Thursday, July 30, 2015

Get a Good Home Appraisal

Home appraisals determine the fair market value of a property. Size and condition, permanent fixtures and facilities, improvements, and construction material are taken into account. Location is also a factor. Often, the appraiser will also submit a comparative market analysis and an evaluation of current market trends to support his findings.

Sellers can take certain measures to gain a favorable report and, thus, higher property value. If you're looking to bolster your appraisal, jot down the following on your to-do list:

Ask your appraiser about the neighborhood
Appraisals are carried out by a licensed, third-party professional. Ideally, your appraiser should be familiar with your neighborhood to determine appreciative rates. Talk up the good points of the location to the appraiser.

Provide comps
Give your appraiser a comparative market analysis of at least three other properties. These "comps" can help him out and set the template for other similar properties he may want to look into.

Clean up
Clean and clear up your property from top to bottom, within and without. Trim and prune the yard, declutter indoors, wipe down surfaces and windows, and see to it that everything is spotless and gleaming in time for the physical inspection.

Repair and refurbish 
As a seller, it's in your best interest to improve your property. Attend to anything that needs fixing, replace broken fixtures, and refurbish, renovate, or upgrade within your budget. Renovated bathrooms and kitchens tend to score your property more points. Landscaping can also drive up your property's value.

Document your repairs
Document your repairs and renovations for proof. Take before and after photos and keep receipts of the cost. Provide the appraiser a consolidated report or summary of each repair or renovation with their corresponding and overall cost.


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