Gettin' Real: A Real Estate BlogGettin' Real: A Real Estate Blog


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Gettin' Real: A Real Estate Blog

Many people say they don't really feel like an adult until they buy their first home. It is a huge step. Rather than letting a landlord make all important repairs, you take on this responsibility yourself. You also get to build equity in the home over time, which can be a rather smart investment. At the same time, buying your first home can be a little intimidating. You may have questions about applying for a mortgage, setting a budget, and shopping efficiently. We hope to answer those questions with our helpful content. Your real estate agent is a good source of information, and so is this blog.

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3 Things That Can Hurt Your Home's Value During An Appraisal

When you have your home appraised, you hope to get the highest value possible for your home. It is essential to be aware of what can bring down the value of your home during an appraisal, so you can take steps to ensure that your home's value isn't brought down.

#1: Undesirable Finishes

Your home doesn't have to reflect the most up-to-the-minute home trends. However, looks that are outdated by decades can hinder the value of your home. It is vital to make sure that the finishes in your home are not worn out. You want all the finishes in your home to be in good condition and look taken care of.

You also want to make sure that the finishes and materials in your home are not too niche. For example, going with bright green appliances, even if it is brand new, may fit your personality but may bring down your kitchen's value, as most buyers are looking for stainless steel appliances, not green appliances.

You want to make sure your finishes, surfaces, and materials are well taken care of and fit with your home's overall value and style.

#2: Deferred Maintenance

One of the things that can hurt your home the most is putting off maintenance on your home. Neglecting to take care of your home can be costly. For example, a small water leak in your roof that would only have cost a couple of hundred dollars to fix when you first discovered it could have blossomed into an issue that will take tens of thousands of dollars to fix.

If you want to get a good value for your home, you need to ensure that you have not been putting off maintenance on your home. Many people find value in getting a home inspection, where an inspector lets you know about maintenance issues you may not have noticed so that you can fix them before a home inspector uses those issues to devalue your home.

#3: Withholding Information

Finally, you shouldn't withhold information from the home inspector. For example, if you have maintenance that you know needs done to your home, but you have not been able to get it fixed yet, you should share that damage with the inspector. You should also share quotes that show what it will cost to fix that damage. That way, when the inspector subtracts from the value of your home for that damage, they will subtract the exact estimate you provided to fix that damage, instead of using a general estimate of what it will cost to fix that damage, which can help lessen the blow to the value of your home.

When getting a home inspection, it is important to be aware of general issues that can bring down your home's value, such as old and worn finishes and surfaces, deferred maintenance, and withholding information. You can use this knowledge to ensure your home is ready for the home inspection process.

For more information, contact a real estate appraisal service.