Preparing Your Home for Appraisal: Tips to Increase Your Home's Value

To determine the true market value of your house and lot in the Philippines, you would find it necessary to tap a licensed professional and own appraiser to make the home inspection. This is especially valuable if you are to sell your house soon, buy a second home, or refinance an existing mortgage.

Sure, you've lived long enough in this residential property, liked its quality features, and fairly confident that selling it wouldn't be difficult for these reasons, but your potential buyers may be looking for something else, or that your home appraiser may find something rather lacking in your interior features. And maybe there's even a damaged area somewhere that you haven't noticed, which will adversely affect the appraised value of your property.

But don't stress yourself too much over this matter. Here, we'll help you come up with easy home improvements and other valuable insight to make sure that your house is all geared up for the appraisal process and home inspection in the near future.

What is a Home Appraisal?

A home appraisal is the process of objectively evaluating a property's fair market value by a real estate appraiser. Whether you're selling or buying a home, or refinancing an existing mortgage, a home appraisal is necessary to determine the property's accurate market value, which is critical for buyers to make sure that the contract price matches with or is close to the appraised value of the home. It can also serve as a tool for negotiation if the appraised value is lower than the asking price.

Meanwhile, the seller may feel doubtful if it results in a low appraisal. In this case, the seller has the freedom to seek a second opinion if he or she thinks that the under-appraised home is inaccurate.

What is more, the buyer traditionally pays for the appraisal fees, which is usually a requirement imposed by lenders to ensure that borrowers will not be granted a loan amount that's way more than they need based on the appraised value. In extremely rare instances, sellers feel obliged to shoulder payment for the appraisal fees to attract serious buyers.

Prepare Your House for Appraisal with These Basic Home Improvements

Preparing yourself and your property for the upcoming appraisal can help boost your home's value based on the expert judgment of a licensed appraiser. And while a home's value is calculated based on a number of factors, making some home improvements can make a difference. Here's how you can best prepare:

1. Start with upgrading your property's curb appeal

First impressions last, as they say, and your home's external environment can seal the deal for you. Several researches prove that landscaping can help boost your property's desirability among potential buyers and even appraisers. As such, it wouldn't hurt to dirty your hands a bit by mulching your mini garden, planting some fresh flowers, mowing your lawn, keeping your yard free from dead leaves, and even giving your front door a fresh coat of low-VOC paint.

2. Do a major home decluttering

Prior to a home appraisal, it's only wise to do a major decluttering to give your house an organized appearance. The appraiser is likely to take pictures as well, and by showcasing a tidy interior can give a good impression. Declutter practically every area of your house, such as the kitchen, dining, bedroom, and living areas. During the actual day of appraisal, make sure that the kitchen sink is completely dishes-free and spanking clean. Your living room, meanwhile, must not be stacked with old magazines, books, and excessive pillows that contribute to visual clutter. Finally, ensure that no clothes are to be seen lying around in your bedroom. You must have your storage areas and home organizers ready to keep your living space clutter-free.

3. Make minor repairs as needed

Preparing for an appraisal doesn't have to cost you a significant amount of money. However, minor repairs wouldn't hurt your pockets. After thoroughly making a home inspection yourself, address any issues or damages that would affect your home's perceived value. Pay attention to leaky faucets, roof stains, broken wall paints, old bulbs, plumbing issues, and check if your smart technology devices, such as smoke alarms, are all working properly.

4. Look for comparable homes in your area

Make comparisons of your home with similar properties that have been successfully sold in the area. After all, market value is determined in significant parts through recent real estate sales made. Looking into others' properties with the same features and whether they have been sold under a nonetheless similar price can help you figure out how best you can offer a better deal to your prospective buyer. For example, if a property had been sold with the same contract price you are targeting, check for impressive features that you can emulate or maybe even be better at. This can increase your chances of getting your property sold as soon as you put it on sale, all the while receiving a high appraisal value that could justify your listing price.

5. Include eco-friendly features

Make your property a standout by including eco-friendly features that would add appeal to your interiors. Putting indoor plants can provide a welcoming atmosphere to your appraiser as well as to your potential buyers. But not only that: indoor plants are scientifically backed to improve indoor air quality and even the mood and mental health of the people living inside. In addition, implement sustainable living options such as energy-efficient lighting, and be sure to revamp your walls with low-VOC paint.

6. Inform the appraiser about any recent upgrades you made

Be vocal about any recent home improvements you've undertaken without necessarily sounding to be showing off. Instead, talk up the upgrades in such a way that only indicates transparency. As your appraiser walks around, point out other notable improvements you've made, such as buying a new carpet, sprucing up your exterior environments, and practically anything that makes your property extra special.

In summation, attaining a highly appraised value for your home can be accomplished in part through ensuring that your property is shorn of any significant quality issues that will give your appraiser a bad impression. You can prevent this scary prospect by following up our tips vis-à-vis preparing your home for the appraisal ahead of time.

At Lumina Homes, we strongly believe that attaining homeownership does not have to come with a ridiculous price. In line with this, our housing brand specializes in affordable housing to help thousands of Filipino families secure their dream house and lot Philippines without draining their savings accounts.

Affordability does not have to equate low quality home and community features either. Our affordable house and lot provisions nationwide are strategically located near healthcare facilities, primary, secondary, and tertiary schools, wet and dry markets, places of worship, recreational and tourist spots, and accessible public transportation, among others.

Meanwhile, our communal amenities include a multipurpose hall, gazebos, play area, jogging paths, guarded entrances, shuttle services with pick-up points, and round-the-clock security to enforce the collective safety and protection of all homeowners.

If you have any questions regarding our affordable house and lot for sale alongside their prices, visit our Properties page for a virtual tour of available properties. For expert advice regarding homeownership, investments, and personal finance, refer to our pool of blogs and search the keywords. For your other concerns, meanwhile, feel free to send us a message via any of your preferred communication tool, such as through our email, social media accounts, or the chat box in this article. We're more than excited to help you become an official Lumina homeowner in any of our sites from Luzon, Visayas, and Mindanao! Speak to an authorized person from our team today!