Whether you are a long-time homeowner or purchasing your first home, getting an appraisal is critical in knowing how much the home is worth before you pay the asking price for it. Up Next: Examples Of Common Closing Costs Here are six reasons why you need a home appraisal before buying or selling a home:
Always Repair Damage Before Selling Your Home!
Many home sales fall apart during the home inspection, typically because the inspector has found a problem with the house that needs to be repaired and the seller isn’t willing to put the work into it themselves.
While you don’t have to totally renovate your house with new appliances and features, there are a few repairs you should make to help make your home more attractive to buyers:
Fill In Holes, Put On Fresh Paint
Remove evidence that you had decorations like clocks and pictures hanging on your walls by filling in nail holes and putting on a fresh layer of paint. Your home will look better and buyers can start their new life in your home with a fresh start.
Remove Pet Damage
We love our pets. New homeowners may not.
Repairing pet damage like scratch marks, stains, and removing smells will go a long way in keeping buyers interested. If you have carpets, get them professionally cleaned to remove odors, and open up windows for fresh air.
Make Sure Things Work
Most buyers want homes that are move-in ready. Go around the house and check to see that things like doorknobs, faucets, toilets, and doors work as they should. If something is amiss, go ahead and get it fixed, especially if it is a leaky faucet or a door that won’t lock.
Always Disclose Defects
When you make repairs on a home, or even if you haven’t, be sure to disclose them! This is especially true of damage like water, sewage, or roof. Disclosing defects in the home will protect you from being sued for misrepresentation if they are discovered by the homeowner down the line.
Disclosing will also help buyers in that when they apply for a mortgage, they will know the value of the home and get the right mortgage for them. In fact, if there is a significant problem with the house, lenders will not approve a mortgage as it will be deemed too high-risk.
Sell “As-Is” At Your Own Risk
If you do decide you do not want to make repairs on your home and sell it “as-is”, realize that it may not sell as fast or for as much as you may want it to. This is because many homeowners don’t want to make, or cannot make, serious repairs to a home, either for budget or time reasons.
“As-is” homes are attractive to serious DIY’ers, contractors, and home flippers, so if you do go this route, remember to market your home to this demographic.