For most homeowners, they feel as if their home is worth far more than the appraised value, whether due to sentimental reasons, time consuming upgrades, the list goes on. Unfortunately, despite what you may think your homes true value is, an appraisal is the only way to get a hard and accurate number of what your home is truly worth.
When it comes time to sell your home, achieving a profitable sale is one of the main goals, which is why you want to make sure that the appraised value of your home comes back high, thus resulting in a higher sale price and ultimately more cash in your pocket. If the protentional buyers are using any type of bank financing to the purchase the property, then the bank will require an appraisal to be completed to ensure they aren’t lending the borrower a home loan that is too high for the involved property. Because appraisals are required, many sellers choose to try and boost their appraised value prior to listing their home on the market.
Boosting Your Appraised Value
Home Renovations – Home renovations are one of the most common ways you can boost the value of your home, however it’s important to note that not all renovations will result in increased value, and some will cost more than they may be “worth.” The two main areas an appraiser will look at when it comes to home renovations and upgrades are the kitchen and the bathrooms. These are focal points of homes and often areas that can greatly boost or decrease the appraised value of a home making them great areas to focus on when it comes to boosting the value of your home. It’s also important to note that not all renovations fit today’s buyer’s style. Do some research to see what the current trends are for bathrooms and kitchens and upgrade your space accordingly.
Curb Appeal – Simply pulling a few weeds isn’t going to boost the value of your home, however, a major yard renovation can help extend your living space outdoors. Things such as a self-sustaining landscape thanks to irrigation systems, natural landscaping that fits your specific areas eco-system, well-established gardens, outdoor living spaces complete with seating, coverage from the weather, fire pits, etc. are all great ways you can boost the value, and appeal of your home.
Documentation – Documenting any home upgrades you’ve made over the year is a great way to protect, or in many cases, boost your home’s value. Even documentation for maintenance is crucial when it comes to protecting your home’s value and boosting your appraised value. Receipts and invoices for regular maintenance to your HVAC systems, chimney sweeps, roof repairs and replacements, replacing air filters, smoke/carbon monoxide detector replacements, major renovation costs, new carpets and flooring, etc.
When it comes to boosting the appraised value of your home, make sure to set realistic expectations, and take your time doing any upgrades and renovations. A rushed renovation can often lead to less-than ideal finishes, which can ultimately lower the value of your home vs. boost it. Another great way to boost the value of your home is to order a pre-listing inspection and appraisal before you put your home on the market. This provides you with a transparent look at what improvements your home needs, allowing you to decide what renovations and improvements make the most financial sense, are the most needed, or will provide the best return on investment (ROI).
If you’re ready to put your home on the market or are searching for a new place in the Sunset Beach area to call home, contact our team of local experts today to start making all of your real estate dreams a reality!