What Can Hurt a Home’s Appraisal

Daily Real Estate News | Monday, August 27, 2012

Owners can take steps to avoid having their home appraised at a lower value than the asking price.
“Taking the time to understand the areas that can positively influence your appraisal can help ward off the chances that your home will be appraised at a lower value than the asking price,” according to a recent article at Realty Times, which highlights ways sellers can prepare for an appraisal.
Here are a few ways that home owners can hurt their appraisal, according to the piece.

• Leaving the home untidy. Having an unkept exterior or interior can cause an appraiser to decrease the value somewhat. Remind your sellers that curb appeal is also important for an appraisal. Overgrown bushes or an unkept home exterior could prompt an appraiser to take as much as 3 percent off the value, according to a CNNMoney article.
• Having incomplete remodeling projects. Don’t let home owners keep a remodeling project unfinished prior to an appraisal. If they must, make sure they include details of the complete project and when it is to be finished to the appraiser.
• Failing to list improvements or upgrades made to the home. Compile a list of upgrades and home improvements made to the home and provide it to the appraiser. While some items, like a new roof, may not help raise the appraised value, other items might.

Source: “Five Areas That Can Hurt Your Appraisal,” Realty Times (Aug. 24, 2012)
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