The catch of all the spending for these repairs is that financing is needed. There is an Upgrade America program that is provided by various local lenders. Upgrade America will allow you to upgrade and customize your home to your satisfaction as long it meets all the guidelines under their program, local ordinances and state laws. Your value will increase, and you’ll save money on monthly energy bills by financing these repairs. Of course, the most critical thing is improve the appraised value of the home.
Why is a higher appraisal critical? For one, you get a return on investment of these upgrades if you sell your home. Two, if the buyer is getting a loan to buy the home and it did not appraise due to the lack of upgrades, they either walk away or come with the cash difference. This is extremely critical for the seller to upgrade and for the buyer to not deal with any of the hastles and fears of having the deal to fall through or come with the extra cash. These are all overall wins for all parties.
Here’s how the Process Works:1. Offer the “as is” value on the property.2. A Certified Upgrade America approved contractor would submit you a bid.
3. The bid would be submitted to a consultant for the write up and review.
4. The consultant would submit the estimates to the appraiser so he or she will form an opinion of “Subject to Completion” value. The appraiser would use the Cost and the Sales Comparison Approach to form an opinion, which Sales Comparison is most reliable.