There are many reasons to schedule a property appraisal. If you are in the process of selling your home, you will likely be required to have it appraised as a contingency of any offer you receive as part of the loan process.
Whether you are preparing to list your home for sale or have already done so, it is important to be familiar with the selling process. One of the more important steps to finalizing the sale of your home will be having a property appraisal completed—the purpose of which is to determine the current value of your home. Because banks do not want to lend out more money to a buyer than your home is worth, an appraisal is an important part of the loan approval process. Ideally, your home will appraise for at least the agreed-upon asking price between you and your buyer.
Wondering what to expect from a residential property appraisal and how to prepare for one at your home? Here are a few helpful tips worth keeping in mind from the experts at Ferstl Valuation Services.
Preparing for a Residential Property Appraisal
Your real estate agent will likely inform you when an appraisal is scheduled for your property; you generally do not need to be present for an appraisal.
Still, there are some steps you can take to potentially maximize your home’s appraisal value when the time comes.
A little bit of curb appeal goes a long way in your appraisal value as well—and it does not take a lot of money to refresh the exterior of your home. Small projects, such as re-painting your front door and planting flowers can make all the difference.
Prior to your appraisal appointment, it is also a good idea to make a list of home improvements and major repairs you have done around the home within the past several years. This list should include the specific update/repair, the date of completion, and approximately how much money was put into them. If nothing else, this list will show the appraiser that you have put time and effort into maintaining the home.
In general, it is best to treat an appraisal much as you would an appointment to show your home. Make sure the space is clean and tidy; a little bit of clutter should not affect your appraisal value, but it never hurts to put your best foot forward.
Schedule an Arkansas Residential Property Appraisal
It is typically the buyer (or his/her lending company) who selects a professional to complete the Arkansas residential property appraisal. Still, if you have any say in the matter, our team at Ferstl Valuation Services is always available for residential appraisals. Contact us today at (501) 313-0641 to learn more!