• Suvendu & Ruma

Super Best Home Improvements That Increase Value - HomeDecorWarrior


It is very common for people to believe that their home has to look the same as it does on HGTV to appeal to an appraiser, ”says Chris Norton, a top-selling real estate agent in Trenton, New Jersey.

But that is a myth. In fact, your efforts to deal with a complete makeover of your home can backfire (you haven't recovered your spending on most major home-remodeling projects). Instead, I will show you how to increase the value of your property by focusing your time, energy and money on some major high-impact projects, some of which do not require any demolition.

1. Check Neighborhood Trends

Check neighborhood trends, then update your home to match the area.

San Diego appraiser Sydney Loisso explains that homeowners tend to be laser-focused on their own property, when they should take a look around the competition. In his decade of experience homes, he considers it one of the "most commonly overlooked projects".

Before an appraiser sets foot on your property, they will collect a list of comps to compare to your home. They will use the price of similar homes sold nearby, and adjust based on the characteristics and properties of your home. If homes in your area are selling with new hardwood floors, updated appliances, and luxurious curb appeal, then you should consider taking on similar projects to get the same value. "The way the market reacts to that property is a direct relation to how they are going to react to your home," Loiso says.

So spend some Saturdays - browse the area online and in person. Pay attention to what you see. Updates, features, and mangoes for your area should be gone, serving as a roadmap to improve your home. If you do not shop for competition, you may be missing out on trends and projects that attract high appraisal value in your area.


2. Improve your curb appeal and take wonderful care of your yard

"They say don't judge a book by its cover, but we all do," Loiso says, speaking for the appraiser community.
"If I feel that the curb appeal of the property is well put together, then I can assume that the rest of the members of the house will follow suit."

A good first impression is hard to beat, and curb appeal can make a more comeback for your buck than any other project. You don't need fancy toppers or expensive fountains to make a difference either. Just keep the yard manicured and streamlined (if you are dealing with bare patches, grubs, brown spots, or weeds, consult Homelight's Guide to Fix Distressed Lawns).

Add some low-maintenance bushes, trees or shrubs to the property, and generously thaw your garden beds. 75% of top real estate agents across the country agree that landlords investing in landslides can increase the overall value of property from 1% to 10%.

According to Mike Ford, a Southern California-based general-certified real estate appraiser since 1986, you don't necessarily have to curb the appeal through quantitative appraisal methods, but the appraiser qualitatively takes that into consideration when covering that final value Huh. Just make sure you turn off the sprinkler for an onsite visit to the appraiser and avoid watering the lawn just before they arrive. They will need to be assessed outside the home and will want to avoid tracking mud in their home in the process.

3. Update your floors for a consistent flow between rooms

Your flooring sets the tone for your entire home, and when in doubt, hardwood is king. The National Association of Realtors 2019 Remodeling Impact Report estimates a 106% ROI on new hardwood floors in a home. If you are already lucky enough to have hardwoods, but your boards are scratched and dinged, you can refinance them for $ 2,600 to get a 100% return on investment, according to the National Association of Remodeling Industry.

In the Uniform Residential Appraisal Report, evaluators are asked to specify the material and condition of the floor. "Some type of finished flooring is expected," Ford says. For example, if he can see the carpeting strips, "I'm definitely noting something in relation to the floor. Similarly, carpeting, which is worn visually or has a noticeable odor, such as pets. , From mold, or smoke, "can be a real barrier to value," Ford says. The market position and your price point will determine how close an appraiser is.


Whichever flooring style you go with, choose the same look throughout the house.

"People want to see a flowing house that has a continuous floor," Loseo says.

4. Compile a comprehensive list of upgrades

If you have invested time and energy in upgrading your home, now is not the time to be restrained. Assume the appraiser will notice each determination of updated or siding. Instead, provide the appraiser with a comprehensive list of upgrades over the last four years. Include project dates and associated costs.

You can guarantee that an experienced instructor will do their research well in advance - which includes adding to the MLS list of your assets. This means the appraiser will have to give a full picture of the expectation, including specifics like new tools and new tools, and have an idea of ​​how they can value the update before they set foot on your property.

"I sincerely believe that the lion's share in the evaluation work is done ahead of time. They are looking for a surprise on the property." Says Norton.

5. Perform pre-inventory inspection to deal with deferred maintenance

When Loiso works on appraisal consulting projects, he likes to throw a curbball for clients when it comes to increasing appraisal value: “I always ask people to get home inspection reports. This will help you identify major and minor problems on the property. "

Pre-inventory inspection can increase the value of a property because it exposes problems with a home that was previously invisible to the owner. Maybe you decide to do a roof repair (which a buyer might ask you to replace before closing at home) rather than agile on that fancy backslash for the kitchen, which allows new owners to step-in. Step by step. otherwise also.

6. Fix sticking and peeling paint

While an appraiser does not care whether your house is red, blue or orange (ie, the color of your paint) they will pay attention to the condition of your paint. Is it chapped, peeling, or not as it should be? Paint or peeling paint, especially on the exterior of your home, can invite wood rot and other structural issues and is especially problematic on homes built before 1978 when people still used lead-based paint used to do.

An appraiser may not be able to know if your home has lead paint. But they have to keep in mind that it is in poor condition for some loans (eg FHA, VA, and USDA) and then you have to fix it properly by cracking the surface and applying new paint, according to the Riverfront Apparel. A 5-star valuation firm in Kentucky. This may also be the case for traditional loans.

If you're under a time or budget crunch, you don't have to repaint the entire house, "Loisaw says," just touch the things where you know what you need. "

How to get the highest appraisal on your home

Eight ways to improve your home appraisal


“It was a big offense, ”says Kelly May, who has owned a 4-bedroom, 3-bath colonial for seven years. It is not that she and her husband were unprepared; They were through an evaluation for another refinance in 2010, so they knew to point out improvements made to the 3,400-square-foot home, and supply prices for other neighborhood properties that had recently been sold.

But the valuation returned roughly $ 70,000 less than the roughly $ 1,230,000 that Meyers was expecting, and much less to support his new debt.

He responded with a paperwork aimed at his lender, claiming that the valuation was based on faulty sales data. The bank screamed through the loan after an exception was made for the may. It was able to do so because their loan was a jumbo loan, not subject to the more stringent underwriting standards that they would have to face if it was a traditional loan aimed at secondary buyers such as Fannie Mae and Freddie Mac.

Low valuations are becoming a major problem for many buyers and refiners as home prices have begun to stabilize and rise in some markets.

For example, in Lesburg, Florida, a low valuation has canceled about 15 percent of home sales for local real estate broker Gus Grizzard.


Valuations are based on recent comparable sale prices. And in a market of rising prices, the prices of those deals may not be as high as those that support the latest deals. Young said there were several locations in California reporting assessment problems.

The federal government on Friday released new rules aimed at improving the appraisal process as it relates to high-interest mortgages in rapidly appreciating homes.

But those rules will not take effect for a year, and will not apply to most traditional loans. It pays to save your own loan before the bank thinks of sending the man with the clipboard to your house.

"The reality is that the appraiser is only for 30 minutes," says Brian Koster, chief executive officer of CoesterVMS, a nationwide appraisal management company based in Rockville, Maryland.

"The best thing that a homeowner can do to get the highest valuation is to make sure they have all the important features of the home that are readily available to the appraiser."

Here are eight ways you can bolster your appraisal:


1. Make sure the appraiser knows your inferiority

You can request that your lender send it to a local appraiser; If this still does not happen, provide as much information as possible about the quality of your neighborhood.

2. Present your own programs

Provide your appraiser with at least three solid and good-value similar properties. You will save him some work, and ensure that he is getting price information from homes that are really similar to yours.

Websites including Realtor.com, Zillow and Trulia provide recent sale prices and details such as the number of bedrooms and bathrooms in a house.

3. Discover what the most value is

If you're going to do a minor renovation, start with your kitchen and bathroom, says G. Stacey Sirmons, a professor of real estate at Florida State University. They reviewed 150 variables that affect home values ​​for a study sponsored by the National Association of Realtors. Wood floors, landscaping and an attached garage can also drive apparel.

4. DOCUMENT your FIX-UPS

If you put money in the house, prove it, says Salem.

With "before and after photos" with a well-defined spreadsheet spent on each renovation, an appraiser must persuade them to turn in a number that was by far the earliest he had gone out. "

Don't forget to highlight all the important structural improvements in electrical systems, heating and cooling systems - which are hard to see, but can dramatically boost an evaluation. Show receipts

5. Click on your story

If your area has recently seen sensational works and developments, such as upscale restaurants, museums, parks, or other amenities, make sure your appraiser knows about them, says Craig Silverman, of Silverman & Co. in Newtown, Pennsylvania Chief and Chief Appraiser.

6. Download and download history so far

Many homeowners refine the cellar, but this does not mean that appraisers approach it in the same way. John Walsh, president of Total Mortgage Services in New York, says "improvements and additions made below grade, such as a finished basement, do not add to the overall square footage of your home". "So they don't add anywhere near as much value as the improvement made above the grade."

According to Remodeling magazine, a cellar renovation costing $ 63,000 in 2011–12 would recoup about 66 percent of the added value. It is not as good as an attic bedroom, which will recoup 73 percent of its cost. Even similar bedrooms usually count for more if they are upstairs rather than down.


7. Cleanliness

Even a good looking yard can bring down the jaded apraiders. "Tree trimming, cleaning, some flowers in flower beds and paint touch ups can all help in valuation," says Agnes Huff, a real estate investor based in Los Angeles.

This advice is also right indoors. "Get rid of all the clutter in your house," says Jonathan Miller, a long-time appraiser in New York. "It makes the house look bigger."

8. Give APPRAISER some space

Do not follow the evaluator around like a puppy. "I can't tell you how many homeowners or listing agents follow me to my personal location during the inspection," he says. "This is a major red flag, a problem with the house."

And while you're at it, make the appraiser's job as enjoyable as possible by giving your home a pleasant smell. At a minimum, clean the litter box. Baking some fresh cookies and offering them one or two probably won't affect your evaluation, nor should it. But it did not hurt.


Home appraisal do's and don'ts

6 home appreciation dos and donuts for home sellers


For sellers, evaluation can be a make or break moment. Whether you get a bad or a great appraisal, the result can have a big impact on how much your home sells. To get the best results, here are the dos and don'ts of Home Apriles.

Apparently valuation can keep sellers on edge - home sales may be delayed due to 20% of the valuation which unfortunately can eventually lead to sales. If there is already sweating in the veins, know that you do not need to panic yet.

To help you breathe easier, there are some dos and don'ts when it comes to home assessment that can run the entire process smoothly and will ensure that you get the best assessment results possible.

What is a home assessment?

Simply put, a home appraisal is the process of determining the objective value of your home.

The appraiser is usually hired by the buyer's lender, taking square footage of your home, taking into account the number of bedrooms and bathrooms, the location and neighborhood, and the overall condition to assess the value of your home.

They will also use comparable listings, or comps. These are recently sold homes in the surrounding neighborhoods that are very similar to yours in size, square footage and style that give an idea of ​​current market conditions and prices.

An evaluation usually occurs when the seller accepts the buyer's offer and after inspection. This can be annoying for the seller as poor valuation can affect the final sale price or if the deal goes through at all.

Fortunately, there are some things you can do to help make the assessment as good as possible. Here are the dos and don'ts of home appraisals for sellers.

1. Completely clean your home

While the appraiser is not officially a factor for the style or cleanliness of your home, you still want to do a deep cleaning of both the interior and exterior. Present your home in the best light because the appraiser is human after all, and a messy or dirty house may subconsciously affect their evaluation.

What you should focus on is peeling paint, water spots, broken siding, or anything that would indicate that your home has the least stellar condition.

A clean house also makes it easier for the appraiser to work, so that they don't have to travel on a laundry basket or kid's toy. Most appraisers are given a list of four or five houses a day, and it does not take much patience to navigate a cluttered house.

2. Prepare all paper work in advance

Give the appraiser all information about your home, including the age and condition of the roof, HVAC systems, main equipment, any details, receipts, or permits for major improvements or remodels you have done on the home.

When the appraiser has all the information, they can price your home more easily and correctly by preparing a more accurate compilation for comparison.

Also, it gives you the opportunity to refer to any new development in the neighborhood, like a new grocery store or shopping center that adds value to the area and your home respectively.

3. Work with a real estate agent

Before the appraisal, it is a good idea that your real estate agent have a mini-appraisal and comps, a list of upgrades to your home, and any other information that will help determine the value of your home.

This not only helps you prepare properly for the appraisal, but it will also help you and your agent get the value of your home correctly, so there will be less controversial price negotiations with the buyer after the appraisal report.

And when it comes time to evaluate, your agent can be there as your lawyer and discuss how they arrive at their pricing decision and any upgrades or improvements that may not be obvious.

4. You do not have high expectations on the added value of your home improvement

While your home can look beautiful with new shiny kitchen counters and master bath, the appraiser won't be so impressed. Appraisers are more cut and dry and only focus on square footage and number of rooms.

To say that home improvements do not add value, but remodels only add a minimal amount. Especially if you have facilities that are unusual like a home theater or sauna, the appraiser will have difficulty assessing the value with the compass as other homes do not have these comforts.

If you live in a sparsely populated area, renewal will matter more, although if you are in a trendy metropolitan area, your location will matter more on any improvement.

5. Do not be surprised for more conversation after evaluation

Once you get the appraised value, be prepared for more interaction. If the valuation exceeds the agreed upon value, there is usually no problem.

However, if the appraiser falls short of what the buyer offered, the buyer's lender will usually only offer the loan for the appraised value. The buyer has to make a difference on his own. This can be a problem.

The buyer may not have enough money to match the original price for consent and may have to exit the deal. This is where your agent's expert negotiation skills come into play where, hopefully, you can find a middle ground price that everyone is happy with so the deal moves forward.


6. Do not rush the appraiser

Again, most appraisers usually have a full agenda and only spend about 20 minutes in your home (although some appraisers may stay up to an hour if your home is large). While some believe that it is definitely not okay if you hang around, because it is definitely fine.

If you decide to build a house, be friendly and share the information gathered at your home and then let the appraisers do their work. Do not feel the need to follow them around, they can interpret it as if you are hiding something.


Do I need appraisal to refinance

It is possible to refinance a mortgage without an appraisal, and can make the refinancing process faster and easier. However, there are times when you need to get your house to refinance your mortgage - or when you might want to opt for an appraisal, even if you are approved to refinance without one.

How Does An Appraisal Refinance Work?

Refinancing your mortgage replaces your current home loan with a new loan. The process to apply and qualify is also similar to the one you experienced when you first took out your mortgage, including paying several similar closing costs - such as a fee for a new appraisal, which would cost $ 300. Can be from $ 700.

A mortgage refinance can be worth the time and money if you can qualify for a lower interest rate that makes it possible to reduce your monthly payment and save money over the life of the loan. Or, if you want to borrow money, a cash-out refinance allows you to take out a new loan that is larger than your current balance and has a cash gap.

Your new lender wants your house before agreeing to lend you money. After all, it wouldn't want to issue you a $ 175,000 mortgage on a $ 150,000 home.

But if you save time and money, then your home costs money, you have options. If you qualify for the rebate, some private mortgage lenders offer refinance without appraisal. And if you take a government-backed loan through the Federal Housing Administration (FHA), the US Department of Agriculture (USDA) or the Department of Veterinary Affairs (VA), you may qualify for any assessed refinance.

Who is eligible for an evaluation discount?

An appraisal waiver may be an option if you are refinancing with a more traditional mortgage - a mortgage from a private lender that meets the financing limits of the Federal Housing Finance Agency and the underwriting standards of Fannie Mae or Freddie Mac Most government-sponsored enterprises are single-family-buying and purchasing mortgages.

Instead of an appraisal, the lender can use automated tools and previous appraisals to determine the value of your home, offering appraisal discounts if you meet all requirements. For example, you would need a single-unit home or condominium and be within the permitted loan-to-value (LTV) ratio - a measure of the mortgage amount relative to the value of the home.

If you have a government-backed FHA, USDA or VA loan, you may qualify for a no-appraisal refinance using one of the program's streamlined options. To qualify for an undervalued FHA or USDA refinance, you will need to already have that type of mortgage and be current for your payments. With VA loans, this can be done with an interest rate reduction refinance refinance loan, which replaces existing VA-backed mortgages with new terms with other VA-backed mortgages.


What are the drawbacks of refinancing without evaluation?

In addition to saving you a few hundred dollars, ending the valuation can reduce the time it takes to close the deal and prevent wasting your opportunity to refinance the lower valuation. However, it may also be a good idea to pay for the evaluation, even if you have the option for an unaided evaluation.

If you feel that your home has increased in value, a higher valuation may help you qualify for a refinance with a better interest rate because your LTV ratio will be lower. The slightest reduction in the interest rate on your new mortgage can exceed the cost of savings. Or, if you are looking for a cash-out refinance, you may qualify for a larger loan based on the higher value of your home.

If you are paying for private mortgage insurance (PMI), then you may also benefit from an assessment. Once you have 20% equity in the home, you may be able to save money by canceling your PMI coverage. If you are already at that point based on the current value of your home, then getting it before refinancing can help you get rid of PMI.

When it leaves the emotion leaves the evaluation

If you do not feel that the value of your home has increased or you are not looking for a cash-out refinance, you can avoid an apprehension. Doing this will save you money and time, and will help you avoid headaches that may come with a low valuation.

Although they may not reflect the value in which a person will appoint on your home, you can look for estimates on real estate websites. These can help you understand how much a similar home costs in your neighborhood, and then you can make adjustments based on the necessary maintenance or repairs that an instructor may see during a visit.


How Refinancing Your Home Can Affect Your Credit?

Refinancing can affect your credit score in many ways, as you are paying off your old debt and applying and withdrawing a new one. Overall, however, the effect may be minimal.

Applying for a refinance loan can lead to stricter inquiries, which can cause little damage to your credit score. Additional applications that lead to more difficult inquiries may increase the negative impact, but multiple hard inquiries for the same type of loan will only count as one difficult inquiry if they occur within the 14–45-day period (Sample based on time credit scoring). This means that you are still able to shop to get the best rate.

The new loan will also reduce the average age of your accounts, which may cause a slight drop in your score. Your original mortgage will be closed and paid, but your payment history on that loan can continue to aid (or hurt) your credit, as the account will remain on your credit report for 10 years. Continuing your payments on a new loan on time can also help your credit.

Ensure that you do not accidentally make payments on your original mortgage due to a mistake or delay during the refinancing process. Otherwise, late payments may be reported, which may lead to large score declines.

Check your credit before shopping

Along with applying for a mortgage to buy a house, your credit can also affect your ability to qualify for refinancing and the rate you will receive. You can check your credit score online for free with Experian. Although mortgage lenders may use different credit scoring models, the free score can help you get a ballpark understanding of whether you are in a good position to refinance a mortgage.



Remodeling tips to increase home value

Raise the Value of Your Home with These 7 Remodeling Tips

When it comes to home renovations, the money you put in cannot always be withdrawn when it comes time to sell. Most people want to get the best value for their dollar when renovating a home and there are some important things to keep in mind. Before you decide on a remodel, consider cost vs. price, and decide that the remodel you want to make is a worthy investment. Ultimately, you want to improve your home and then when it comes time to sell, you can earn a higher price. The following remodel ideas can help you add some value to your home.

1. Increase Light and Space

Talking about real estate, dark, cramped rooms are not good. One thing homeowners can do to increase the appeal of their property is to open the house to create more flow and increase natural light. Consider knocking some walls to illuminate a space. An open floor plan will also make a house feel much larger and is better for recreation. Perhaps you have wanted to do this for years, but were concerned about the cost. To answer this question, how much does it cost to knock a wall?

Vaulted ceilings are another consideration that can help create the illusion of more space. Skylights can help flood your home with natural light. When it comes to illuminating your home with natural light, there are many options and these options have a range of prices.


2. Landscape and Curb Appeal

The curb appeal of your home is incredibly important when it comes time to sell. The first impression of a house that anyone would have is an outward look. It is said that a good first impression of a house can add five percent to its value. Make sure your exterior paint and details are on par. The driveway must be properly paved, and any lawn space must be properly maintained. If you are not great at gardening then consider drought tolerant plants. If you have a deck, add some nice furniture, or create a colorful garden in some extra space.

3. Create a Home Office

With the option of telecommuting employees by more companies, a home office can actually add some value to a home. If you have some extra space in your home, consider turning it into a home office. Make sure there is plenty of work space, and remember that grounded outlets as well as a data port and possibly an additional phone line are installed.

4. Consider adding a deck

It has been determined that when you spend money to add a deck to your home, you will be able to recover more than eighty percent of its cost at sale time. If you choose to install a deck, take some time to plan it out and come up with unique features like a bench or a fire pit if your city or town allows. Use higher grade materials to extend the life of the deck.

5. Finish Your Basement

If you do not have enough space to add a room to your home, consider finishing your basement. A basement space can easily be transformed into a playroom for children, a bar or a media room relatively easily. Consider adding a bathroom if you remodel the basement, as this may increase the value of the remodel even more. Try to keep the space as open as possible so that it does not feel dark and tight.

6. Add an update or bathroom

Bathrooms are an important part of a house. If there are not enough bathrooms or if they are too old, this will be a major turning point for potential buyers. If you have the space, updating bathroom facilities and fixtures or adding additional bathrooms can actually increase a home's sales appeal.

7. Update Your Kitchen

Kitchen remodels can really add value to your home but it is also important to be careful. When planning a kitchen remodel it is really important to consider the price vs. the cost of your ingredients. Depending on the cost of your home, if you choose to install granite or marble counter tops, will you be able to get that money back? When remodeling the kitchen, take a closer look at the costs. Things like an update tool or a window above the sink can add a lot of appeal.

There are tons of different projects that can be done around the house to increase the added value of those listed above. You can make some nice upgrades to your home as long as you take the time to actually plan, and not overspeed, according to yourself. For something else

Suvendu & Ruma

Hi! We're Suvendu and Ruma. We spend every darn weekend we can work on home projects of various kinds. This includes whittling down the "honey-do" list! This is the site where we share all of the projects we've done and the things we're learning. We hope that this will be a benefit to all of you as work on some of these projects as well!

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