If you are renovating to sell, wouldn’t it be great if you could benefit from your work now, before you sell? It would make the home repayments each month less painful! Read on.
The Home Valuation Process
If your home can be revalued upwards, then you can borrow more against it to help finance your next project. So it is worth knowing how the home valuation process works.
Home valuation has moved online in recent years and the valuer will usually start by just checking a database of recent home sales around your area. The value that comes out is quick and easy for the lender, but it may not represent your house very well. So you can usually ask for a valuer to visit your property.
Be ready! The key is how you prepare.You need to know every major improvement you have made and have examples in your area where similar features are present in properties that have sold for a good price. This is easier than it sounds nowadays as details of sold houses are online.
If the property still has aspects that might put buyers off, be ready to show how other properties with similar issues have sold well.
It is nice to have someone else there who can offer the valuer a cup of coffee!
Try getting this information together before you start on the home improvements. You will find that some parts of your improvement plans add a lot more value than others. Concentrate on what works in the area.
Don’t Forget the Home Insurance
After all your work on home improvements, don’t forget to revisit your insurance and make sure you have enough cover.