If you’re planning on refinancing, you should know that the often-dreaded home appraisal could mean the difference between getting a lower refi rate and a higher one. If you get a low appraisal, your lender might say no to a refinance or offer you less than stellar refinance terms. On the other hand, if you get a high appraisal, you get better loan terms, including a lower refi rate.
Here are some ways to make certain that your beloved home does well during the home appraisal:
1. Pay Attention to Your House’s Curb Appeal
Your curb appeal may not matter to you, but it does to home appraisers and buyers. Aside from well-maintained landscaping, add or remove some plants, mulch your flowerbeds, clean existing lights and foliage, and stage your porch or patio area with seating, lights, pillows, or any other comfy décor.
2. Time to Do Those Repairs ASAP
As you can’t change your home’s location, focus on features that you could maximize its look. Ensure that your electrical, water, and heating and cooling systems are in good shape. Altius Mortgage Group and other mortgage refinance specialists in Salt Lake City say that home appraisers won’t care when your home was built, provided that everything’s in great working order.
3. Gather All Paperwork Related to Your Home’s Recent Upgrades or Repairs
Aside from keeping a file of important documents, you should consider getting before and after pictures of your home’s upgrades and repairs. This way, the home appraiser can clearly see the work you put into your home and how much everything cost.
4. Determine the Prices of Homes in your Locale
This is a great way to determine how much you could refinance for your home. To do this, you could either go to the local county office and ask around or do property searches online.
By understanding what you need to do before the home appraiser inspects your home, you increase your chances of getting the highest possible appraisal for your home.