How you can improve your property valuation

On 10 October 2017 in Buying, Data, House, Investment, Real Estate, Tips

How you can improve your property valuation

A property valuation is important if you are looking at selling, or at a time in your life when you are about to take out a home loan to buy a property. The experience can be uncomfortable, making even the seasonal investors sweating on that all-important final number.

Whilst valuers are professionals who are experienced in their field, there are some strategies you could take on board to improve your valuation.

And, no, please do not highlight every single improvement when the valuer is in-house. Whilst it is beneficial for owners to be on site, you do not want to be over eager. It is helpful to be on site to that they can provide relevant information and also learn about the valuation process. Issues can also be flagged.

Valuers are trying to absorb as much information while they are on-site, and if the owner is following them around highlighting features such as ‘This is the toilet. This is the Laundry,’ well those sorts of things they can work out for themselves.

However, if you have done renovations recently, these are the kinds of things to point out to the valuer, as it is VALUABLE information. This is especially relevant to improvements that may not be visible at first, such as solar panels. For properties that have been recently renovated, it is best to mention the improvements at the beginning, then point out features one the valuer is exploring the property. It helps if you write a list down to make sure that nothing is overlooked.

Mistakes do happen from time to time. It is important to challenge valuations, especially near the turn of the market. Ensure that you insist on an onsite, rather than a kerbside or desk-top valuation to aid in reducing mistakes and potentially improving the end result.

Ensure that you have presented your property to its highest possible standard. A well-maintained property can make all of the difference when highlighting certain features. A tip is to prepare it like you would an open house. Tidy the lawn and gardens and clean up any clutter around the house.

Finally, the valuer will use recent sales of similar properties to assist in determining the value of the property. Some ways to obtain evidence of recent sales include

  • Visiting local auctions
  • Purchase recent sales reports from the internet
  • Find recent sales on real estate websites
  • Ask a real estate agent for a report for your suburb

If you are able to find two or three recent sales of similar properties, give these to the valuer as an indication for what you consider on par with your home.

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