Getting your property appraised is a crucial step in many real estate transactions, from securing a mortgage to selling your home. The appraiser’s objective opinion of your property’s value significantly influences the outcome. But did you know you can actively contribute to a more accurate and beneficial appraisal? Yes, you can provide additional information to help your appraiser do their job effectively.
This blog will explore how and why you should consider doing so.Many homeowners assume the appraisal process is a purely objective, hands-off procedure. While the appraiser’s professional judgment is paramount, providing relevant information can significantly enhance the appraisal’s accuracy and potentially increase the valuation.
This is particularly important in unique situations or when specific features of your property might be easily overlooked.So, what kind of information can you provide to your appraiser? Here are some key areas:
- Recent Renovations and Improvements: Detailed documentation of recent renovations, additions, or upgrades is extremely valuable. This includes receipts, contracts, and photos showcasing the work completed. Simply mentioning an upgrade isn’t enough; providing concrete evidence allows the appraiser to accurately assess the value added.
- Unique Features: Does your property have unique features not readily apparent from a casual inspection? Perhaps a high-efficiency HVAC system, a recently installed solar panel array, a custom-built feature, or a stunning view not visible from the street. Highlighting these features with supporting documentation (e.g., permits, warranties) can significantly impact the final valuation.
- Comparable Properties: While the appraiser will conduct their own comparable market analysis (CMA), providing information about similar properties that recently sold in your neighborhood can be helpful. This allows the appraiser to validate their findings and ensure they’re considering all relevant data. However, avoid suggesting properties simply because they have a high sale price; focus on genuinely comparable properties in terms of size, features, and location.
- Property History: Information about the property’s history, such as previous sales prices, major repairs, or any significant events affecting its value, can provide valuable context for the appraiser. This historical data can help them better understand the property’s value trajectory.
- Survey and Plot Plan: If you have a recent survey or plot plan, providing this documentation can help avoid potential discrepancies regarding property boundaries or lot size. This is especially important if there are any unusual boundary situations.
Important Note: While providing additional information is beneficial, it’s crucial to be honest and accurate. Providing false or misleading information can have serious consequences. The appraiser is a professional; their assessment is based on their expertise and objective evaluation. Your goal is to provide supplementary data to support their assessment, not to influence it improperly.In conclusion, proactively engaging with the appraisal process by providing relevant and accurate information can greatly benefit you.
It can lead to a more comprehensive and accurate appraisal, potentially resulting in a higher valuation. Remember to communicate with your appraiser and understand their process; they are your partner in obtaining the most accurate assessment of your property’s value. By working together, you can ensure a smooth and successful appraisal process.