When it comes to refinancing or selling your home, you may need to invest in a real estate appraisal. The value of your home is determined by an independent appraiser, so it's important that you do everything possible to help the appraiser come up with the highest possible value. One simple way you can help increase your home's real estate appraisal is to create an information packet.
Here are two things to include in the packet that will help an appraiser see the true value of your home.
1. MLS listings for comparable homes sold in your area.
When it comes to real estate, it's often said that location is important. To determine how much value your home's location provides, an appraiser will likely compare your home against homes that have recently sold in your area.
Comparable properties, which are homes sold within a one mile radius of your own home, give the appraiser an idea of what people are willing to pay to live in your area. Have your real estate agent print off MLS listings for each comparable home, and include these in your information packet.
It can also be helpful to list any mitigating factors that might have influenced the purchase price. For example, if you know a neighbor had to take a job in a new city and needed to sell their home quickly, let the appraiser know that the home might have been sold for less than full market value. This type of information lets the appraiser assign the highest possible value to your home.
2. Contact information for contractors who have worked on home improvement projects.
Most people know that home improvements can add value to a home, but few homeowners realize how important it is to document these projects for an appraiser. When creating an information packet for your appraiser, include the contact information for each contractor that has worked on a home improvement project on your property.
If the appraiser has questions about the quality of the work performed, or wants to know about any unforeseen problems that were repaired, they will be able to contact the contractor directly. Access to detailed information regarding home improvements allows an appraiser to assign an accurate value to your property.
When it comes to obtaining a real estate appraisal, creating an information packet can be a simple way for you to ensure an appraiser values your home as high as possible. Contact a company like Shaske & Zeiner Appraisal Consultants Ltd for more information.