Home appraisal is one of the most important aspects of refinancing your mortgage loan. Setting an official estimate of your home’s overall worth can make all the difference in getting your long sought-after refi approved at the lowest rate possible.
So what’s the best way to making sure your home appraisal comes in as high as possible? We’ve got the top 4 tips you need, right here:
- Make sure you do your homework. Before you get the appraisal process started, do some of your own research into the current trends in the real estate market; specifically, recent sales of homes like your own in and around your community. Look into their sales prices, amenities, square footage, and put together a dossier on everything you find as proof that your home should be priced accordingly to your appraiser.
- Sell them on your home. No, I don’t mean do all the work of selling your home yourself. I’m saying you’ll want to be present at the appraisal itself so you can take the opportunity to talk up some of the features of your home an outside observer might miss on their look-see. Got oversized closets, a larger-than-average Jacuzzi bathtub, or a recently remodeled kitchen that offers a much nicer view of the backyard? Let your appraiser know!
- Fix ‘er up! Have any home repairs that need attending to? Now’s the time to get to them! Dents in the walls, chipped or peeling paint, broken fixtures and burnt bulbs all need to be replaced and given a fresh coat of paint before the appraiser come a-knockin’. So if you’ve been putting off home improvement projects cuz you just can’t think of a reason to improve where you hang your hat, THIS IS THAT REASON! People talk about spending money to make money for a reason.
- Call in the pros. If you’re feeling a little overwhelmed at all the work that goes into home loan appraisal, consider calling in a professional that specializes in presenting homes for appraisal. Many of them are well-versed on the ins-and-outs of appraisals, and can help you get the best deals for as little extra cost as possible – especially when it comes to maintenance and home presentation, making your house look like the best on the block.