In order to increase the value of a home many homeowners selling their property overspend on upgrades. It is important to know that just because you put $40,000 worth of upgrades in your home, does not mean that your home is worth $40,000 more. As a seller you want to make improvements that will reflect in the sale and appraisal price, to do this you need to know what will add the most value to your home. We have put together a list of things that appraisers in San Diego look for in a home that increase and decrease the value of homes.
The basic things that the appraiser considers when finding comparable sales for your home are the square footage, lot size, bedroom and bathroom count, and garage capacity. The appraiser will be picking homes that are similar in these amenities. The appraiser then considers the condition of the home, landscaping, location, upgrades, etc.. Although it is un-changeable, the location of your home will affect the value because it is one factor that can not be changed. For example if there are high tension power lines over your property or airport noise it will reflect negatively in the appraisal of your home.
The condition of a home is important, so first inspect the interior and exterior of your home to see if there are areas that need repairs. Some of the areas that most often need repairs are the roof, ceiling, windows, doors, flooring, electrical, and paint. If there are electrical wires showing, they need to be properly repaired and covered. If you see areas where paint is chipping or pealing most likely the home needs to be painted or at the least that area needs to be repainted. A nice coat of paint can also add curb appeal for buyers. These are important things to note because some repairs can stall the loan if they are not corrected prior to the appraiser finding them.
When upgrading a home for resale the kitchen and bathroom upgrades add the most value. Upgraded counters, cabinets, fixtures, and appliances are the most common changes made to the kitchen. These upgrades can be costly so when choosing your upgrades insure that homes in your neighborhood are comparable in there upgrades. Although these upgrades will add some value, if your upgrades are highly superior for the neighborhood there will be less similar comparable sales and therefore the upgrades may not be fully reflected in the appraisal price.
Not every upgrade and repair is guaranteed to improve the value of your home but these are a few things that are currently increasing or decreasing the value of homes. Consider the market, your neighborhood, and comparable sales before upgrading your home, in some cases it could save you money to opt out of upgrading.
b>Brandlin Appraisals Inc. specialize in helping people who need appraisals for estate purposes, divorce, date of death, bankruptcy, FSBO’s and more throughout San Diego county. For more information please contact us at (760)741-7699, or visit our website at Brandlinappraisals.com, or email us at admin@brandlinappraisals.com
Mike Brandlin
San Diego, CA // Real Estate Appraiser
www.brandlinappraisals.com
(760) 741-7699
San Diego Real Estate Appraisal Services For:
* Divorce Appraisals / Marriage Dissolution
* Bankruptcy Appraisals
* Bail Bonds Appraisals
* Estate / Date of Death / Retrospective Appraisals
* Financial Planning & Trusts
* PMI Removal Appraisals
* Pre-Foreclosure & Short Sales
* Tax Assessment Appeals
* Pre-Listing, Pre-Purchase, FSBO’s
* Probate Appraisals
