Home Appraisal Tips Before Refinancing Your Mortgage
If you are thinking about refinancing your home mortgage, you are going to have to get your home appraised first. If this appraisal is low, the refinance may not happen or the loan terms may not be what you expected. If the appraisal is high, then you may be provided with more loan options than you anticipated. To make sure that you get the home appraisal that you want and need, here are a few tips.
Perform Any Small Repairs You've Been Putting Off
There are certain parts of your home that cannot be changed in order to improve the appraisal. However, there are some features that can be upgraded so that your home looks great and is functioning well when the home appraiser comes out. Believe it or not, the condition of your home is more important than when your home was constructed. Therefore, if there are any repairs that you have been putting off, make sure to get them done.
Improve the Home's Curb Appeal
You may not spend a lot of time on the exterior of your home, but the curb appeal is important to prospective homebuyers as well as appraisers. If your yard is properly maintained, it can significantly enhance the value of the home. Apart from simply mowing the yard, you can add mulch to the flower beds, strategically place flowerpots, stage the porch and patio with seating and pillows, and wipe down exterior lights.
Create a File Containing Recent Improvements
If you buy anything for the home, make sure that you save the original receipt or make a copy of it. Keep these in a safe place, either in a filing cabinet or store them in the cloud. You should also consider taking before-and-after photos of the improvements. If you keep yourself organized, you will be able to show the appraiser what improvements have been made and easily prove the amount of money that was spent.
Familiarize Yourself with Local Comps
The best way to identify what your home is worth is to compare it with any homes that have recently been sold in your area. If you can know the comps better than your appraiser, then you will be able to challenge potential lowball sales that they may attempt to use. The last thing you should do is wait until the end of the line to challenge a lowball appraisal.
Head to the local county office and get a list of the properties in the area that have sold, and then you should check them out in person. This is particularly true for the ones with the lower sales prices, as you need to find out why they sold for a low price because these sales will impact your appraisal. If it was a teardown, this type of information is important for the appraiser to know.
For more information about hiring a real estate appraiser, contact a local appraisal service.