For many buyers, an appraisal is required to secure a mortgage. In fact, most lenders mandate an appraisal to ensure that they don’t lend more money than a house is actually worth. This condition ultimately affects sellers as well since it determines whether the buyer will close on the home transaction or not. And unfortunately, over 18 % of home sale delays are caused by appraisal issues. 

To avoid that, you should be well-prepared for the appraisal and ensure that your home’s value comes close to the appraised value, if not above. Here are some key aspects that affect your home’s appraisal value:

Home Maintenance

Maintaining a house can be time-consuming, but neglecting it can become a costly problem. For instance, a leaking roof can damage the drywall and ceiling, resulting in thousands of dollars of repair work. Note that any neglected maintenance – from a leaky faucet to a broken window – that might get passed off to the new homeowner will probably bring down the appraisal value of your house.

Curb Appeal

Chances are, the appraiser will be taking notes even before knocking on the door. And since you only have one chance of making a good first impression, make the most of it by improving your curb appeal! A cluttered yard, overgrown grass, a poor paint job, or broken fences and garage doors can all point to a neglected home, which might hurt your appraisal value.

Appliances and Home Systems

Your home’s systems include heating and cooling, plumbing, and electrical systems. And if your home’s appliances and systems are outdated or not functioning properly, that could hurt your home’s appraisal value.

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Ultimately, a home appraisal is a crucial aspect of selling a home. So, ensure that you fully understand what affects an appraisal since that will impact the amount of money you get for your home – and then make the necessary repairs and upgrades beforehand!

For more information on home appraisals, reach out to our real estate experts in Alberta. We’ll guide you on how to prepare your home for appraisals and help you sell faster and for the most money. So call us today, and let’s get started!