Home Improvement Tips to Help Increase Your Home's Appraisal Value
Are you ready to put your home up for sale on the local market? Here are some home improvement tips that will help you increase your home's appraisal value.
Both Fulton and Franklin County have higher rates of homeownership than the Pennsylvania average. This is good news for buyers who will have tons of options to choose from!
What does it mean for sellers? It could mean that the competition is steep. If you want to raise your asking price, you'll have to make sure that the value matches the price.
Between our agents and our home improvement tips, we're certain that we can get you the deal that you're after!
Read on for our best home improvement tips that will go beyond aesthetics and raise your home's appraisal value.
What Is a Home Appraisal?
A home appraisal is an assessment of your property's value. It is conducted by a third party who is not personally invested in your financial gain—just to keep things fair! Home appraisers are hired by banks or mortgage lenders who want to know that their investments are good.
What should you expect from a home appraiser? They tend to spend thirty to forty-five minutes on a property, investigating the inside and outside. They aren't experts on specific property issues but have an overall good eye for damage and value.
Home Improvement Tips
Now that you know a little more about the home appraisal, let's go over some tips and tricks that will up your property's value!
Install Safety Equipment
Having a working smoke alarm and security system doesn't just benefit your safety and peace of mind. It makes good financial sense! Home appraisers look fondly upon a home equipped for all kinds of emergencies.
In the state of Pennslyvania, you aren't required by law to have homeowner's insurance. However, mortgage lenders often do require it. Anyone who has purchased homeowner's insurance in the past knows that you can lower your premium or deductible by installing up-to-date safety equipment!
In other words, you can ask a little more for a house that comes with lower homeowner insurance costs!
Clean Every Nook and Cranny
When was the last time you scrubbed the inside of your cupboards and fridge? Shampooed the carpet? Dusted the blind runners?
Deep cleaning won't necessarily raise your home's value but it's a cost-effective way to avoid lowering it. If a home appraiser spots a bit of water damage or a splotch of mold in the shower, they may assume that this reflects an underlying issue with the property. This is the case even if, in reality, it's just a reflection of your lax cleaning habits!
Plus, when you make things squeaky clean (and this includes the exteriors), your home looks newer. You can take years off of a property by power washing the driveway!
Do Some Digging
Find out more about other homes on the market in your area. Take a good look at both those listings that fall into your ideal selling price range and below it. What makes the difference between a $150,000 home and a $200,000 home?
Once you pinpoint those differences, you can target the improvements that will be worth your investment. Is it worth renovating the kitchen or is your money better spent building a covered carport? Should you focus on improving the interior or is quality landscaping selling this season?
Narrow down the improvements you should make before you start dropping money on renovations. The last thing you want is to make an investment in improvements only to receive a lower appraisal than you were expecting. This, unfortunately, is how some sellers end up losing money rather than making it!
Make Improvements
Once you have an idea of the competition, it's time to start making improvements. If you're lucky, no major renovations will be necessary to raise the value of your property.
In that case, focus your attention on minor improvements that modernize your space. Update light fixtures, cabinet pulls, and countertops. Find out if you can pull up the old carpeting to reveal gorgeous wood flooring. Paint any dark or brightly pigmented walls a neutral color that amplifies the natural light.
When you make a series of minor improvements, you signal to the appraiser (and potential buyer) that you are selling a move-in ready home, not a "fixer-upper."
Keep Records
Keep records of the improvements you make to your home, including receipts and time-stamped documents. If you can, track down any proof you may have of updates you made over the years that you owned your home, too.
When a home appraiser sees physical proof of your updates and renovations, they see that this is a property that has been taken care of. One of the biggest sources of damage to a property is negligence. For example, a roof with a few missing shingles or sagging beams is a lot less likely to handle a windstorm than a roof that is well maintained.
In other words, a neglected property is a bigger liability. No matter how new or old your home is, it is only as good as the condition you keep it in! Prove to the appraiser that you've worked hard to maintain your property and the value is sure to go up.
Hit Your Ideal Asking Price With Our Home Improvement Tips
If you're looking for a way to raise your home's value, consider using some of our home improvement tips. We've seen the housing market shift and change over the years but these tips always work!
To improve your odds and get your listings in front of the right buyers, work with one of our agents. We know the Fulton and Franklin County areas well and work tirelessly for our clients! Contact us today and we'll get your house market-ready.