What Matters for Home Appraisals
Recently, we’ve been going through the process of refinancing our mortgage. One part of the process is a getting an appraisal done. I was very interested to find out how much our house is worth, and how the upgrades have impacted the value.
Fortunately, the house appraised well. It was at the top of the range! Most of the upgrades really helped our house stand out from the rest. However, it’s a bit of a shock how much the total value has dropped despite all our hard work. Three years ago, before all of our projects, our home was worth $22K more than today. Ultimately, it’s still worth enough that we can continue the refinance process, and that was my biggest concern.
What do Home Appraisers Look For
The entire appraisal process only took about a half hour of my time. The appraiser and I walked the house talking about the various features and any upgrades we’ve done. He had a really nifty ultrasonic distance measure to create a diagram of the house and check the total square footage. I tried to point out anything that might be of interest. He wasn’t concerned with things like a new thermostat, checking moisture levels in the basement, or the last time the chimney was swept. So I asked the appraiser what upgrades matter most. Here are the aspects of a home that have the greatest impact (at least for our area).
- Kitchen
- Master Bathroom
- Finished Basement
- Bathroom in Basement
- New Windows
- New Roof
A couple other features he took into account include: built-in book shelves, new air conditioning compressor, waterproof shower membrane, and that we’ve painted just about every surface in the house.
Does a Clean Home Appraise Better
The appraisal was scheduled amazingly fast. That didn’t leave me and Jocie much time to clean. We had a hunch that it didn’t matter too much but wanted to at least tidy up. Here’s what the appraiser said about the subject. Experienced appraisers don’t really notice how clean (or unclean) a house it. A house should appraise for the same amount either way. However, part of an appraisal is the perceived value of a home, and it’s easier for someone to appreciate the potential value in a clean space. I suggest tidying up but don’t go overboard.
What do you think? What projects have added to the value of your home?
Image courtesy of Miamism
Comments & Conversation on this Article...
One Response to What Matters for Home Appraisals
Wait! Got a question on your own project?
Ask your question in our Home Improvement Help Forums.
Otherwise, leave a note here!
May 28th, 2009 10:06 am
[...] What Matters for Home Appraisals One Project Closer Ethan at One Project Closer writes: “So I asked the appraiser what upgrades matter most. Here are the aspects of a home that have the greatest impact (at least for our area): kitchen, master bathroom, finished basement, bathroom in basement, new windows, new roof.” Click over for more insights into what makes home appraisers tick, which can be useful for anyone who’s buying or selling a home. [...]