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We’ve spoken before about what documents you need to prepare for your appraiser, but are you aware of how to prepare your property for an appraisal? Prepping for an appraiser involves more than just collecting documents. Your appraiser is looking to inspect the condition of your property, allowing him or her to determine its comparable market value. That value ultimately influences how much a bank will loan on a property. You want to ensure that you are receiving the most value for your property and properly preparing for your appraiser is the best way to achieve this.
Making sure you receive the most value
Preparing your property, as well as the appropriate documentation, will allow your appraiser to accurately determine its market value. Whether you are looking to buy, sell, estate plan, or just refinance, having your property appraised helps you determine a fair price to receive the most value. Having your property appraised does not mean that you need to undertake expensive renovations and changes.
- Prepare the property as if you were looking to sell it: An appraiser will be looking at characteristics that you cannot influence, such as the location and size of the property. However, you can share with your appraiser any renovations that have been completed, any renovations you are planning on undertaking, and what elements of the property need to be improved. If you are able to make necessary upgrades, do so at a reasonable cost prior to the inspection.
- Make it accessible: Your appraiser will need easy access to all components of your property. If you are managing a building with tenants, your appraiser will want to examine all rooms to be able to create an effective and accurate report. By limiting accessibility to your appraiser, you will be raising red flags, which can ultimately hurt your property’s value.
- Clean your property: The appraiser will be expecting the property to look like people are living or working in it. However, an unkempt property can actually lower your property’s reported value. You want to make sure that your property is presentable and reflects the accurate value. Your appraiser will be documenting all components, by taking notes and photos to be closely examined and included in the report as well.
- The small things matters: The little things can stop adding up when an appraiser is looking at your property. Make sure that your utilities are on (so they can get the full picture), if you have pets you may want to have someone watch them for the day (you want your appraiser focusing on your property, not your pets!), and if there are any items that require immediate maintenance, it’s time to fix them.
Prep your property and documentation to create a seamless appraisal
Once you’ve taken the necessary steps to prepare your property and you’ve met with your appraiser, make sure that you talk about what attracted you to that location. You can provide a wealth of information of why that location is ideal for your home or business. An appraiser can help you make important decisions about your property, helping you decide the benefits of proposed changes. An appraiser is a trusted way to help you decide what measures can add value to your property. Connect with a Niagara real estate appraiser today to have an expert determine the true value of your property.
