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As a homeowner, there are certain quirks you’ve grown to accept about your home—from the creaky floorboards in the living room, to the light switch that never seemed to serve a purpose. Though you may consider these features charming, they could impact your ability to refinance your mortgage.
There are a few steps every homeowner must take before receiving the refinancing they need. One of the most important steps is getting your home appraised in order to determine its value. Appraisers take several things into consideration when determining the value of your property, including square footage, the number of bedrooms, and the overall condition of the house.
Although adding an extra bedroom is likely out of the question, there are a few things you can do to maximize the value of your home before having it appraised.
Fix Obvious Issues First
Take a critical eye to your home. Do you have a leaky roof, creaky floorboards, or a broken fence? Before you do anything else, make sure to fix any issues that may show wear-and-tear on your home. Not only will it help your house look better, it will show the appraiser you take care of the property.
Invest in Upgrades That Pay Off
Kitchen and bathroom renovations are a sure-fire way to increase the value of your home, which is a major plus if you are refinancing or plan on selling in the near future. While you may not have the time or budget to do a complete renovation, minor upgrades can do wonders in the eyes of an appraiser. Swap dated sinks, light fixtures, faucets and applicances with modern upgrades.
List Your Upgrades
If you have previously invested good money in renovations or upgrades to your home, make sure to highlight them. For example, if you’ve had the roof done or you’ve installed expensive new copper plumbing, list what work was done and when, and give it to the appraiser for reference.
Clean Up Any Clutter
Not only will a decluttered home appear larger and well-kept, a deep clean of your entire home will shave years off of its life. Wash the walls, have the carpets cleaned, and clean out the messy cupboard of things you hardly ever use—by some estimates, a clean, clutter-free house can appraise 10 percent higher than a messy home.
Up Your Curb Appeal
Let’s face it, first impressions matter. An appraiser is much more likely to rate your home higher if they are welcomed by a freshly mowed lawn, weeded gardenbeds, and bright-welcoming porch décor. If you are having your home appraised during the winter months, make sure to clear the driveway of any ice and snow so it’s clear they’re aren’t any issues with exterior freezing.
By preparing for an appraisal ahead of time, you’ll have a better chance of getting a more favourable outcome—after all, a lender isn’t going to give you more than your property’s worth. Plus, if you secure the refinancing you need, you’ll be able to pull equity from your home to finance bigger renovations, increasing the value of your home even more.
Have questions about refinancing your mortgage? We’d be happy to discuss your options with you. Get started today by filling out our quick and easy online mortgage application, or connect with us and we can walk you through your options.
If you have a comment about this blog post, have questions about the different mortgage types we provide or wish to ask any other questions about how to get a mortgage from CVE Mortgage Group, please feel free to contact us