What is an appraisal and why are they important? An appraisal is an assessment of the general condition of your home used to help determine the market value of your property. In order for a lender to provide a loan on your property, they must know the market value.
Here are some tips to ensure your property is appraised at the highest possible value:
・Clean up: Stage your home as you would for a sale, clean and declutter, vacuum and dust and if you can, consider adding a fresh coat of paint.
・Curb appeal: First impressions are important for an appraisal. Spend some time to ensure that the entrance to your home is clean and welcoming. Mow your lawn, water your plants and weed any walkways.
・Visibility: The appraiser must be allowed to see every room in your home, with no exceptions. If there are any issues with any spaces in your home, take care of them in advance to give the appraiser full access.
・Tenants: If there are tenants in your home, ensure you give them an appropriate amount of notice to ensure full access for the appraiser, including closets and garages.
・Upgrades: Inform the appraiser of any recent upgrades that you have done to the property, such as electrical, flooring or appliances.
・Neighbourhood: Do some research into the valuations of other properties in your area so you have a ballpark idea of what to expect, and some room to negotiate should your appraisal come in below what you were hoping for.
・Be polite: This may seem obvious, but be polite to your appraiser. Do not follow them around the house while they are doing their assessment, and save your comments and questions for when they have completed their review. This is also a good time to provide them with the list of upgrades and repairs you have recently done.
Hopefully this list has eased your mind about your upcoming appraisal, and prepared you for your next steps in the mortgage process. Good luck!
