet finished, you may think that adding some rooms and living space down there will help your appraisal. In actuality, it is the above ground living space that is worth more, so you will want to focus your efforts on the first floor.
While painting, cleaning and generally keeping the house tidy can affect an appraisal, it won’t do much good if you’re looking for a big jump in the amount. What you need to do on the inside of your home is work on bringing in appliances and fixtures that are valuable, both in perception and in use. For example, adding a marble countertop to your kitchen will add more value than covering an old one with contact paper (and yes, that is pretty common.)
Likewise, completely redoing and remodeling your kitchen to include brand new stainless steel appliances will also bump your appraisal up. When you’re looking at the interior of your home, the focus needs to be on items that matter, such as those mentioned above. However, the interior is secondary to the exterior when it comes to a high appraisal value.
By focusing on the exterior of your property you can see a huge improvement in the overall appraisal amount. Landscaping alone can be responsible for a low or a high appraisal, depending on how it is done. According to a Gallup poll, landscaping can increase the overall value of a home by 7 to 15%. Let’s say your home is worth $250,000. The right landscaping has the potential to change that to $287,500 or more.
One tree can be worth anywhere from $1000 to $10,000, once it is mature. If you think about how little it takes to plant one tree, that is very impressive. So, your first focus should be on the yard area and your overall landscaping. Hiring a professional company can help, but most of these tasks can be completed on your own.
How your house looks will also have a big impact on the appraisal value. If it has been a few years since you painted, or your yard is full of junk, this will result in a lower appraisal. Your goal is to make your house look like a million bucks from the street, and this will help you get a higher appraisal. In addition, by focusing on that curb appeal, you’ll be much more likely to sell the home for the full amount that you need.
