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Can I Increase My Appraised Value?

An appraisal report is considered a snapshot of a property's value at a given date in time. The market value approach is the most widely accepted method of determining how much comparable homes with similar features have actually sold for. Therefore, the appraised value of a particular property is often determined more by the sales activity of the comparable homes in the immediate area than by the individual features of a property. Quite often upgrades and features of a property that will appeal to a buyer when it comes time to sell the property are not considered in an appraisal report because these features were not available in the comparable sales. So, sometimes there is no data for the appraiser to assign value to things like curb appeal, custom colors or design details. However, there are some things that you can do to ensure that you get the maximum appraised value at the time of your inspection.

 

Perception becomes reality

 

An appraiser is a person like any other and can be influenced by their perception of things like cleanliness or clutter. If an appraiser walks into a property and their first impression is that of disarray or untidiness, they may develop a negative opinion of the property. This may then influence their judgment as they are preparing the appraisal report and are making adjustments based upon condition and quality of construction. While a sink full of dirty dishes may not have a real impact on the value of the home, it may impact the appraiser's opinion.

 

I see the light

 

Open the blinds, shutters or drapes. An open, bright and airy home will have a warmer feel and will appear larger than it is. Also, turn on all the lights in all the rooms of the home. As previously mentioned, the impression upon the appraiser is important.

 

It's the little things

 

An appraisal report has a special section where the appraiser is asked to address any deferred maintenance or repairs necessary to the property. Take the time to go through the property and repair that leaning fence post, replace that broken tile or fix that broken showerhead. A couple of hours of work may add a significant amount to the appraised value of the home.

 

Speak With A Loan Coordinator 

 

Would you prefer to speak with a Loan Coordinator over the telephone?  Please call us directly at   1-800-276-CYOL(2965) and choose option 1.  Or, click here to have one of our experienced representatives contact you directly.