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Increase Home Value

5 Proven Ways to Increase Home Value

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5-Proven-Ways-to-Increase-Home-Value-story

Some factors that determine what a house is worth are out of your control, like its location and the popularity of that market. But you can keep up with repairs and make smart improvements (both are proven ways to increase home value).
When thinking about how to increase home value, root your expectations in reality. Updates rarely recoup 100% of their cost, but they can make your family more comfortable and even help your home sell faster.
Whether you want to build equity faster or get top dollar when you sell, use the tips below to raise the value of your home.

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I Hope the Appraisal Works Out!

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Keeping up with the “Appraisal”

Waiting on the Appraiser! Will the homes appraisal be correct?

The home is under contract but we’re waiting on the Appraisal! In some home market areas, the demand is outpacing supply. This was especially evident during the spring. All too often, multiple offers above list price coupled with emotional pressure for buyers making offers on several homes only to be outbid and lose the opportunity.

Many sellers receive multiple offers above listing price, causing added pressure to buyers who have been previously outbid.

Throw in a general lack of inventory which has driven the current housing market.

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Things Change…

appraising with a skeleton key

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Skeleton KeyA couple of days ago I used a Skeleton Key to open the front door of a house I was Appraising.  While it  was my first time using one, I have seen them and remember them from my Grandmothers house.  Looking at one today is like looking at a piece of art.  It is uniquely crafted and brings some nostalgia to mind…but is really just part of history and no longer used.

I started associating Appraisals with this key.  In the early 90’s the profession gained traction, became regulated and turned into an integral part of the Real Estate and Mortgage industry.  A couple of housing crisis, a few stock market crashes and the great recession later; the industry is so different.  The basics are the same but the tools and processes have changed.  More is expected.

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That Appraiser Has No Idea…

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You’ve been planning that Screened Porch for a while and finally decided to commit.  You imagine yourself sitting in your comfortable chair right around sunset with the children playing in the yard.  “We will eat out here, talk out here and entertain out here.  This will change everything”!  So you called the bank, agreed to the terms and asked how long before I can have access to my money…and the loan officer just called and said the appraisal came in low…”he was only here for 20 minutes, did he count my gas logs, does she know that house down the street sold for $20,000 more than my house and it is not as nice as mine?  That Appraiser Has No Idea…

And so it goes, an appraiser just told you that your home was worth less than you thought.  There is plenty written on how appraisers do their job and what we go through but I wanted to speak as an appraiser to homeowners everywhere.  What can you do?

Make smart decisions about your lender; are they local, do they have a presence in your area?  Who do they use for appraisals?  Some banks and lenders select appraisers only by two criteria; do they have a license and will they work the cheapest!  A quality lender in your area will use local appraisers who have been “vetted” and qualified.

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