The real estate market is a rapidly growing space that demands better and more competitive properties by the day. No one wants to get a low appraisal value for their home, and although we believe that you have done everything to prepare your home for appraisal, it may not be enough.
Our team at ExcelAppraise will happily advise you on any concerns you may have concerning your home appraisal. We are committed to helping you to address them so you can move on to a successful sale.
We have put together a list of factors that hurt a home appraisal to help you prepare your home for the appraiser’s visit. They are also tips to help you raise the value of your home to reach its fullest potential.
Factors That Hurt a Home Appraisal
One of the most significant factors that hurt a home appraisal is deferred or postponed maintenance. Homeowners who do not look into their homes’ upkeep regularly often ignore how easily a nuisance can become a costly and extensive problem.
A small leak in your roof may cost you a few hundred bucks today, but if you put it off for a long time, the rain will seep into your roof, ceiling, and drywall, making the problem a lot more expensive to fix.
You can seek the service of a home inspector to check your house for a small fee before you list it. They can point out issues you might not have noticed, such as cracked weather-stripping that allows water to seep in or incorrect grading that flows toward your house.
Poor Curb Appeal
The appearance of your house from the curb can hurt your home appraisal and determine how many showings buyers will request after seeing your listing.
It would be best if you trimmed all trees and bushes around the house to give your compound a neat, well-maintained look. You can add annual and perennial plants to an otherwise direct field of grass. Doing this will add a splash of color and vibrant energy to your garden. These plants should be easy to maintain.
Applying a fresh coat of paint in a complementary color to your home exterior will instantly revive its appeal. Flower boxes, pots, or hanging baskets can add to the style of your home. When pictures of your house land on those listing sites, buyers will be tripping over themselves to get your home.
Garage doors take up a considerable section of the front of your house, and they shouldn’t be ignored. You can replace the old ones or have a professional give them a new look. Investing in your home’s appearance will undoubtedly increase your home’s appraisal value.
Style your front porch by adding a few elegant but straightforward chairs or benches and colorful throw pillows that match your garden’s mood. A table structure will help complete a nice sitting area outside. The key is to transform your house into a warm and beautiful home without overdoing it because that might hurt your home’s value.
Dated or Undesirable Finishes
Upgrading worn-out materials, finishes, and surfaces should be a regular practice for any homeowner. Failure to do this is among the main factors that hurt a home appraisal. Even buyers who prefer older homes like to see a well-maintained house with touches that keep up with current times.
Do not, however, go on a rampage for trendy designs. Choosing finishes that cater to selective tastes may lower your home appraisal value. Improve your house with standard materials but avoid over-improvement because you will not recoup your costs when you sell.
An appraiser will note a particular value for high-end kitchen appliances and quartz countertops. Still, if you have undesirable finishes or appliances, the buyers’ interest is bound to drop.
Outdated Bathrooms and Kitchen Area
These two intimate rooms tend to hurt a home appraisal most times, but if you want to add value to your home, this is where you can bring to life all your creativity and sense of style.
Liven things up by getting your cabinets redone and replacing outdated light fixtures, pulls, and countertops. Replacing old appliances with energy-efficient ones and doing away with your sink and faucet for a more current make might do wonders for your home.
Bathroom cabinets only need a coat of paint to perk them up unless they are faulty, in which case they will need to be repaired. You can give a new look to your plain bathroom mirror by remodeling it to a unique and stylish shape or design. A bright shower curtain will add both style and color to an otherwise dull bathroom. Replace clogged shower-heads, replace broken toilet seats, and update everything that isn’t in perfect condition.
Overlooking Needed Repairs
Being upfront with your appraiser about any necessary repairs that haven’t been completed will ensure that your appraisal goes smoothly. You must give the appraiser an estimate for the required repairs to include that cost in their calculations.
It may seem like a bad idea, but withholding such information or letting the appraiser use available figures for such repairs will throw off the value of your home. This may ultimately hurt its appraisal value.
Boring and Unpleasant Interior
It goes without saying; your home’s interior will help or hurt your appraisal if you let it: Declutter and clean every room and closet in the house. Your goal is to show your home’s best features and attributes. Pack away any personal items like family photos that may be distracting. Hiring a professional organizer may help you get things done faster and easier.
Paint your interior in neutral colors because these have been proven to appeal to more home-buyers. Invest in some new trendy and colorful curtains to add a modern look to your space. Clean any dirty slats and replace broken ones.
Adding a mirror at the end of a hallway or on a large living room wall will create a sense of space and openness and add depth and interest to your living space.
Small and Poorly Lit Bedrooms and Laundry Room
Repainting your bedrooms and putting everything in order will transform them into bright, spacious rooms. Replace dark curtains with brightly colored ones and incorporate an efficient organization system for your bedroom closets to have more space. Mirrors are perfect for making rooms look more spacious, and you can put them in small bedrooms for that effect. This style works best if the mirror is placed in a corner.
The laundry room is often smaller than other rooms in the house and painting the walls a bright stark-white or a soft black will make it appear larger than it is. You can use storage bins and shelves to avoid clutter.
No Outdoor Living Space
Building an outdoor living space is an investment. You can work with a landscaping company or even look for DIY videos to help you create a customized outdoor area. Features like outdoor kitchens, decks, and pergolas significantly add to a home’s value and should be given a serious thought.
Suppose you already have an outdoor space set up. In that case, you can revamp it by re-furnishing your deck or repairing an uneven patio. Buyers love homes with space to relax and entertain outdoors.
Other Comparable Sales in the Area
An appraiser will look at comparable sales in your area to help them determine the value of your home. This factor is well out of your hands. All one can do is trust their real estate agent to show you records of these comparable properties to justify their valuation.
Homes are mostly compared in terms of square footage, so the comparable homes related to yours will have the same or slightly different square footage. The home model from the same builder, quality of construction, and the availability and proximity of amenities are also considered.
Comparable sales, commonly known as comps, are among many factors that hurt a home appraisal. Improving your home and familiarizing yourself with factors that help a home appraisal can help you attain the highest possible appraisal value for your home.
Other Factors That Hurt A Home Appraisal
Additional factors that hurt a home appraisal, such as your home’s location and market conditions, inevitably affect your home’s value. Still, they are well out of your control.
Hiring an inexperienced appraiser or one without proper knowledge of the local market is also one factor that hurt a home appraisal. Our highly trained appraisers at ExcelAppraise are well experienced and second to none for home appraisals in Utah, with credentials and referrals to back it up.
Talk to Our Appraisers at ExcelAppraise
A home appraisal does not have to be a source of stress and anxiety for you. Whether you think that your home is flawless or needs repairs here and there to restore it to its former glory, ExcelAppraise is the team for the job. Reach out to our appraisers and watch us give you the most accurate and unbiased value for your home if you are selling or looking to buy. Call us at 1-801-882-2292 or request a free quote today!