If you’re selling your property, it’s essential to get a valuation first. It will help you to know if your property is worth the market price or if there’s room for improvement. Your local council should provide you with a list of registered valuers in your area who can provide this service.
The valuation process involves an independent assessment of your home by a professional like Sydney Property Valuers Metro, who will make an estimate based on their years of experience and expertise. Read to learn how to get the best result from your property evaluation.
The valuer can tell if the property has been well maintained or not just by looking at it. If a property is not well presented, then its value will be lower than if it was presented nicely.
For example, ensure:
If you have made improvements to your property, it is worth mentioning them to the valuer so they can be considered.
Improvements can range from structural work, such as adding an extension, to cosmetic updates, like new flooring, repainting, and landscaping. These will add value to your property and improve its overall look, but they can also increase its rental yield or return. If possible, keep records of all improvements made over time so that you have something to show the value.
When you buy a property, it’s natural to want to ensure that your investment is worth it. Over capitalization can lower the value of your property.
When you over-capitalize and invest too much money in a property, you’re telling potential buyers that this is an expensive purchase—which means they’ll expect more from it, which didn’t cost as much.
It’s natural to assume that your home value will rise by the same amount as you invest in renovations, but it isn’t. It’s not a good investment if you spend $30,000 on improvements and get a $15,000 return on your money.
You can avoid over-capitalization by basing your renovation budget on a percentage of your home’s value. Allocate 2% of your home’s worth into the kitchen. While it could be reasonable to invest $50,000 in a kitchen for a $2.5 million property, spending that much on a $500,000 house seems excessive. It’s crucial to ensure that any improvements you make are commensurate with the home’s value.
Don’t be tempted to lie about the condition of your property. Make sure you don’t overstate its value, either. Your valuer can tell if you are hiding information, which can result in an inaccurate valuation that may lead to a reduction in the price you set for your home or even a refusal by the lender to provide finances.
Valuers like honesty: they want to give accurate representations of what they see so that everyone involved knows where they stand regarding their potential purchase or sale options.
If you want the best property valuation result, you must ensure that your kitchen and bathroom are presented well.
Kitchens and bathrooms are major selling points for many buyers, so they must be presented in the best possible light. The more attractive these rooms are the higher your property value. You must ensure that all the rooms’ fixtures are clean, shiny, and in good working order.
When your valuer visits the property, they will want to see recent sales evidence of similar properties in your area that is 500 meters from your property. If there is a lack of recent sales evidence, the valuer may use their judgment about how much your property is worth based on local information such as house prices and rents.
You get it from the council. While these figures will vary from location to location, they will typically include a site value indicating the worth of the land. In addition, there is occasionally an improved value that takes into account both the land and the structure, it’s not precise, but it does provide a rough estimate. It gives the valuer a “fairly good notion” of where it stands in the market.
Getting a professional valuation is a great idea if you are considering selling your property or want to know its current market value. The professional will be able to provide an accurate market value for the property, data for comparable sales in the area, and valuable information about how it can be marketed.
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