Home refinance - how to prep for best appraisal number?

[Rukh O'Rorke]

Any advice on this? Any source of lists of what to do? 

How to prioritize?

[nidena]

Compile a list of all the recent (this decade) repairs and their dates done.  And when the appliances were last replaced.  I may just be going off a "list your home for sale" list though.  lol.  But the repair dates definitely come into play.

[Deleted]

All my refinace appeaisals were quick measurements of rooms, noting flooring type, garage stalls, etc. Not sure there's much you can do unless it's fiximg something major you would get docked for like a bad roof.

[The Walk of the Penguin Mich]

My sister’s appraisal went from $385k to $425k in a little over a year.  There were windows replaced, rooms painted, doors replaced  (had holes in them) and carpet was replaced.  She also sanded and restained/polyed all the woodwork that needed it.  She sold it 6 months later for $445k

All was pretty much cosmetic, but was surprised as to how much this increased her appraisal.  This was just outside of Minneapolis.

ETA:  My sister worked from the ‘ding’ list she got from the first appraisal.  She also had the same appraiser for both the first and second appraisal.  

The reason why there were 2 done in little more than a years time was that her ex was supposed to buy her out.  He reneged on this, so she did what she could cheaply and within reason to raise the appraisal.  I think that the only thing that was a big issue was the window, but it had been damaged in a storm and insurance paid for it.  The rest of the stuff she did herself, I think that she spent no more than $3000.  

[justme]

In my experience cosmetic didn't change anything. Nor did new appliances or ac. Mine was appraised for exactly the same as the last 2 bedroom unit in my complex even though my carpets are ruined and appliances newer.

[nidena]

Jun 27, 2020 13:46:20 GMT -5 justme said:

In my experience cosmetic didn't change anything. Nor did new appliances or ac. Mine was appraised for exactly the same as the last 2 bedroom unit in my complex even though my carpets are ruined and appliances newer.

It could also depend on whether the residence is a Single Family House or a Condo.  I don't know.  Just speculating.

[alabamagal]

My DS is a certified appraiser. There is really not much you can do. Age of appliances really doesn’t matter. It is more about the finishes (flooring and kitchen). Size of rooms. And mostly about what “comparable” houses in your area sold for. New windows don’t really help unless the old ones look really bad. The appraisal assumes all systems are in working order. The biggest thing to raise your home appraisal is to have your neighbor sell for a lot of $.

[justme]

Jun 27, 2020 16:40:00 GMT -5 nidena said:

Jun 27, 2020 13:46:20 GMT -5 justme said:

In my experience cosmetic didn't change anything. Nor did new appliances or ac. Mine was appraised for exactly the same as the last 2 bedroom unit in my complex even though my carpets are ruined and appliances newer.

It could also depend on whether the residence is a Single Family House or a Condo.  I don't know.  Just speculating.

It could. I just know in my case it was compared against something completely identical to mine and cosmetic didn't count. Harder to find identical comparisons in SFH because even in cookie cutter subdivisions there's a few different options and the ability to upgrade things outside the house.

[souldoubt]

From my experience I can only echo what MPL, Justme and Alabamagal said.  Had an appraisal done two years after buying because we could get out of paying PMI if the value was high enough.  That appraisal and the initial one both used comparable recent sales and would mention things like the kitchen or bathroom were updated in the last 1-5 years, average to good condition and so on.  We had redone our kitchen, one of the bathrooms, new dual pane windows throughout and some other changes while none of those stood out as being items that impacted the value much it was all about what comparable units sold for recently. 

[tskeeter]

While I agree that there is not a lot that you can do to affect an appraisal, one factor in an appraisal is the condition of the property.  In that vein, I have always approached an appraisal the same way I approach a showing of the house.  As much as possible, minor repairs are made, the place is clean and orderly.  This communicates to the appraiser that the property is well cared for.

A list of key features might be helpful.  Do you have an oversized water heater to go with your soaker tub?  Luxury features like timer controlled pumps on hot water lines so there is instant hot water at every shower?  Recent long term maintenance, such as a two year old roof or furnace?  High efficiency mechanical systems, such as furnace or A/C?  High efficiency windows?  The kind of stuff that might not be readily apparent, or that only a specialist is likely to recognize.  Or anything that is better than the standard grade of construction for your area.