An appraiser who will determine a property’s current market value is often required when refinancing or selling a home. During an appraisal, factors such as square footage, materials used for the house, overall condition, and amenities are compared to similar homes or “comps” which have recently sold within the same area.
While appraisals are meant to be objective, there are a few effective ways to increase your home’s appraisal value without spending too much time or money.
If you’re about to put your home on the Ogden, Utah real estate market, here are a few tips on how to boost its appraisal value:
Prep your home
Prepare your home as if you’re about to showcase it to potential buyers. Perform minor repairs, repaint some rooms, clear your clutter, and make sure everything looks tidy and clean.
It helps to keep in mind that you will be doing this anyway if you’re selling your home, so by doing it early, you’ll be hitting the ground running.
Spruce up your curb appeal
If your home has a yard, you don’t have to go overboard by hiring professional landscapers to spruce it up – just a simple cleanup over a weekend or two can do wonders. Trim any overgrown trees or bushes, mow your lawn, conceal any dead spots on the soil, and add new plants and flowers to make your yard look attractive. Simple and affordable fixes like sealing your driveway or installing shiny new house numbers or a new mailbox can also be effective.
Update your kitchen and bathrooms
Improving these key areas of your home is an effective way to increase its value. You don’t need a complete renovation – just a few strategic updates might be enough for you to earn value adjustments.
In addition to deep cleaning, you can consider affordable upgrades that add value, such as replacing the wallpaper, repainting cabinets, adding new light fixtures, or refinishing countertops.
Gather information on comps
Make sure the appraiser knows about any comparable homes that have recently sold within your neighborhood or area. This is because the appraiser might miss a comp that could work to your advantage, as he or she might not be too familiar with the area.
Mention the improvements
If you’ve recently completed any major improvements in your home like a room addition, a new porch/patio, or a full roof replacement, make sure you mention it to the appraiser. However, avoid making any major improvements now to attempt to boost your home’s appraisal value. It’s rare for major projects to completely recoup their original cost, so you could end up spending money you won’t earn back.
Gauge the appraiser’s experience
Check for credentials and designations such as Member Appraisal Institute (MAI) or Senior Residential Appraiser (SRA), which are good indicators of an appraiser’s education and level of experience. In case the appraisal is lower than what you expected, this will allow you to determine whether the appraiser could be inexperienced or you simply overestimated your home’s appraisal value.
Need more help? Get in touch with the top Ogden, Utah real estate professionals! Call Destination Properties today at 801.745.2009 or send an email to info(at)destinationproperties(dotted)com.