4 things that matter the most when preparing your house for an appraisal

Published on November 27th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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When the time comes where you have to sell your house it is only natural that you would want to reflect it in the best light possible to get the best value out of it. An appraisal is when an estate will rate the value of your home and use that value to sell on the market. There are a few things that you can get done before they swing around which can see you get a good return on your investments.

1. It is the little things that count the most

Renovation is one of the most popular forms for Australians to update their home. Home renovations cost Australians $150 million every week. However, some Australians might find themselves pressed for time or find themselves in a tight space financially to conduct major renovations. Overlooking the impact of small renovations can either increase or decrease your house property value by $500(US) depending on how well maintained it is. You could do minor repairs such as repairing doors and cabinets that are hanging by their hinges, getting the taps, minor plumbing problems you have, and broken tiles fixed before the appraiser swings by.

2. Fix the exterior

First impressions do count when it comes to selling a home. The exterior is an important factor as to whether it will attract or repel potential buyers. It is also another thing that an appraiser will measure your house value by.

The Houzz and Home survey revealed that 17% of people focused on fixing the exterior of their homes last year, which is a low number considering that the exterior plays a part in how your home is perceived.

If there are any defects in the walls, foundation, or the roof of the house these need to be fixed as soon as possible. Any cracks, leaks, light switches, or worn out parts of the house that have not been kept well over the years will stick out like a sore thumb for both buyers and the Appraiser.

3. Have a repair checklist

You can create a checklist of things that need to be checked and then walk around the house in the shoes of the appraiser. A well thought out renovation and fixing list can add 10% to your home’s value.This will also help you point out special features of the house to the appraiser that are worth noting that will increase the value of the home. Your checklist can comprise of fixing things such as:

  • Rain gutters
  • Dripping pipes or faucets
  • Leaky roof
  • Loose floor boards
  • Broken windows
  • Replacing moulded ceiling boards

4. Size does matter

People usually want a large property that is spacious enough for a family and their cars. No one ever wants to feel like they are living in a box.

The size of your home and its lot is both important considerations that come into play when selling a house. The square footage of your house makes up a large portion of the appraised value of the home.

The more rooms that are attached to the house the more the house increases in value. If you don’t have much building to work with your next best option is to declutter your space to make it appear spacious.

If you are looking to do major renovations on the house but need that extra boost of money to complete your wish list of renovations a personal loan will work. However, it is important that you research renovations that will add value to your house rather than spending money on things that will not add value at all. Always keep in mind to never spend more than 5% of the purchase price on renovations.

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