Checklist for the Home Appraisal Process
Having your home appraised is a great step that can bring a variety of benefits, even if you’re not ready to sell it just yet. After all, knowing the value of your home can help you get approved for refinancing, allows you to divide assets fairly, and enables you to calculate property gains. That said, you need to put together a home appraisal checklist to ensure that your valuation is smooth and accurate to guarantee the best results.
Simply put, a home appraisal or valuation is the process of determining how much a piece of property is worth. Homeowners that hire a property appraiser receive a legal document to back up the value of their homes. Now, this doesn’t guarantee that you’ll get offered the asking price, but it significantly increases your chances of engaging and swaying potential buyers.
There are many steps that property owners can take to improve the appraisal process results. This is why it’s crucial to create and go through an appraisal inspection checklist that contains different elements and aspects you need to consider before as well as during the valuation process.
In this article, we’ll go over the different elements that you should include in your appraisal preparation checklist.
What Should I Do to Prepare for My Home’s Appraisal?
You probably performed a deep clean and made sure that your home looked as good as possible when you first put it on the market. As with preparation for your home’s appraisal, you’ll have to follow a similar process, including a few more steps.
The goal of preparing for the home appraisal is to increase the property value as much as possible. As you probably know already, the appearance of your home is essential.
The appraiser will also consider functional elements when determining the value of your home. Moreover, valuations also include variables outside of your control, like your neighborhood and local schools, so you need to do everything to make the best possible impression.
We’ll share the specific elements that your house appraisal checklist should include in the next section. But it’s important to understand that the appraiser should have full access to all areas of your home on the day of the valuation. This refers to all rooms and the entire perimeter of the house and its external walls.
Finally, appraisers perform the valuation process in two different steps, which are the property inspection and the local market comparison. So, you should plan and prepare for the actual inspection, although you won’t receive your appraisal until the market comparison has been completed.
Checklist for Home Appraisal
Now, it’s time to go over the essential elements that your house appraisal checklist needs to include. We’ve categorized these into six groups, but remember that all properties are different. Therefore, you should analyze each category and assess each group to determine what exact elements your list should contain.
1. Property Details
The first and perhaps most important thing you need to collect is information about the property itself. This includes the plot blueprint or survey, property deed, prior home inspection reports, homeowners association documents including fees, data about non-permitted additions, and similar details.
2. Information About the Neighbourhood
Next, you should create a list of neighborhood features for your appraiser. It’s important to note that the evaluator will likely verify the information you provide because it’s an industry practice. The goal of creating this list is to assist the appraiser and help highlight all elements that may seem relevant to buyers.
Here, you should collect data like close-by amenities, schools, shopping centers, access points to public transport, and the location of parks as well as green spaces.
3. Interior Maintenance
Interior maintenance is one of the key parts of your valuation checklist because this factor can directly influence the price of your home.
As part of your interior appraisal preparation checklist, make sure to repaint areas with peeling paint, clean the property, repair or replace fixed elements, replace outdated electric fixtures, and take care of repairs like loose floorboards as well as broken blinds.
4. Additional Home Features
Properties often include smoke detectors, carbon monoxide detectors, HVAC systems, security systems, and similar appliances. You should test each of these and make any appropriate repairs before your appraiser inspects your home.
5. Repairs and Upgrades
Repairs and upgrades cost a significant amount of money, so include these as well in your appraisal checklist. The appraiser you hire should know how much value each repair or improvement adds to your property. This way, the professional will be able to adjust the price of your home accordingly.
Some of the repairs you should perform include:
- Fixing leaks and subsequent water damage
- Tightening hinges on doors and windows
- Repairing cracks on the wall
- Replacing damaged flooring
- Cover or repair any holes in the walls
6. Exterior Maintenance
The interior of your home requires a huge amount of attention, but remember that the exterior of your property is also essential. Because of this, your exterior appraisal checklist should include elements like tidying the garden, removing clutter and ensuring that there are no pests or potential for them. Depending on the property type, you may also need to replace broken gutters, update exterior fixtures, and remove outdated decor.
Get Advice from an Experienced Real Estate Agent
Preparing your home for an appraisal is not always easy, especially if you don’t have prior experience. The good news is that real estate professionals like the agents at Justo can help you understand the different elements and ensure that your valuation goes as well as possible.
If you want to learn more about working with Justo, get in touch with us today and our team will be glad to help.