Whether you're applying for a new home loan or refinancing the current loan on your home, your lender will more than likely need an appraisal of your property. Here are some tips to keep in mind regarding your appraisal:
Dishes in the sink will not hurt the value. Neither does an unmade bed.
If the appraiser was hired by a lender (ie bank or mortgage company), the appraiser is not allowed to discuss your value or anything in the report with you or your agent.
If you have an area that isn't permitted, the appraiser may not be able to include that space in their value.
You will get credit for a remodel or major upgrade but it will not likely be dollar for dollar (i.e If you spent $60,000 on your new pool you may not get the full $60,000 added to your value). Same for your bathroom and kitchen.
If your property is on arterial street, a high traffic area or is right next to the freeway, this may negatively affect your value.
An outdoor enclosed patio is typically not considered living space and may not be counted in the square footage of the house being appraised.
Don't fudge when talking square footage, remodelling or permitted areas with the appraiser. They have access to all that data and if you lie about that, they won't trust anything else you've told them.
If you have a floor plan, share it with your appraiser. They will appreciate it. It helps them confirm the measurements they took of your house.
The time to talk to the appraiser is when they are in your house. If you have a list of upgrades, give it to them when they are there.
The appraiser needs access to the entire property being appraised. If you don't let them into certain spaces, they need to report that to info to the lender and there is always the possibility that they will need to come back. There is usually an additional charge to you and that will slow down the process of your loan.
If you have pets, please be able to control them. Also, removing their bm's from the yard is appreciated.
The appraiser does need to measure your house from the outside as well as inside.
Most appraisers will not enter a house unless there is an adult present. If the property is vacant, you can typically provide a lockbox code.
There's a difference between updating and remodelling. Think new carpet (updating) vs. new cabinets, counters, walls and floors (remodel).
It really is about location, location, location. The appraiser will find the most recent compatible sales (comps) in your direct neighborhood (i.e. If you live in downtown, they wouldn't typically reach into the suburbs for a comp).
If you or your agent want to share some recent comps with the appraiser, please do so when they are at your property.
Please don't offer your appraiser anything while they are at your property. They are not allowed to accept it