HOW TO PREPARE THE PROPERTY FOR AN APPRAISAL AND VALUATION
A seller is solely responsible for ensuring their property is in a decent house appraisal condition. For an experienced real estate vendor, the ins and outs of preparing the property will be second nature. However, for a first-timer, learning the ropes of getting the place ready before the valuation service arrives can potentially be very worrying.
If it is a rental property to be appraised, then the landlord should be the point of contact for the real estate company. Also, they should inform the tenants well in advance about the appraiser’s inspection well in advance. They should take an active part in assuring the property is prepared (it is in their best interests to do so), or even be present at the inspection themselves.
Some of the rules vary between residential and commercial properties, so the below checklists have been designed to cater to both property types.
General preparations for an appraisal and valuation
- Be critical of every detail about the property – residential or commercial. The valuation service provider will be. It’s best practice to pick out all the potential concerns and act on them before the valuer notices. Anything that shows negligence on the owner’s part runs the risk of an adverse property or house appraisal and valuation.
- Take note of any recent developments to the property. In a commercial building, records of this should be kept by administration staff, but in residential property, the owners will need to apply due diligence in record keeping. However, any well-executed improvements to the property have a positive effect on real estate. Make sure to show off the best bits to the appraiser.
- Pay attention to the décor. Regardless of whether it’s a commercial or residential building, old decoration and aging furniture will reflect poorly on the property or house appraisal and valuation. Allow enough time to make these little improvements before the valuer comes.
Specific to residential properties
- Ensure all safety equipment is functional and correctly installed. When undergoing a residential real estate house appraisal, valuation, safety and security measures will be considered. Keep an eye on smoke alarms, carbon monoxide detectors, and burglar alarms. Do the batteries need changing? If so, do it before the valuation service is scheduled.
- Make sure the property is clean. In business properties, cleaning staff is employed to ensure this, but in most residential buildings, this is an uncommon luxury. Either way, a clean home makes everything else about the property look twice as good. Appearances weigh heavily in real estate, so making that valuable good first impression is a priority.
- Keep the back and front gardens attractive. Following on from the previous point about appearances, if there’s a front lawn, patio or porch, it will be the first thing appraisal, valuation service provider sees. If it’s overgrown, or strewn with children’s toys or cigarette ends, there goes that good first impression. A negative point to the house appraisal, valuation before the valuer even enters the property.
Specific to appraisal and valuation of commercial properties
- Have the paperwork at the ready. Depending on the company providing the property appraisal, valuation requests may be made to see documents such as leases, financial statements, and contracts. This kind of documentation is often more influential on an appraiser’s final decision then the appearance and condition of the property. Appraisers will usually request these before inspecting the property, so make sure they are on hand before scheduling the appraisal and valuation service.
- Make sure, that facts are backed up by the evidence. Professionals in real estate and property appraisal and valuation can be notoriously cynical. Any claims a commercial property owner makes must not be misrepresented in any way, and an appraiser will request the evidence to ensure it they are not.
A CHECKLIST FOR SELECTING APPRAISAL AND VALUATION SERVICE
When it comes to selecting a house appraisal or valuation service, the company needs to check some boxes for the property owner as much as the property itself. For example, consideration should be given to the area the property is located. Is it have a positive effect on the property value? If so, a local real estate appraiser with knowledge of the area would be worth hiring. If they don’t fit the bill, then at least go with an appraiser who has experience dealing with properties in similar vicinities. That applies to residential and commercial buildings.
Treat real estate, house appraisal, and valuation services all as products. That is, do the appropriate research and ask the correct questions before deciding. When looking for an appraiser or valuer, check the websites. If there are profile pages available, check out the appraisers’ education, qualifications and years of experience – this information should be available. Also, consider the areas of real estate they have their expertise in; It will be a not good idea to hire someone to appraise a commercial property when one experienced only in-house appraisals, valuation.
Finally, naturally, the cost should be considered. It’s a matter of opinion and personal judgment as to how much the service is worth. Tie together all the other factors listed above and decide whether the price paid reflects the quality of service provided.
MAINTENANCE TIPS TO POTENTIALLY IMPROVE A PROPERTY’S VALUE
Introducing a few extra maintenance measures into the weekly routine will gradually have the property in perfect real estate market conditions.
- Do not procrastinate over home improvements. If refurbishments or repairs are needed in any part of the property – domestic or business – then fix them. The damage done by leaving leaks and faults to worsen will only hurt the house appraisals, valuation. Good as new appliances, plumbing, and electric work, plus refreshed décor – these are what a valuer will love.
- Attend the gardening regularly. Remember that all-important first impression. In seeing a neglected front yard, the appraiser may make their decision without even entering the property. Make the front of the building look attractive, and they will want to see inside.
- Pay attention to damp and mold. Nothing is worsening the look of a room like mottled black spores up in the corners of windows or on the ceiling. That is mold, and it’s a menace to a property’s real estate value. Not to mention how dangerous it can potentially be to live or workaround. Regardless of the severity, invest in professionals to get these problems taken care of before an appraiser comes around.
Furthermore, introduce regular deep cleans into the household chore list for places where mold appears more commonly. That will prevent the growth of mold spores. Keep a careful watch on air conditioning and ventilation units – clean these even more regularly.
- Once a date for the appraisal and valuation service has been set, change the batteries in all safety and security equipment like the smoke alarms and burglar alarms. That will show diligence to the appraiser and that the property is in prime, secure working condition. In commercial properties, there are usually maintenance teams to handle this area of preparation.
CONCLUSION ABOUT APPRAISAL AND VALUATION SERVICE
When investing or selling any real estate, house appraisal and valuation services, are the critical organization. Ensuring the right first impression is all very well and can prove to be a positive measure. But knowing what is needed and when – this is of paramount importance. Keeping records and evidence, plus regular property maintenance can ultimately be the secret to a positive appraisal and valuation.