<\/span><\/h3>\n\n\n\nUnfortunately, sketchy neighbors can negatively affect your home’s value. This might be the most frustrating because it is completely out of your control. Homebuyers do not want to live next to a house that is constantly having loud parties or is always being raided by the police. Additionally, homes that are abandoned, have excessive cars or are visibly hoarder homes can also negatively affect your home’s value.<\/p>\n\n\n\n
If you are having trouble selling your Chicago area home, it might be because of one or more of these factors. It’s close to impossible to address these issues, but if you can, you will be able to increase the appraised value of your home and make it more appealing to potential buyers.<\/p>\n\n\n\n
<\/span>Air and noise pollution<\/strong><\/span><\/h3>\n\n\n\nAir and noise pollution along with light pollution from a nearby business or establishment could negatively affect your home’s value. Homebuyers want to buy a peaceful and cozy house \u2013 not feel like they are living in an urban jungle.<\/p>\n\n\n\n
For similar reasons, noise from busy roads or airports could also negatively affect your value. If you live near a garbage disposal plant or a sewage treatment facility that emits bad orders, this can all count against you. <\/p>\n\n\n\n
<\/span>Overly personalized renovations<\/strong><\/span><\/h3>\n\n\n\nOver-personalized renovations or bold colors could affect the value of your home. While it\u2019s obvious that the home buyer could redecorate to their own tastes, most home buyers want a place that is move-in ready and does not require any additional work. I typically find that Chicago area homes that have been renovated by their owners to fit their personal needs are less likely to sell because potential buyers might not have the same needs or like the renovations. Homebuyers want homes that have been renovated in a neutral style so they can make their own. <\/p>\n\n\n\n
<\/span>Deferred maintenance<\/strong><\/span><\/h3>\n\n\n\nDeferred Maintenance is a poor signal to both buyers and home appraisers. Homebuyers know that when they buy a home that has been well-maintained, they will not have to spend any additional money on repairs for some time. Chicago area home appraisers also take into account the amount of maintenance a property needs when determining its value. <\/p>\n\n\n\n
Homebuyers will also be less likely to purchase your home if it has deferred maintenance. So make sure you complete any needed renovations and perform the home’s regular maintenance that is necessary before listing it on the market! <\/p>\n\n\n\n
<\/span>Frequently Asked Questions<\/strong><\/span><\/h2>\n\n\n\nHere are some of the most commonly asked questions by sellers:<\/p>\n\n\n\n
<\/span>How long is a home appraisal good for?<\/strong><\/span><\/h3>\n\n\n\nAccording to the Federal National Mortgage Association, the majority of appraisals are effective for 90 days, however, this figure can differ based on a variety of circumstances. The appraisal is frequently used for a residential mortgage refinance or property purchase, both of which should be completed within 90 days.<\/p>\n\n\n\n
<\/span>What if my home doesn’t appraise for the sale value?<\/strong><\/span><\/h3>\n\n\n\nThe most common reason for a lower-than-expected appraisal is that the appraiser wasn\u2019t familiar with the current market or area. If you are hiring the appraiser yourself, it’s a great idea to find one that is familer with the area. If you and your real estate agent do not agree with the home appraisal, you are able to request an appeal or rebuttal. You should also add additional comparable homes to the appraiser and also miss features and characteristics. <\/p>\n\n\n\n
If your home’s appraisal is completed correctly, or the rebuttal is not reversed, you must lower your sale price to the appraised value or, if you are in a strong seller’s market, request the buyer cover the difference to complete the transaction.<\/p>\n\n\n\n
<\/span>Do home appraisers check for permits?<\/strong><\/span><\/h3>\n\n\n\n Home appraisers do not look for city permits or paperwork for the completed work. But it is quite easy for a home appraiser to evaluate the overall craftsmanship of the work performed.<\/p>\n\n\n\n
Although home appraisers don’t need city permits, many Chicago real estate attorneys check for this during the transaction to ensure that all necessary permits were obtained and that the work was done by a licensed contractor.<\/p>\n\n\n\n
<\/span>Do home appraisers check in closets?<\/strong><\/span><\/h3>\n\n\n\nHome appraisers will open all your closets and check inside, so don’t hide any skeletons in your closet! Home inspectors are not just being nosy \u2013they need access to every part of the home to check the floors, square feet, and overall space. They are also looking for any clues of water damage and pests.<\/p>\n\n\n\n
<\/span>Should I have a home appraisal before listing my home for sale?<\/strong><\/span><\/h3>\n\n\n\nGetting your home appraised before the listing is not cost-effective. Usually, your real estate agent will be able to provide what is called a broker price opinion, which should be very close to the home’s appraised value. If you are trying to be proactive, I would recommend a home inspection before an appraisal. The home inspector could point out anything that needs immediate attention to prevent repair requests from catching you by surprise.<\/p>\n\n\n\n
\n\n\n\n<\/span>Summary<\/strong><\/span><\/h2>\n\n\n\nThe Chicago area home appraisal process is complex and there are many factors that can affect the final outcome. In this blog post we’ve covered what to expect in a Chicago home appraisal process as well as how you can increase your home appraise value by following these three steps:<\/p>\n\n\n\n
\n- Understanding what factors will positively and negatively impact your property’s worth.<\/li>\n\n\n\n
- Performing regular maintenance on your property.<\/li>\n\n\n\n
- Completing any needed renovations before listing it.<\/li>\n<\/ol>\n\n\n\n
If all of this seems like too much work and you’re looking for help with increasing or improving your own Chicago real estate investment<\/a>, let us know! We help buyers, sellers, and investors in the Chicagoland area with all their real estate needs. We would love to hear from you.<\/p>\n\n\n\n<\/span>Have Questions? Ask The Velasco Reynolds Team! <\/span><\/h2>