How to Prepare for a Home Appraisal for Refinancing

Refinancing your mortgage loan can reduce your current interest rate and monthly payments. Getting approved for a refinancing is just the first step, a lender will not give more than what the property is worth. This is why an appraiser is important because they will assess the value of the property. An appraiser takes many factors into determining properties worth such as the size of the property, the number of bedrooms, and the current condition in which the property is in right now. But there are simple improvements that you can make to help your home’s appraisal.

1. Exterior Improvements: Appraisers not only assess the interior of the home but they also examine the outside of the property too. If you ignore the outside of your property, you will be risking your property appraising for less. Improvements can be made to the shutters, roof shingles, or power washing the house.

2. Improvements with a High Return: Improvements to the kitchen space and bathroom can add significant value to your appraisal. These improvements can take some time to complete and if the home appraiser is coming in a short period of time, then minor improvements can be made instead, such as replacing sinks, light fixtures and faucets.

3. Cleaning around the Home: Having a clean, clutter free home can have a major effect on your home’s appraisal. Before the date of your appraisal, spend a few days and declutter your home. Focus on areas such as closets, garages and basements. Donate items that you’d like to be removed from your home or keep them in storage.

4. Working Appliances: Make sure that all light switches, electrical outlets, fan, or vent work properly. Inspect if there are any cracks in your walls and have them repaired immediately.

5. Local Appraisers: Request a local appraiser to conduct your appraisal. Having an appraiser who is familiar with the area can greatly benefit your chances of getting a higher appraisal because of their knowledge of how many homes in your area are usually worth.