What Makes My Home Appraise Higher?
The higher the appraised value of your home, the more you can sell it for. If you're using it as collateral for a home equity loan or a reverse mortgage, a higher appraisal means you can borrow more money. In many cases, a few cost-effective improvements are all it takes to increase the appraisal.
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Repairs
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If your house needs repairs, writer Betsy Schiffman states in "Forbes," you need to make them before you order an appraisal. Leaky pipes, broken windows or loose stairs will lower your appraised value; fixing them will increase it by more than the cost of repairs. Schiffman estimates that the money you spend to repair problem spots will add twice as much value to your appraisal.
Remodel
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Putting money into remodeling a house can increase the appraised value, but different projects yield different results. If you put money into remodeling your bathroom or your kitchen, Schiffman states, that will boost appraisals more than the same amount spent elsewhere in the house. If you can't afford a major remodeling job, small changes will help: New towel racks, better light fixtures or a new sink in the bathroom can all improve value, for instance.
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Curb Appeal
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A house with curb appeal is one that looks good to someone out on the street. Mow the lawn, trim the hedges and clear garden tools and hoses out of the front yard before the appraiser shows up, reporter Dianne Crown recommends on the Appraisal Institute's website. The front entrance also needs to look good: A broken screen, peeling paint or a dead doorbell suggest that you don't take care of the house.
Cleanliness
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You might assume that an appraisal measures the underlying value of your property, but messiness and clutter can make a difference in the appraiser's estimates, Crown states. Remove dirt and grime; wash the carpets, mop the floors and scrub the kitchen. Stuff clutter into attics, closets or back rooms so that the heart of the house appears to be spacious and easy to move through. If it would take repainting or recarpeting to make the floors or walls look good, go ahead and do it if you can afford it.
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References
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