When selling your house, or when potentially purchasing a house, you will likely require home appraisal services.
A home appraisal contingency will probably come up at some point, whether you’re buying or selling a house. The procedure can be nerve-wracking, but understanding what to expect from a house appraisal can help soothe those nerves. Knowing what to do to prepare for the home appraisal will help calm your nerves as well.
We know there is a lot to be learned, which is why we’ve prepared this guide for you.
What are Home Appraisal Services?
A home appraisal is a process where a licensed appraiser inspects a property to determine its true value. This is not always the same as the home’s listing price. The report will include all the findings and will be used to calculate the home’s value.
With home appraisal services in Maryland, the lender usually orders the appraisal if a buyer is financing the purchase with a loan. This ensures that the lender does not lend more than the property is worth. Lenders may require buyers to include an appraisal clause in their offers.
How do Home Appraisals around West Virginia Work?
A licensed appraiser inspects the property during a home appraisal.
The property’s worth will be assessed by an appraiser who will consider all relevant factors. These include the property’s condition, any improvements or additions made, its size, and “comps,” which are properties that have recently been sold in a similar market.
5 Improvements That Will Raise A Home’s Appraisal Value
1. Fresh paint
A fresh coat of paint can instantly make an older home look 10 years younger. Be sure to keep the paint color a neutral color, you don’t know the style, or preference of the potential buyer.
A HomeLight survey revealed that while the average cost to do this is $3,000, it can add $7,571 to your home’s resale value, which will result in a 152% ROI. Professional painters can also repair minor damage to your siding while scaling up your home. They will nail down any warped wood and caulk any cracks or gaps.
2. Remodel your front porch and door
When visiting a house, prospective buyers and appraisers first see the front door and porch.
Agents estimate that from pre-pandemic times to the present, the dollar value of a front porch has climbed 61 percent, from $3,526 to $5,686, according to a recent HomeLight poll.
3. Refresh your walls
Repair any damaged trim, fill in any nail holes or tack marks, and touch up any paint. Even though they are purely cosmetic, they can make a big difference in how potential buyers and appraisers view a home’s worth.
4. Minor repairs
Now is the time for tightening any loose railings or leaky faucets. These simple fixes can save you money and prevent any value reductions.
5. Verify that everything works
To ensure everything works as it should, power on every switch and appliance. HVAC systems are particularly crucial because they are essential for livability. You should fix anything broken.
Home Appraisal Services Conclusion
You will have the highest likelihood an appraiser will place the greatest value on your property if you know how the home appraisal process functions. Purchase and refinance appraisals are human processes with room for subjectivity and errors, so they do not often ring in at the values the borrowers wish for. You can appeal a low appraisal, but you won’t be successful unless you have compelling evidence to support your position. Here at Appalachian Appraisal, we do second opinion appraisals.
If you’re looking for professional home appraisal services, connect with Appalachian Appraisal Services today!