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Real Estate Agents questions, answered by experts

While LVP won’t increase home value as much as engineered hardwood, it can increase the value somewhat because it creates a warm and inviting aesthetic. It’s also durable and waterproof, so it can be appealing to homebuyers with pets and children. LVP is very low-maintenance, so that can also appeal to homebuyers who don’t want to spend a lot of time keeping up with an engineered or solid hardwood floor.

Some of the home repairs with the highest ROI that can improve appraised value include exterior paint, new exterior doors, new windows, landscaping, kitchen and bathroom renovations, new flooring, new interior paint, finishing a basement, home additions that add to the square footage, and replacing major components, like the roof, heating and cooling equipment, and the water heater. Upgrades to home energy efficiency are also a big hit with buyers and can add significantly to value, as are smart home integrations.

If the appraised value comes in lower than an offer, a buyer will normally be able to back out because a low appraisal can prevent a mortgage from going to underwriting. The buyer can also try to negotiate for a lower sale price or offer to put down more cash to bridge the appraisal gap.

Yes, experienced appraisers handle a variety of property types with tailored methods.

The purpose of the home appraisal determines which party pays for it. You’re generally responsible for the cost if you need to know the current value of your home to refinance your mortgage, though in some instances the lender will pay for it. The buyer pays for the appraisal when they are applying for their mortgage.

The Laguna, NM homeowners’ guide to real estate services

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