Trimming trees, touch-ups with paint and a few flower pots brimming with blossoms can help turn a drab first impression into a better one. The same curb appeal that can give prospective tenants a positive feeling about the place may also influence an appraiser. Make sure the property looks its best on the outsideĪppraisers are human and can be influenced by the first impression of a property-known as curb appeal. These are much more important to an appraiser than cosmetic changes. Especially important are improvements to the structure, like HVAC systems, electrical systems or new insulation.
The appraiser deserves to know what you’ve done in the past to improve the property, so supplying her with documents that highlight those upgrades will help her see proof that you’ve put money into the property and the type of work that’s gone into it.ĭocuments could include a simple spreadsheet of costs with dates and the scope of work, or before and after photos or copies of the invoices or receipts from the contractors. Provide copies of documents for past remodels and improvements Here are 5 ways you can improve your rental property appraisal: 1. Appraisers use county records, real estate listings, tax assessors and similar resources to provide the most accurate value of a property. Of course, taking care of things like clutter and fresh paint can improve the appraiser’s overall impression of how well you are taking care of the property.Īlong with the property’s condition, the appraiser will also take into account the value of similar properties in your neighborhood. The key thing to remember is that the appraiser is not concerned with any aspects of the rental property that is not a permanent part of the home or landscape. Internal features of interest to the appraiser include the heating and air conditioning systems, fireplaces, smoke detectors, home security systems, windows, doors and other permanent aspects of the property. On the inside, the appraiser is not concerned about how a home is decorated or whether there is too much clutter on the kitchen counter. Rent Appraisers Don’t Care About Interior Design Temporary structures on the property, like a shed or above ground swimming pools, are not part of the appraisal, unlike permanent structures such as sprinkler systems. She will pay careful attention to how the property complies with building codes, noting any concerns on structural integrity and deterioration issues. The appraiser will also pay attention to any leaks, cracks, holes or other issues with the exterior. Generally, areas like basements and garages are not included in the gross living area but are included in the overall appraisal in a different way from non-living spaces.
Size makes a difference in the overall value of the property and the appraiser is there to verify measurements are accurate. The appraiser is also looking to verify sizes of everything, from the lot size to the structure’s exterior. What Does an Appraiser Look For?Īn appraiser is concerned with the structure and the property as a whole and so she is looking at things like the foundation, roof, home systems and the quality of the building materials. Because property values have encountered such significant swings over the past several years, you may be worried about the rental property appraisal and seeking advice on what you can do to improve your rental property’s appraisal, outside of significant remodeling and major overhauls of the structure and landscaping. Getting a property appraised is one of the most critical parts of the process because if the property doesn’t appraise for the value you hope, the lender won’t be able to complete the refinance. A rental property appraisal is a standard part of any refinancing process. However, as part of the refinancing process, lenders want an appraisal of the property to ensure that the value is in line with the amount they are loaning you. When interest rates are low, it’s a good idea to look into refinancing your rental property to save money on your loan.
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