Six Ways To Increase Your Home's Appeal Before Getting A New Mortgage Loan

[Jul 10, 2010.]

 

Why Does The Home's Value Matter?

Interest rates on mortgage loans such as home equity loans, are affected by the home's appraised value. The lower the loan to value (LTV) ratio, the better the interest rate can be. Appraisers will tell you that value is determined by the room count, square footage, and comparable sales. But, short of adding a bathroom, there are things you can do to make your home more attractive to a potential buyer. True value comes from what someone is willing to pay for your home. So, it makes sense to boost the home's appeal using these simple steps before ordering the appraisal.

Click here for more information on how to get the lowest margin on new home equity loans.

Suggestion #1 - Paint

Freshen up the look of the house. Faded paint makes a house look old and dirty. Painting is one of the cheapest ways to make a house look younger.

Suggestion #2 - Bathroom Accessories

Stores like Target and WalMart have great deals on cute towels with matching bath accessories. Get rid of an old shower curtain that could be moldy. New towels, rugs, soap dishes, and trash cans can take a bathroom from gross to very cute.

Suggestion #3 - Kitchen Hardware

You might be surprised at the transformation new cabinet hardware can make in a kitchen. Avoid styles that are too personal, such as sports motifs. Not everyone is into golf or fishing. Pick something that everyone might like, like a brushed nicked or neutral ceramic.

Suggestion #4 - Yard-work

Weeding, mowing, tree trimming, and fresh flowers improve curb appeal. You never get a second chance to make a good first impression. When the appraiser first drives up to your house, it should appear fresh and clean. The front of your house should say, "The people who live here love this home." If the mortgage loan you've applied for requires only a "drive-by" inspection, this step will be the most crucial.

Suggestion #5 - De-Clutter

Less is more. Go room by room in your house and get rid of anything that should be stored in a closet or in the garage. Pick up everything that the kids have dragged out and put away any projects in progress, at least while the appraiser is inspecting your home.

Suggestion #6 - Clean the garage.

If you've been putting off a trip to the dump or Goodwill, before the appraiser comes by would be a good time to get that task done. Stores like Home Depot and Lowe's sell garage organizers such as heavy duty plastic shelves and Rubbermaid boxes that go a long way to organizing and hiding clutter.

These six steps will not only cause the appraiser doing the inspection to have a higher opinion about your home, but it can also help you to like your home more. Enjoy your home while you enjoy the benefits that the new mortgage loan or home equity loan will bring.

 

About Author:

Renee Morgan has been a loan officer for over eighteen years. She is also a freelance writer and guest expert for radio and TV.