With no home appraisal, homebuyers and mortgage lenders would need to guess what a house is worth. By looking at recent sales of similar houses, appraisers can calculate the market value of a home for sale; this tells buyers the buy is well worth the asking price, and lenders understand the house is good security for the size of the mortgage. The greater the appraised value, the greater the potential sale price.
Kitchens with contemporary, attractive appliances and quality flooring and counters will boost a home’s assessed value, according to Bankrate. Defective appliances, broken cabinets and too little counter space will lower the value, therefore replacing or fixing them can also lead to a greater appraisal.
Bathroom renovations also boost appraisals: according to”Forbes” magazine, toilets rank with kitchens since the most important area in the house, and the expense of remodeling will likely be reflected in an increase in value. Replacing towel racks, light fixtures or the sink are little steps that improve assessed value.
Defects in a house such as broken windows or stairs or leaky pipes reduced assessed value, according to Lendfast. Fixing such problems will result in a better appraisal;”Forbes” estimates that the increase in value is generally double the cost of the fix. Fixing or replacing an aging roof is very valuable.
Improving a home’s look can improve assessed value, Realty Times states. Painting the house, removing junk and cleaning thoroughly are good steps toward a higher appraisal.
Health threats like the presence of mold, lead asbestos or pipes will greatly reduce the overall market value of your house, Bankrate states. Eliminating the problems are going to result in an increase in value.
Homes using a well-trimmed front lawn and a lawn that gets mowed frequently will gain in appraised value, the Appraisal Institute states. Putting rakes, shovels and mowers away rather than leaving them out may also result in a better appraisal.