Home appraisals are a necessary step in the resale of your investment property. Many houses have a lower value today than they may have had a year ago. Utilizing InvestorComps to look through real estate comps can give you a realistic view of what your property should appraise for.
Below are some great tips to make your property appraisal ready:
- Get your property ready for the inspection phase of the appraisal: Exterior photos of the front and rear of the home will be taken and a photo of the street in front of the property; measurements of the exterior of the home, garage
andany outbuildings; a walk-through inspection of all rooms and levels of the interior of the home will be preformed, including the basement.
- Have a copy of your home’s blueprint to help verify measurements and lot size.
- Provide a list of improvements made to the property since the purchase. Improvements that should be noted include adding a pool, patio, any updating
andany room additions, etc.
- Allow your appraiser access to the entire property, including access to any crawl space or attic areas.
- Though most appraisers will say that the general cleanliness of the property doesn’t affect value. Keep in mind that a clean home makes a good impression. Be sure to trim the lawn, clean the pool and garage, repair cracked windows or torn screens, or any other repairs before your appraisal.
- Point out any amenities that may not be obvious to the appraiser: sprinkler systems, patios, pools, security systems,
built invacuum, etc.
- Provide a copy of last year’s tax assessment information.
- Know what year the house was built and when improvements were made.
- The first thing appraisers look for is comparables, InvestorComps will assist you to be prepared and have a list of recent sales of similar properties in the immediate neighborhood.
Following these simple tips will ensure a favorable home appraisal and thus, giving you the opportunity to get the most of your property investment.