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Best ways to raise your home's appraisal value
August 3rd, 2015 10:16 AM
   
BEST WAYS TO RAISE YOUR HOME’S APPRAISAL VALUE

Every homeowner wants to get the most money for their home when they sell it and the great news is you don’t have to put your house on stilts to get that valuation sky high. At Pahroo Appraisal & Consultancy, we’ve learned a few tricks of the trade over our years in the appraisal and real estate business and we’d love to share them with you, BUT that would be biased and promotional and a blog is never supposed to do that. So we’re only going to break the blog code a little. We’ll supply some of the things we’ve learned and mix that in with information we’re gathered from other reliable appraisal masters, oops, we mean professionals who know the best ways to collect more dough.

First: Prepare for Battle
Okay, perhaps associating your house’s estimated worth with warfare, is a bit of a stretch, but half the battle of increasing value is smart strategic preparation. As the samurai appraiser said, “if you want to punch up value, prepare well in advance.” Understand what improvements are definitely needed and, of these improvements, know which ones will generate the greatest return on your investment. This is kind of a “triage” list of upgrades that allows you to decide which fixer uppers to attend to first, next and so forth—whether your priorities are dictated by your budget or other reasons.

If you want to know which improvements score the highest for ROI, check previous Pahroo blogs specifically on that topic.  Look at “Renovations that yield the best return on your investment, (Oct., 2014) and “Is creating a man cave a batty idea,” also from Oct., 2014.

Do Your Own Comparables
If your appraiser is worth his or her salt, he/she will pepper his/her (whew) analysis with comparables of a least 3 properties sold in the neighborhood. It may seem unnecessary, but it is nonetheless smart to provide your own comparables.  You can also offer valuable information to your appraiser that may not show up on a report. For instance, perhaps your next door neighbor took a big withdrawal from a bank (at gunpoint)  and had to sell his/her house fast  so he/she dropped his/her price substantially (boy/girl) being gender-correct takes doing and space!) Your appraiser (and the police) will want to know that. It’s not difficult to obtain comparables. You can get them from your Realtor and Websites like Realtor.com, Zillow and Trulia. These sites offer recent sales prices and details such as the number of bedrooms and bathrooms in a home.

Provide a Property Improvement Checklist

Wise homeowners document bigger improvements they’ve made to their home. And if you want to get real fancy, include the name and phone number of the contractor who did the work. You don’t have to put the amount of money you spent on repairs. One granite countertop speaks clearly and highly of considerable bucks spent. Having said that, it’s fine and slightly impressive to provide “before” and “after” pictures if you can. Note things on your checklist like:

  • New countertops
  • New floors
  • New windows
  • Finished basement
  • Replacement of the home’s heating and/or air-conditioning systems
  • Upgraded electric or plumbing
  • New roof
  • Room additions
  • Converted garage

 

This list, if done accurately, gives the appraiser detailed, firsthand information to refer to when compiling his or her report for the lender.


Sources:

Howstuffworks: http://home.howstuffworks.com/real-estate/selling-home/10-factors-in-your-home-appraisal.htm#page=3

CNBC Online: http://www.cnbc.com/id/100400466

 

Blurb at End

In today's turbulent real estate markets, property owners, property investors, financial planners, lenders and portfolio and asset managers turn to Michael Hobbs & PahRoo Appraisal & Consultancy for prompt, trustworthy guidance and  keen valuation insight into real estate appraisal, both commercial and residential, estate appraisal, real estate valuation, and business consulting designed to create transformational growth and success. Appraise our ability to meet and exceed your needs at www.pahroo.com



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Posted by Michael Hobbs on August 3rd, 2015 10:16 AMPost a Comment

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