Are you looking to cash out on some of your home’s equity in order to make a big purchase or consolidate some bills? Or, perhaps you just want to lower your monthly payment by dropping your PMI? Whatever the case may be for refinancing your home loan, your best chances at accomplishing you goal is to ensure that your home will appraise for as high an amount as possible. Fortunately, there are some methods you can use for increasing your chances of a high appraisal. You can also contact the professionals at homesforheroes.com for additional help. Here are five things you can do to improve your home before refinancing your mortgage:
Landscaping: Curb appeal is a huge factor when it comes to determining your home’s value from the outside. Your landscaping is the first thing people, including your appraiser, notice when approaching your home, and high curb appeal means a higher appraisal. You don’t have to spend a lot of money to increase your home’s outside wow-factor. Trim back trees and bushes, plant some flowers, clear the yard of debris, and mow your grass (or plant grass if yours isn’t lush and green).
Quick fixes outside: Replace torn, damaged, or hanging shingles, clean the gutters, and secure any hanging soffits on your roof. Pressure wash the driveway and roof. Examine the siding for damaged areas and make repairs as necessary.
Quick fixes inside: Examine your ceilings for water stains and apply a fresh coat of paint where needed (of course, have any water leaks fixed in the process, or else those water stains will come back). Fill any holes in your walls and apply paint to them, too. Have a plumber repair any leaky faucets and plumbing problems, and an electrician fix any faulty wiring that leads to the home’s fixtures (lighting, appliances, etc.). Fix your door seals to stop drafts, too.
Replace dated fixtures: These can make your home seem old and outdated, and can lower your appraisal value. It’s the details that matter. Things like lighting, kitchen drawer and cabinet pulls, door handles, faucets, and blinds are relatively inexpensive and easy to replace, and integral to your home’s overall look and feel.
Install neutral flooring: If you shop around, you can find great deals on flooring, when it comes to both materials and labor. Dated flooring, as well as flooring in bold colors and patterns, can decrease the value of your home in the appraiser’s eyes. Therefore, new flooring in a neutral color and style can increase the value of your home for a refinance.
As you can see, there are some very easy, and mostly inexpensive, things you can do to improve your home’s value before you apply for that refinance. Draw from this list for ideas you can apply to your own space.
About the Author: Stan Antonello has spent a lot of time fixing up his small rancher and he hopes to refinance his mortgage to make a larger addition later this summer.
