Many of the clients we’ve helped buy homes in the past few years are in the process of refinancing, and some are trying to get off private mortgage insurance, and they all want to know how to increase the appraisal value of their homes. There are a few things you should do that I always complete for my listings when trying to maximize their value:
1. Make a list of all the upgrades you’ve done. Also include the costs associated with them so the appraiser can factor those into the value. The appraiser will either say your house is less upgraded (average condition) or more upgraded than comparable properties.
2. Provide relevant sales. That’s where real estate agents step in; we can find comparable homes that sold in the area at higher price points. These are good to provide the appraiser with because they will hopefully take those homes into account.
3. Deliver a great experience to the appraiser. Yes, they’re coming to your house to do a service, but the better their experience, the more likely you are to get a higher appraised value. Ensure your home is tidy, and when making an appointment, try to schedule one for as soon as possible. Save them a good spot to park in, such as space in the driveway, give them a bottle of water, and ask how their day is going. Building a bit of a relationship with the appraiser can only help you. An appraisal is only one person’s opinion of value, so if their experience is positive, the appraisal tends to be higher.
If you have any questions about appraised values or real estate in general, feel free to reach out via phone or email. I look forward to being your real estate resource.