Friday Facts April 12, 2013

Lou Carlozo’s Eight Ways to Improve Your Home Appraisal

FRIDAY FACTS

April, 12, 2012

 

In a recent Reuters article, Lou Carlozo covers several ways to improve your home appraisal. A key part of the process whether buying or selling a home, appraising your current property can surprise you in a good or bad way. We pulled out our top-8 favorite tips from Lou’s article and added our own wrinkles.

 

For the full article go to: http://www.reuters.com/assets/print?aid=USBRE90L0ZE20130122

 

 

EIGHT WAYS TO IMPROVE YOUR HOME APPRAISAL:

 

1. Make sure your appraiser knows your neighborhood:

You can request that your lender send a local appraiser; if that still doesn’t happen, supply as much info as you can about the quality of your neighborhood. Take a second to Google appraisers in your area if you aren’t sure who any are.

1. Provide your own comparables

Provide your appraiser with at least three solid and well-priced comparable properties. A simple online search, or using a database like Zillow or Trulia can be a huge help.

1. Know what adds the most value

If renovating, start with kitchen and bath.  Wood floors, landscaping and a garage can also drive up appraisals.

1. Document your fix-ups

If you’ve put money into the house, prove it with before and after photos and spreadsheet showing what was spent on each renovation.

1. Talk up your town

Make sure the appraiser knows about any exciting developments such as upscale restaurants or other amenities.

1. Distinguish between upstairs and downstairs

Additions made below grade do not add to the overall square footage.  An attic renovation will count for more than a basement renovation.

1. Clean up

A good-looking yard and a clutter free house will all help the appraisal. Closet storage solutions can easily organize any items that cause clutter and can multiply usable storage space in your home.

1. Give the appraiser some space

Don’t follow the appraiser around like a puppy.