When you refinance your home, or even when you are switching mortgage lenders and your mortgage is uninsured, the mortgage lender will require an appraisal on the property to confirm your property’s current value.
Your home is one of your largest assets so of course you want it to appraise high within your current market.
The three main contributors to your homes value are size, condition and location- within the existing market. While you can’t change the size or location, you can improve the value of your home by showing pride of ownership.
Here are a few tips you can do to help improve your homes value and some tips to have a successful appraisal.
Show Pride of Ownership
- Clean Up- Make the inside of your home as presentable as possible. Tidy up, clean up, draw back your curtains and blinds, open windows and let fresh air in, and repair anything noticeably broken or in need of repair. Think of presenting your home as you would to a potential buyer while selling for the highest possible price point.
- Curb appeal- Trim your hedges and low hanging trees, mow and rake your lawn, or shovel snow off driveway and all walkways around your property if in winter, repair anything noticeably broken, remove any trailers or vehicles that would take away from your curb appeal, remove any garbage/recyclables, etc. that are not in proper bins, clean your windows, and if you have peeling paint- address this with a fresh coat. Here are some more tips on curb appeal- curb appeal ideas for all budgets
Make sure appraiser has access to your property, inside and out
- The appraiser will be taking photos of the inside and outside of your property and they will be needing access to every room and your yard. If you have a storage room, make sure its tidy and not covering any features of the room especially if its a bedroom that can be added value to your property.
- Lock up your pets! You want your appraiser to feel comfortable in the home and even if your pet is not aggressive, you can’t assume your appraiser is comfortable with them .
Give them space, but be sure to present highlights that makes your property stand out
- Don’t follow the appraiser around, distracting them from doing their job. Every lender will have specific requirements and they have a lot to cover to make sure you let them do what they do best.
- Do share with the appraiser a list of some upgrades, especially ones not visible such as plumbing, electrical, or insulation.
- Know your neighbourhood! If there are features in your home that stand out from ones that were recently sold on the market- point them out to the appraiser and let them know why you feel it is added value.
Let the appraiser do her or his work but be present for them to ask any questions, and if you have any questions do address them before the appraiser leaves.