People sometimes get curious about the value of their house, so they decide to do some research online. They stumble upon different terms such as home assessment, home appraisal, property and home value, comparative market analysis, etc. These words might sound the same to most individuals, but they hold back some differences.
There is a question of home appraisal – why do you want one? You should hire a neutral third party to evaluate your house and come up with an accurate value. An unbiased professional review will be realistic, and tell you the truth. People usually choose it when they want to qualify for any home loan because it is necessary to get approved.
Home mortgage lenders often require it from home sellers and owners who want to refinance their credits. If you want to sell a property, you want the estimated value to be as high as possible, to make sure the sale goes through. If you are refinancing, you are probably cashing out equity. Either way, the higher the appraised value, the more money you will make.
There are some things you can do to make it stronger. For example, you should make the house attractive. It doesn’t mean the floors should be so clean you could eat off them, but avoid dirty dishes, laundry all over the house, full garbage bins, and more, as they can all contribute to the wrong impression. Also, if there are any broken doors and windows, fix them. You should repair faulty railings, steps, and other things that could potentially cause an injury.
Professionals usually recommend having a real estate agent present during the inspection. Remember, you can’t fool an appraiser, and neither can your agent, but he is better at thinking on his feet and is more likely to address any existing concerns.
If you have renovated the house recently, mention it to the appraiser. It won’t make the value of your property go up by the amount you invested, but don’t be shy about investing time and money into these repairs. No matter if you added hardwood floors, or remodeled your bathroom a couple of years ago, bring it to the appraiser’s attention.
If you have any pets, control them. The last thing you want is having a stressed professional estimating the value of your house. He won’t come through with the highest one if he needs to worry about being attacked, or if he is distracted.
One of the things you should avoid is doing the appraiser’s job for him. Let’s keep it real, you are interested in getting the highest value possible, he is an unbiased third party. Also, you do not have any knowledge and experience in this field. All you need to do is make the house look as good as possible, and let the appraiser give you a value estimation. After that, visit a home loan lender, choose the right mortgage program, and apply.
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