How to Increase Home Value for an Appraisal

Whether you’re thinking about selling your home, borrowing from your home equity, or canceling private mortgage insurance (PMI), it’s worth considering how to increase home value for an appraisal.

While you can’t control every aspect of how your home is valued, properly preparing for a home appraisal can assist in making sure credit is given where due.

If you’re selling your home to a buyer prequalified for a home loan, it’s important to prepare for the appraisal. This step will be required before closing to determine the amount of money a lender is willing to provide.

Home values across the nation increased an average of 19% in a single year in 2021, with an additional increase of 5.7% in 2022. This may encourage homeowners to put a portion of their equity gains toward a remodeling project in the near future, but they’ll need an appraisal to obtain a home equity loan or take out a home equity line of credit (HELOC).

Let’s take a closer look at what you can do to increase your home’s appraised value, including light-lift projects as well as larger investments.

Get a Free Home Value Estimate

Enter a few details about your home, and we’ll provide you with a preliminary estimate of value in less than two minutes. This won’t replace a comparative market analysis (CMA) or home appraisal, but it can be a helpful starting point.

Request Estimate

Start with a free online home value estimate

An easy step to take before an official appraisal is to look up your home’s estimated value using a free online home valuation tool like HomeLight’s Home Value Estimator (HVE).

Our HVE combs public data including tax records and assessments and pulls recent sales records for other properties in your neighborhood. Using a short questionnaire, we also factor in specifics about your home such as the property type and described condition.

Input your address, and we’ll provide you with a preliminary home value estimate in under two minutes. Although it’s not a substitute for an appraisal, an online home value estimator is a helpful starting point to orient yourself in the appraisal process.

Option to increase value for appraisal Estimated value added in 2023*
Landscaping upgrade $7,312
Install new garage door $4,418
Paint home exterior $7,571
Update kitchen (midrange) $22,153
Update bathrooms (midrange) $11,063
Make minor repairs as needed Reduces appraisal report value deductions

Sources: HomeLight’s Top Agent Insights for Spring 2023, HomeLight’s Top Agent Insights for New Year 2022, Remodeling Magazine 2023 Cost vs. Value Report

*The value of these improvements can depend on your individual property, location, and other factors. These estimates are not a guarantee of appraised value and have been collected for educational purposes only.



from HomeLight Blog https://www.homelight.com/blog/how-to-increase-home-value-for-appraisal/

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