Pre-Appraisal Checklist for Homeowners

A home appraisal is an objective assessment of your home's value conducted by a professional appraiser. Whether you're selling, refinancing, dividing assets, settling an estate, or determining capital gains on an income property, an appraisal provides mortgage lenders with straight facts so they can underwrite loans based on the purchase price or the appraisal (whichever is lower). If you're selling or dividing assets post-divorce, the appraised value ensures that you'll receive a fair sale price. In this article, we will provide you with a comprehensive home appraisal checklist to help you prepare for your appraisal.

## Before the Appraisal

1. Understand the role of an appraiser: Appraisers are independent third parties to the homebuying experience no matter who foots the bill. Their job is to ensure that the lender gets the most accurate valuation on the home that is being appraised.

2. Research your home's value: Do your homework and research your home's value in your area. This will give you an idea of what to expect from the appraisal.

3. Make minor repairs: Fix leaky faucets, broken windows, and cracked ceilings. Appraisers often value houses in $500 increments, so if there's a repair over $500 that can or should be made, do it.

4. Create a home fact sheet: This should include the square footage of the house, the number of bedrooms and bathrooms, the type of foundation, building materials, the presence of a basement, crawl space, or attic, cosmetic updates, and desirability of finishes.

5. List of recent improvements: List all improvements made in the last 15 years, with estimated prices and dates.

6. Copies of previous appraisals or sketches: If you have had an appraisal done before, provide the appraiser with a copy of the previous appraisal or sketches.

7. HOA information: If your home is part of a homeowners association, provide the appraiser with information about the HOA.

8. Known issues: If there are any known issues with the home, such as a leaky roof or foundation problems, make sure to disclose them to the appraiser.

## During the Appraisal

1. Be flexible in scheduling: Be flexible with the appraiser's schedule and make sure they will be able to move around the full perimeter of the home and that all rooms are accessible.

2. Contain pets: Contain any pets who may be a disturbance.

3. Provide access: Provide access to all areas of the home, including the attic, basement, and crawl space.

## Home Appraisal Checklist

### Information Prep

- List of recent improvements (Last 15 years) with estimated prices and dates

- Copies of previous appraisals or sketches

- HOA information

- Known issues

### Exterior Characteristics

- Neighborhood setting

- Zoning classification

- Lot size

- Driveway condition

- Structural condition and size

- Square footage of the house

- Type of foundation

- Building materials

- The presence of a basement, crawl space, or attic

- Cosmetic updates and desirability of finishes

- Evidence of deferred maintenance or adverse conditions

### Interior Appraisals

- Functioning appliances

- Repairs: Note any major repairs and how much it would cost to complete them. The appraiser will be able to factor that cost into the appraisal as if the repair or upgrade were already completed.

- Any leaks in the roof or key parts of the home

- Cracks in walls or foundation

- Damage to flooring

- Damage to drywall or exterior stucco/siding

- Peeling paint

- Visible damage

### Additions and Updates

- Energy-efficient features

- Fireplaces or wood stoves

- Fencing

- Patios, porches, or decks

In conclusion, preparing for a home appraisal can seem daunting, but with the right checklist, you can make the process much smoother. By following the above checklist, you can ensure that your home is ready for appraisal and that you receive a fair valuation.

Citations:

[1] https://dfritzappraisals.ca/pre-appraisal-checklist-for-homeowners/

[2] https://www.homelight.com/blog/home-appraisal-checklist/

[3] https://www.investopedia.com/home-appraisal-checklist-5085295

[4] https://www.simpleshowing.com/blog/the-ultimate-home-appraisal-checklist

[5] https://realvals.com/home-appraisal-checklist/