Things Your Home Appraiser Won’t Count in Your Favour
A skylight in the bedroom and that Jacuzzi pond you built might look like a million bucks, but your home appraiser disagrees. The difference between how much you value your home and how much the appraiser does is not reality, but the realistic value of the home that a bank can use to provide credit to a borrower. This number determines the real value of your home, unfortunately. Here’s what appraisers look for when checking your home.
1. The Garden
Appraisers don’t want to see an unkempt garden because it means two things:
1. The owner probably doesn’t take good care of the inside of his home either.
2. It looks terrible, which makes the home look terrible and this, especially if the neighbours’ gardens are beautiful, makes it unappealing.
A poor garden brings down the value of your home.
2. Standard Structures
You may think that your new geyser is a feature that adds value to your home, but the appraiser disagrees. Why? Buyers often expect their geysers to be working when they move into their new home. Doing maintenance on fixed structures such as the roof, walls, driveway, and others isn’t a benefit. It’s a mandate.
3. The Market
Homes in your area were valued at more than they’re worth, which means your appraiser will give your home more than it’s worth, right? Wrong. Appraisers assign value according to recent comparable sales. If you want a good market price, wait for other homes in the street to sell for a higher price and not just get appraised as such.
4. Remodeling
Replacing the original parquet flooring with porcelain tiles costs you a fortune but adds no value to the home. In fact, the appraiser reckons it’s a demerit. Why? Cost doesn’t equal value. If the additions to your home are not in keeping with the period of the home, the appraiser will assess them on their cost to remove. This means ignoring home trends and sticking to timeless favourites like wooden kitchen cabinets and deep sinks.
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