Home appraisals are a necessary part of any house loan process, whether for a purchase, refinance or home equity loan. Ensuring your home gets the highest possible evaluation value is vital. A high evaluation value can spare you on mortgage insurance, net you more money in a refinance or subtract a sale. Though many remodels net just a percentage of what you spend on these, there are easy things which you can do to increase your evaluation value.
Clean the house completely from top to bottom, repaint walls in neutral colours and paint the trim white. Warm beiges like wheat or sand or a creamy off-white with white trim are appealing, yet allow the trim work pop. A clean house looks, feels and smells better, and will produce a positive impression on the appraiser.
Complete all the minor repairs which place things back in working order. Leaky faucets, holes in walls, broken caulk, broken hinges and other signs of tear and wear indicate that a home isn’t well maintained. If cosmetic issues have gone awry, the appraiser will presume that you have left larger repairs undone too.
Replace dated lighting fittings, kitchen and bathroom hardware, countertops and kitchen appliances. Updating these items with something new and present can make your house look like brand new.
Have all significant components and systems, such as air and heating, roof and septic system, serviced and repaired as required. Make sure you store the receipts to show the appraiser.
Clear out all overgrown landscaping, freshen up mulch and plant a few flowers or shrubs to make a huge impact outdoors. Freshly painted trim, brand new door hardware and a blank driveway also greatly improve curb appeal.
Undertake minor renovations at the kitchen or baths, if they are in bad condition or seem old, using simple materials and neutral colours. Refacing cabinets, putting in a new backsplash, replacing countertops and putting down new floors nets you a greater yield than a remodel.
Add more open living space. Expanding a living room, adding a family room to the house, enlarging the master suite and creating an eat-in kitchen are all valuable improvements. Be certain the addition flows with the rest of the home and is useable.