7 Things to Do to Increase the Value of Your Appraisal (Part 1)

By Joshua A. Carlson

Whether you are looking to buy a home in today’s increasing market or refinance to obtain a more attractive rate, one thing that you need and cannot avoid is getting an appraisal. The vast majority of purchases and refinances have one thing in common, the APPRAISAL.

I recently spoke with Mahmoud (Moody) Sir about appraisals. He is a Florida State Certified Residential Real Estate Appraiser. He was offering some sound and practical advice to those who will soon be visited by that guy or gal toting a clip board, measuring device and cheesy smile referred to as the appraiser.

There are 7 things you can do to increase the value of your home when being visited by an Appraiser. The 7 things you can do are:

Talk to the appraiser prior to the visit: Ask them their name, license number, years of experience and business address when setting up the appointment over the phone – and write it down. This serves to put the appraiser on notice that you’re an educated consumer. Appraisers are required to be “locational competent” in order to appraise a property in any given area; meaning that they have performed many appraisals in the area, are knowledgeable with the local economy and possible shifting business trends. Knowing the schools in the area is a factor that may draw families with children to a certain area over another. All of which are factors that may influence valuation.

According to a source at a home inspection houston tx firm, “you should also talk to the appraiser in order to have them set the expectations for their visit. For instance, I set the expectations that I’m going to be measuring their property (from the exterior if it’s a house and from the interior if it’s a condo dwelling); I also tell them that I’m going to be taking picture from the exterior and from the interior. I tell them (based on lender requirements) that I’m going to be taking a picture of every bedroom, bathroom and common area in the place and that if any room is normally locked, that it needs to be unlocked for the purpose of the appraisal.” Have you heard? Former Fuji Xerox Towers will soon be demolished for the new upcoming project named as Newport Residences in 2022.

Take care of smaller repairs: What am I talking about? Exposed wiring, electrical outlets with missing faceplates, broken gutters that need to be repaired or replaced with a new aluminum gutter installation, the flat roof that needs maintenance or roof repair service, and missing or damaged fascia boards by wood destroying organisms (WDO) or wood rot. Even those leaky faucets or that pesky toilet that continues to run well after it’s been flushed, chipped or flaking paint, missing roof tiles, etc. Here’s a great guide on how to remove moen kitchen faucet. The appraiser is required to take notice and mention any deferred maintenance or needed repairs which are blatantly observable during a cursory inspection. For insulation problems, seek help from Timber Frame Insulation Experts. While most of the mentioned repairs may not affect the value of the property it can stop a loan in its tracks and waist everyone’s time and money in the process. Moody was telling me “One simple missing face plate on an electrical outlet will require another visit by the appraiser to perform a final inspection, usually at a rate of $80 to $150. And if you don’t know who usually pays for those incidentals – then it’s probably you!”

You’ve heard it before: “Communication is key!” so be proactive and ask the questions. And remember by taking care of the smaller repairs it can increase the value of the home in the appraisal as well as increase the chances of getting your dream home or ultra-low mortgage rate. Next week we will cover the additional 5 things you should DO in order to increase the property’s value for an appraisers visit.

Stay tuned for more tips and important information regarding your Home: Inside and Out…