Your homebuyer and their lender will request a home appraisal to ensure that they aren’t overpaying for the house. Unfortunately, over 18% of home closing delays are caused by home appraisals. To avoid that, it’d make sense to prepare your home for appraisal. And while some aspects will be out of your hands, it’s worth knowing what the inspector will look at. Here’s a home appraisal checklist for home sellers:
Condition and Size of the House
The appraiser will use your home’s square footage to determine its market value. They’ll also review the overall condition of the house, looking for cracks, damage, and leaks. The number of bedrooms and bathrooms will also influence the market value of your home.
Quality of Roofing, Foundation, and Basement
The appraiser will look for signs of loose or missing shingles that could indicate a bad roof. They’ll also check if there are any diagonal cracks on interior walls or exterior stair cracks that may indicate a faulty foundation. Moreover, the appraiser will assess the floors and walls of the basement for rotten wood and beams, cracks, and expansion joint separation.
Quality of Your Outdoors
To get a sense of your home’s curb appeal, the appraiser will check your home’s outdoors. A well-maintained landscape, properly functioning lighting, and updated outdoor hardware can positively impact your home’s appraised value. Also, take time to power wash the driveways and sidewalks, re-stain the deck, and refresh exterior paint to freshen up the outdoors further.
Plumbing, Electrical, and HVAC Systems
Leaky faucets, low water pressure, gurgling toilets, and slowly draining sinks can be signs of a faulty plumbing system in your home. On the other hand, poor-quality fixtures and broken bulbs can mean your electrical system isn’t functioning correctly. Moreover, you should confirm that your heating and cooling system are working properly before the appraisal.
“Subject to” Flags
One aspect that can sometimes come up during the appraisal is the “subject to” flag. It points out issues that must be inspected and corrected before the transaction is carried forward. In most cases, the appraiser will flag these aspects because the appraiser isn’t an expert in that area and wants a more definitive opinion. These aspects can include:
- Additions or installations that don’t have permits
- Evidence of dampness, termites, abnormal settling of the foundation, and mold
- Roof leakage or damage
- Inadequate electrical service or plumbing fixtures
- Environmental hazards
Have an Appraisal Coming Up? Speak to a Skilled Real Estate Agent!
The above home appraisal checklist will definitely help you prepare your home for the appraiser’s visit. But it’s imperative to speak with an experienced real estate agent. They’ll be able to offer you pointers based on your unique home. Call us today – our skilled real estate agents are readily available to answer any questions you have about your home’s value, appraisals, and any other query that may come up during the home selling process!