There are a lot of steps throughout the home selling process. We are here for you every step of the way, but wanted to break down a term that’s part of the process and has a lot of value…the appraisal. We’re going to tell you what it is, why it’s important and how you can boost your home’s appraisal value.
What Is An Appraisal?
Simply put, an appraisal is an unbiased estimate of the home’s value. It takes into consideration location, the structural condition of the house, upgrades and amenities and recent sales of homes in the area that would be comparable to yours. The appraiser will take photos and even complete drawings to make sure there are no red flags as far as safety code violations, etc. An appraisal is not a full inspection, so be sure not to get the two confused. An appraisal merely tallies up everything structural about your home and puts a price tag on it!
Why Is An Appraisal Important?
Well, if you’re the one buying the home and plan to take out a mortgage on it, the mortgage company requires an appraisal to make sure your loan amount is in correlation to the home’s value. Basically, is the house worth what you are willing to spend? On the contrary, if you are the seller, an appraisal lets you know if you sold the house for what it is worth (this is after the fact, but it’s still nice to know)! The buyer typically pays for the appraisal as part of the closing costs and it is usually scheduled once the offer has been accepted and signed.
How Can I Increase My Home’s Appraisal Value?
Clean up, spruce up and de-clutter! Make sure the home is staged and ready to sell. From the moment the appraiser steps foot onto your property, the appraisal begins. Cut the grass, maintain the landscaping, fix minor repairs and have the house as clean as possible. For example, seal your driveway, fix the broken mailbox, touch up paint inside and outside. Every little bit helps!
As always, Holt Realty Partners can’t wait to walk you through every step of this process on your road to buying a new home!