The appraisal value is used by the majority of lenders to determine the fair market value of your home.  A licensed appraiser will determine the appraised value by completing a full report.

Appraisal ValueBank, Monoline lenders and Credit Unions want to know the “current” market value of your home.  An appraiser will visit your home to determine the current condition.  They will also compare your home to similar homes recently sold in your area for a comparable match.

The appraisal value is then provided to the lender in a very detailed report.  Here are 7 tips that ensure you will get the highest appraisal value for your home.

SHORT VERSION: Prepare your home as if it was going to be sold.

LONG VERSION:  If pictures tell a thousand words, what story will the lender get from the pictures of your home?

A representative from your lender will hardly ever visit your home.  They rely on the appraisal report which includes pictures of your property.




TIP # 1 – Clean up.  Very simple and easy to do.  The appraiser is basing the value of your home on how it looks.  Clean and de-clutter every room, vacuum and clean your bathroom.  If you don’t have time, hire a cleaner for an hour.


TIP # 2 – Pay attention to curb appeal.  This is geared toward detached single-family homes.   Appraisers are swayed by first impressions too.  What kind of feeling does the appraiser get when they walk up to your home?  A messy, unkempt yard can give a bad first impression.


appraisal property valuesTIP # 3 – Make every room available to the appraiser.  Refusal to allow access to certain rooms or a basement suite can be a game stopper.  Refusal to grant access could make the appraiser wonder what the reasoning behind it is.  This may reflect poorly in their appraisal value.


TIP # 4 – Make a list of upgrades and features.  Not all upgrades are cosmetic and easily seen.  If you own an older home and you upgraded all your plumbing and electrical last year, you need to tell the appraiser this.  If possible, give them a list or show then your invoice for the work that’s been completed.  Unseen upgrades can increase your appraised value but only if the appraiser is made aware of it.


TIP # 5 – Your know neighbourhood. The appraiser most likely doesn’t live in your neighbourhood.  Therefore, they aren’t as familiar with recent sales in the area.  They rely solely on data available online.  A home may have sold for under market value because it was a former grow-op.  If the appraiser doesn’t know this, it will bring down the appraisal value when looking at comparables.


TIP # 6 – Lock up your pets.  I’m sure everyone loves your dog or cat.  If you had an allergy to cats, you wouldn’t appreciate a cat rubbing up on your leg as you take pictures of the home.


TIP # 7 – Be friendly.  This is probably the easiest tip of them all.  Be late, rude, or crass won’t help the appraiser feel comfortable.   Don’t follow them around the house either.  Let them in, tell them you’re happy to help in any way and let them do their job.


One thing to note.  The appraisal report is for the lender and the borrower isn’t allowed a copy of the report.  You will be told the appraisal value but the detailed report is property of the lender.

Mortgage are complicated, but they don’t have to be….Contact your Dominion Lending Centres Mortgage Expert to have all your questions answered today.