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- When you refinance your mortgage, you’ll go through the appraisal process again, like when you purchased your property.
- The appraiser considers safety, location, and any renovations you’ve made to your house since you purchased it.
- Consider repainting your property to raise its worth, and record any ConsolidationNow no checks home changes you make.
You may recall having to undergo an appraisal when purchasing your first house. Before the lender gave you the green light to apply for a loan, an appraiser with the appropriate credentials came to your home to assess its value.
When you refinance your house, you’ll need to get a new assessment to discover whether the value has changed since you purchased the property. Only FHA, VA, or USDA mortgages do not need a fresh appraisal during streamlined refinancing.
Refinance appraisers’ critical criteria
When preparing a report, an appraiser will take into account the following factors:
- The roof, chimney, porch, and siding will be examined outside.
- Inquire about the safety of the home’s interior. The windows, doors, and flooring are all in good condition. A thorough inspection will be performed to look for any signs of water damage, pest infestations, and problems with the heating, ventilation, and air conditioning system.
- The appraiser will look at the adjacent houses’ valuations. In addition, they’ll look at the neighborhood’s schools and businesses and the area’s overall crime rate.
- Which rooms are there, how many floors, and how many square feet is the whole residence (including the garage, attic, or basement)
- You may be able to get more for your house if you’ve made modifications to it after you bought it, mainly if you’ve done so to make it more energy-efficient.
Even if everything is precise as you first moved in, the home’s value may have decreased or increased. The value of adjacent properties may have gone up or down, neighborhood attractions have closed, or the real estate market has improved or worsened since you purchased it. It is essential to consider all of these aspects when refinancing your house.
How to raise the value of your house
Every facet of your evaluation, including the real estate market and the house values of your neighbors, is out of your hands. However, there are things you may do to affect the evaluation:
- Look for the most severe issues. When it comes to the roof, it may have dawned on you. Your home’s value may rise if you pay for a new roof at this time.
- Repaint. Refresh the home’s appearance by painting the inside and exterior.
- Keep a record of the work you’ve done on your house. Do you have a new room, a new roof, or new energy-saving features? Don’t forget to leave out any receipts or official paperwork, and if you have before-and-after photos, print them up.
- Make a mess of things. In theory, a filthy floor or overgrown lawn shouldn’t detract from the value of your property. However, cleaning up may make a good impression, so it’s not bad.
Before putting money into improving your home’s value for an assessment, ask yourself whether the increased value is worth the investment.