Six Strategies That Can Help Your Home Get a High Appraisal
If you are selling your home, then you want it to be appraised at the highest possible value so that you can make the biggest profit on the sale. As a financial planner, when clients come to see me for a mortgage approval their primary concern is always about selling their home at the best price in order to find a bigger and better home with the profits.
Home buyers always want to buy their home at the lowest price and sellers always want to sell their home at the absolute highest price. If you want to get a high appraisal on your home, then you need to think about your home as an investment. Even if you aren't in the real estate business, the purchase of a property is always an investment.
Increase the value of your home with these smart strategies:
Plan strategic upgrades on your home. Upgrades to your home can often increase the value above and beyond the cost of the renovations. Simple changes such as energy efficient appliances in the kitchen or new bathroom fixtures can help increase the likability and the value of your home. Buyers love anything that is energy efficient because it helps them save money.
Rearrange your home's layout. The value of your home is based on many factors, including the aesthetics and look of both the inside and outside, the age of your home, the upgrades, and how functional the layout is for potential buyers. If you live in a family neighborhood, then one large master bedroom and a smaller office space just won't do. Think about other homes in your neighborhood: are they three bedroom, two bathroom homes? Then yours should be, too.
Find an experienced appraiser. This is absolutely a major advantage when getting the highest possible appraisal for your home. If you hire a new appraiser who doesn't really know the neighborhood or who doesn't know the true value of your home then you may end up with a lower appraisal.
A little bit of paint can go a long way. If you don't have the money to invest in major renovations or energy efficient upgrades to your home, then just make it look good. Steam cleaning the carpets, putting on a fresh coat of paint, and making the rooms as bright as possible with natural light are all great ways to improve the value of your home and get a high appraisal. You'd be surprised how much of a difference paint and clean carpets make in a room.
Think about curb appeal. When buyers see the outside of your home, they have to want to see more. Think of your front yard as your resume that gets you the interview and the inside of your home is the interview that gets you the job. If the outside of your home isn't pretty than no one is coming in and making an offer to buy.
Think about where you want to be in the house. If you want a high appraisal on your home then upgrade and improve the rooms where people spend a lot of time - the kitchen and the bathroom. Any home renovation show will tell you that the kitchen is your main selling point with the bathroom coming in a very close second.
Whether you choose to go big or play it safe, every small update counts and will result in increased value to a potential buyer. However, be strategic in your choice of updates, considering both your wallet and potential payoff. Even if you think an update might be awesome, the final verdict rests with your potential buyer.