The home appraisal involves having a licensed professional assess the property to determine its fair market value. If you’re selling your home, the appraisal can affect how much money you’ll be able to get for the property. If you’re buying a home, the appraisal can protect you from overpaying.
Here are some tips on how to prep for a home appraisal.
Tips for Buyers
If you’re looking to buy a home, these are some ways you can get ready for the appraisal:
- Confirm that the lender chose a qualified appraiser. It’s in your best interest to make sure that your mortgage lender chooses an appraiser who is qualified. Check that the appraiser is licensed in your state and isn’t affiliated with the lender.
- Be present for the appraisal. By attending the appraisal, you can get a closer look at the factors that contribute to the home’s value.
- Research current market conditions. Take a look at what similar homes in the area are selling for to confirm the appraisal’s results. Having this info can help if you need to dispute the appraisal.
Tips for Sellers
If you’re planning to sell your home, here are some ways to prepare for an appraisal:
- Make repairs or updates. Whether it means replacing dated or dysfunctional appliances or updating the entire kitchen, improvements can boost a home’s appraised value. Be sure to show proof of any upgrades to the appraiser.
- Research market conditions. Check out recent sales of nearby homes to get an idea of what your home’s appraised value might be.
- Boost your curb appeal. Have the lawn mowed and the trees trimmed, and slap a new coat of paint on the house if it needs it. Improving the curb appeal of your home can help boost its value.
- Declutter the house. Tidy up the home and make sure things are where they belong.
- Clean thoroughly. A deep clean of the house can make it shine, especially if you’ve been living there for a while.
Here are answers to some frequently asked questions about how to prepare for an appraisal.