How to Raise Value Prior to House & Home Appraisal
House and home appraisal: Deciding to sell your home can be an altogether stressful experience. The value of your home is unknown to you, and you could have high expectations when it comes to the market value of your home. Before having your home appraised, there are definitely some simple changes you should make in order to raise the potential value of your home, therefore helping you to sell your home for the high price it deserves. Having your home appraised involves a rigorous examination of your home, whereby the value is decided based on the following elements:
The foundational and structural soundness of the property. Particularly if your property is over fifty years old, there could be structural issues that need to be resolved, lowering your property’s value.
The quality of the interior fittings.A home that requires replacements and renovations of flooring, paintwork, white goods and other fittings will be appraised at a lower value than a home that has had recent renovations or updates.
The location.Of course, a huge part of the appraisal process is the location of your home. If you have owned your home for a long time, the local neighbourhood may have changed – for the better, or sometimes for the worse. This includes the quality of local schools, the number of successful businesses in the area, crime rates and other factors that will alter how much a potential buyer is willing to pay for your property.
The size of your home.Of course, if your home has more living space, as well as land attached to it, the value of your home will increase.
Click here for a home worth estimate
Related Article: Property Appraisals – How Do They Work?
How to raise the value of your home in Ontario, Canada
Depending on your budget, there are diverse ways in which you can raise your home’s value before it is officially appraised. Here are some ways you can invest in your home before listing it for sale.
Extending or renovating
If you are willing to invest more money and time into your property for a potential payoff before your house and home appraisal or before you eventually sell, the easiest way to raise your home’s value is to extend or renovate. This could be to create an extra bedroom or office space; if you go down the renovation route, updating your home with new, high-quality fittings will guarantee a higher appraisal. Of course, this route requires you to spend money before you make it, but in most cases the reward will be higher than the payout for the renovation or extension.
Extending your land ownership
One of the reasons people move to Ontario is the stunning landscapes and outdoor opportunities that lie there. The breathtaking nature of Ontario can be enjoyed in both rural and city locations, but particularly if you are selling in a rural area of Ontario, a potential buyer of your home is likely to be looking for a home with land. Extending the amount of land you own will attract more buyers and increase the value of your home – not just by the amount the land is worth, but also by taking into consideration the property as the whole package!
Small ways you can raise the value of your home
If you are not in a position to invest thousands in renovations or extensions, there are smaller, easier ways to raise the value of your home too. Of course, the more you put into your home, the higher the value can be set, but small changes can go a long way for your home’s marketability.
Making your home energy efficient will help to market your home for two reasons. Firstly, the home will be cheaper to run on a month-by-month basis, and secondly, the home will be more attractive to young buyers who aren’t willing to complete extensive renovations. How can you make your home more energy efficient? You could double glaze the windows, include more soft furnishings such as rugs for hard floors, and switch to green energy.
If you are not in a position to complete a full renovation before your house and home appraisal, that does not mean that you can’t spruce the place up before an appraisal. A little goes a long way in this regard. You could repaint the walls, have the floors professionally cleaned and polished, and de-clutter your home to make it as presentable as possible.
Having your home appraised can be a nail-biting experience, but with these helpful tips your home is bound to increase in value!