Does refinancing your mortgage seem like your best option? A lot of it relies on the appraisal. If the value of your home is very low, you may be underwater. In such instances, refinancing is impossible.
If, however, the appraisal value places your home equity at under 20 percent, you may be stuck trying to pay for PMI. You may end up bringing cash to the table for a cash-in refinance. Here are a few tips for getting the best valuation for your home.
- Presentation Is Everything
Presentation is the most important thing to keep in mind when thinking of your home valuation. The exterior of your home is just as important as the exterior. Take a look at your home exterior and ensure that everything looks great.
Declutter your space and clean up. The first impression is the most important. When property valuers first look at your property, they should be impressed. The more cluttered or untidy your property is, the less valuable it seems.
Present your property in a repair state, just like in open inspections. It would be detrimental for valuers to check out your house and find piles of unwashed clothes on the floor or unpainted walls. Trim the hedges, mow your lawn, and clean up.
- Outdoor Makeover
Consider giving your outdoor space a quick makeover. Buyers are generally attracted to the idea of having gardens and other functional living spaces. Even the least green-fingered people will appreciate a beautiful outdoor space. No one wants an ugly jungle at the front or back of their house.
Consider setting aside some space for outdoor dining. If you don’t have much money to spare, you don’t have to do much. You simply need to ensure that your property looks good. Get some advice on responsibleequityrelease.co.uk.
- Recent Sales Evidence
If you know the sales prices that property sales within your area have recorded, avail the information to your property valuer. You can improve your own valuation with the valuations of three to four recent sales like your property. These sales have a direct impact on ‘arrived value.’
Attending nearby auctions and private sales is a great way to maintain tabs on the sales in your location. When you go to an open house, take the sales brochure. You can track the agent later to ask about the selling price.
- Highlight the Best Features of Your Space
Take every opportunity to showcase the best features of your house. Every buyer wants assurance that they are getting the best value for your money. Take every opportunity to prove it to them.
Always create the illusion of space. Everyone wants to feel like they are getting more than they are paying for. If you have small rooms, use mirrors and lights to make them seem bigger. Decluttering and using the right paint color could help as well. Check out new homes to find out what modern buyers are looking for.
- Stay Neutral
While you may be interested in bright lights, neutral is always better. Painting your bedroom neon green may be trendy at the moment, but it won’t work for other people. Take some time to think of neutral colors and choose the best ones for your space.
While some buyers can overlook quirky wall art or wallpaper, very few will ignore the wrong wall paint. The key is to make your space appealing to as many people as possible.
Getting the best valuation for your home may be difficult, but it isn’t impossible. With the above tips, you can improve your home valuation for smart refinancing. When in doubt, get the opinion of a professional.
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