Are you selling your home? Like any seller, you want to get the best deal and close quickly. Real estate appraisal companies can guide you in pricing your property accurately and fairly so that it doesn’t stay too long in the market. Their report can also reveal what repairs you can do to potentially increase the value of your home.
But while the appraiser plays a crucial role in assessing the value of a property, there are proactive steps you can take to enhance the likelihood of receiving a high appraisal.
- Understand how real estate appraisal firms work
Keep in mind that appraisers don’t work for you or the lender, they are a neutral third party that should not have any biases toward any involved parties.
The main objective of an appraisal company is to look at factors like the property’s location, size, and condition. In terms of condition, their primary focus is on examining the permanent features of your property—such as its foundation, roofing, walls, flooring, and other structural components. They also pay attention to the functionality and condition of the major appliances and fixtures present in your home. These may include plumbing systems, electrical systems, heating and cooling systems, as well as any built-in appliances.
- Prepare your home for an appraisal
It’s true that appraisal firms evaluate the structural aspects and fixtures of your home—not subjective elements like paint colors or furnishings.
That said, it doesn’t hurt to make your home look its best before the appraiser arrives. Clean it inside out. You can also tell the appraiser about any upgrades you have done and any features you love about the property.
Home appraisals are not just for sellers
Are you applying for a home equity loan? Then it’s in your best interest to hire reliable real estate appraisal companies to determine your property’s current market value. Lenders often ask for a new appraisal with up-to-date findings before setting the refinancing terms or loan amount.
Additionally, you can work with an appraisal company if you want to use your home as collateral to start a business or in cash. All banks require an accurate property value report before deciding on a loan amount.
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