Home equity has come roaring back. Many, can now refinance, others, are in a better position to sell as the intense demand for real estate continues. Everyone wants to attain maximum value for their home. So what’s the best indicator of a home’s worth? Simple: the amount a ready, willing, and able buyer is willing to pay for the property at any given point in time. Unfortunately, appraisal figures can be skewed especially, when some home improvements are not considered in the value estimate.
Home value is most important when: refinancing a home or selling a home
When Refinancing: the weight of an appraisal is based upon the facts (including other homes that have sold) and the legal description of the property i.e, bedrooms, bathrooms, square footage, etc.
Improvements that may help a refinance valuation:
- Additional bedroom or bathroom
- Addition to the lot size
- Addition to the garage
- Improvement that expand “use” of the home
Improvements such as landscaping, painting, any home improvement more “cosmetic” in nature- main benefit would be for enjoyment of the home, not trying to influence a valuation..
When Selling: a home buyer is going to take into consideration all of the facts associated with the property, location, lot size, square footage, bedrooms and bathrooms, *as well as additional cosmetic improvements that have been done adding to the look and feel of the home, in other words, curb appeal.
Improvements that may help a sales price:
- New paint job
- Freshly maintained landscaping
- Remodeled and/or upgraded interior
- Deck and/or patio addition
- Additional bedroom or bathroom
- Addition to the lot size
- Addition to the garage
