6 Factors that Determine Your Home’s Appraisal Value

Knowing the true market of your house is important for several reasons. You can use this info to brag around but more importantly, you will know how much to ask when selling the house. Of course, you will depend upon the funds available to potential buyers but they cannot disregard the following 6 factors that are going to determine the value of your home that you have so much to elaborately decorate.

Hiring a professional appraiser

Precisely because there is a myriad of factors that influence the final appraisal of your property, it is hard to make an exact guess. You and other buyers and sellers are inexperienced at this but there is someone who isn’t. Professional appraisers combine economics and real estate knowledge to give the most accurate appraisal. They rely on several factors to determine the value of a given real estate but their experience is the biggest service you pay them for.

Time for the improvements to pay off

A plain, single-story white picket fence house is the worst possible scenario when it comes to market value. What buyers want are décor solutions and home improvements such a deck, a backyard swimming pool, a garden, etc. Most of these improvements (except the pool, of course) aren’t too costly to install but they increase the property’s value when the time to sell comes. For instance, a vegetable garden you have been working in on and off several seasons back had the potential to increase the value of your property by several thousands of dollars, depending on its size.

Location sells

Speaking of the property, its location is another crucial appraisal factor. It is not all the same whether you live in the country or in an urban settlement. Even when it comes to big cities, prices may vary significantly depending on the neighborhood your house or apartment is located in. Crime rate or the nearest school/hospital makes the location an important factor. If the area surrounding your real estate is desolate and it doesn’t have access to basic services, then you cannot expect it to reach high market value.

Having the home inspected prior to the sale

The thing that interest future owners is the amount of money they will have to invest in the newly acquired property. However, you should let other people what is wrong with your house. They might be dishonest in an attempt to depreciate the house. That is why a pre sale building inspection is not a bad idea at all. Have licensed builders come over to conduct a thorough building inspection. They will come up with an approximate figure of how much it will take to repair all the flaws of the structure. This way, you will not get swindled out of your money by fraudulent buyers or real estate agents.

Increasing curb appeal

You are aware by now of the power of greenery but a backyard garden should not be the only green corner on your property. Increasing curb appeal should really be one of the priorities once the house goes up for sale. As they approach the house and pull up the driveway, the front façade will be the first thing prospective buyers see. That’s why a good first impression is essential and it can bring in a lot of extra cash. Plant shrubs, repaint the front door and place some lamp posts along pathways to boost your curb appeal.

A look into your neighbor’s yard

Once you’re dome redecorating your own yard, it is time to cast a look into your neighbor’s backyard. Well, not literally but in terms of finances. You should search for comparable properties that are similar to your home and that are relatively nearby, i.e. in the same neighborhood.

Search the listings of local realtors too what prices are other people in your area asking for and ask realtors how much are they actually getting. This is one of the best indicators of the asking price you should set. You should start to closely monitor the market several months before you list the house in order to be able to follow the fluctuations of property value.

We hope that you realize by now that you are not entirely powerless when it comes to raising the value of your property. If you decorate the house or the apartment in the right way, then the appraisal will go in your favor. Of course, this doesn’t mean that your home will sell for the desired asking price but you will have an advantage over the market anyhow.