Many homeowners get their property appraised periodically for different reasons. Some want to ensure that they have the right insurance coverage for maximum protection, and others may be thinking about selling the home or refinancing it in the near future. Most homeowners understandably want their property to appraise at a relatively high level. After all, this may indicate that you have more equity in the property. There may be some upgrades and renovations that you can make that could increase the property value, and these are a few excellent ideas that may be relevant to your home.
Update Your Tile
Tile can easily make a home look outdated and unstylish, and it is a relatively easy material to replace. The kitchen backsplash, tile in the bathroom and even floor tiles can all be removed and replaced with a more stylish and modern material. Some homeowners who have moderate do-it-yourself skills may even complete the work themselves to save money on this project and to potentially see a greater overall return on investment. Others may hire a skilled contractor to quickly complete this upgrading project with quality results. Remember that payday loans from places like Power Finance Texas Dallas can be used as short-term financing if you run low on cash while completing this or other home renovation projects.
Make Roof Repairs or Upgrades
The condition and age of your roof are not factors that you may normally think about when talking about property value, but the appraiser will look at the condition and age of the roof when estimating the value of your property. It may be helpful to ask a roofing inspector to visit your home and comment on the condition of the roof. Consider making any roof repairs or even a full replacement if needed. You can also obtain a roof certification verifying its remaining life, and you can pass this on to the appraiser. Remember that the roof is just one of many components that will be reviewed. Others include the plumbing fixtures, electrical wiring and outlets, HVAC system, water heater and more. Consider which of these features in your home are most in need of repair or upgrading services and devote your time and attention accordingly.
Dress Up the Exterior
Curb appeal does not directly affect property value in a considerable way, but it can influence the appraiser to value your home on either the higher or lower end of the market spectrum. In addition, if you have repair issues or deferred maintenance on the exterior, your home value may be dinged for the estimated cost of repairs. Consider taking steps to clean or repair the exterior of the home. Repainting siding that has peeling or chipped paint may also be in order in some cases.
Focus on the Floor
Because the appraiser will walk through the interior of your home during the site visit, it makes sense to focus your attention on a large surface area like the floor. In some cases, simply steam cleaning stained and smelly carpeting can make the space look brighter and well-maintained. However, if your flooring is very old, outdated or in poor condition, a full replacement may be in order. For maximum return on investment, choose an affordable, stylish material that has great appeal.
Remember that you should not expect to see a dollar for dollar increase in the value of your home in relation to the cost of the upgrades. Numerous factors will determine what percentage of the upgrade costs are reflected in the home value. However, you can communicate with the appraiser all of the recent work that was completed on the home and its cost. The appraiser may use this information positively to arrive at a higher appraised value.
