If you’re preparing for a refinance application or are considering selling your home, its appraisal value can be the critical factor in helping you move forward. Knowing how to increase the value of your house can help you get the refinancing you need to pay off debt, switch to a fixed-rate loan or stop having to pay for FHA mortgage insurance. The right adjustments can also help you get a better price when you sell.
Whatever your goals, keep some practical tips in mind for optimizing your property’s value before you take your next steps.
1. Evaluate Past Appraisals
One way to quickly identify things that increase appraisal value is to learn from the past. Take a look at previous assessments and pay attention to what may have decreased your home’s value. If you can proactively address those issues, you’ll have a great starting point to increasing your property value this time around.
Reviewing past appraisals can also help you identify what factors appraisers are looking for in your home. Once you know what improvements you can focus on making, you’ll be able to showcase your property’s features better.
2. Enhance Curb Appeal
Whether it’s freshly painting walls, fixing the roof or doing some landscaping around the yard, some quick home improvement projects can do a lot to increase your home’s value. If you have a fence around your yard that’s starting to look a little shaky, make some repairs and add a fresh coat of paint. If the front yard looks a bit neglected, do some planting and simple landscaping to improve its overall appearance.
Creating the best first impression for your home can help an appraiser recognize its value from the beginning.
3. Update Appliances
If the bathrooms or kitchen could use some newer appliances, consider investing in a new sink, remodeling your shower or installing upgraded light fixtures. Updating your appliances with modern safety features and operational benefits can enhance the overall value of your home and make it more appealing to prospective buyers.
4. Keep Records of Your Improvements
Take before and after photos and keep track of the changes you’re making in your home. If you replaced the roof recently or remodeled the kitchen, make sure to point those improvements out during the appraisal. You want to be able to demonstrate that you’ve invested in your home and taken excellent care of it during your years of ownership. The changes you’ve made provide tangible evidence to increase your home value for appraisal.
5. See How Your Home Compares
When you’re considering how to increase the value of your home appraisal, make sure you look at other homes in the region. Research the market values of neighboring properties and find out how your home compares. If you could add features to your home to meet local market standards, try doing so. You can also consider enhancing your home with upgrades that other homes in your area don’t have to help it stand out.
6. Stage Your Space
One simple step you can take to get a higher appraisal is to show you’re taking excellent care of your home. Organize clutter, make sure there aren’t any dirty dishes in the sink, polish the floors and give the house a thorough cleaning. Touching up the house and making sure it looks its best will give a good impression and help showcase key features.
7. Collect Key Documents
To help your appraiser understand the value of your home, keep the critical documentation on hand. You can gather proof of the home’s most recent sale price, survey records confirming the size of the property and a history of any upgrades you’ve made to the house.
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