How to Get the Best Result from Your Property Valuation
August 9, 2021
Property valuation is simply the process of taking into consideration a myriad of factors concerning a given property and using them to determine the current market value. Valuation works to provide you an estimated fair asking price for your property if you wish to sell or help you budget for a property you want to purchase. A certified property valuation report will be issued by professional property valuation Melbourne which you can use when required for legal matters or financial reporting.
A valuator will carry out a thorough in and out inspection of the property, just like a buyer would, and assess factors deemed to affect the value of the property. That’s why overall impressions in and out of your property matter a lot in the valuation process. We’ll go through some of the things you can do as you anticipate a property valuation exercise to score the best out of it.
Make Prior Improvements
Depending on your property’s nature and location, there are several general ways to achieve this without spending much money. These improvements will create a positive general visual appeal on both the inside and outside of your property. They include curb appeal (the view your property exudes from an outside viewpoint), rearranging furniture for maximum space, and replacing worn-out or broken fixtures within the property. The first two of these improvements should cost no more than a bit of your time and energy. Replacing broken fixtures will not cost much money but is worth every penny. These improvements will go a long way in adding up to your house’s overall value.
Present Comparable Recent Sales
One of the best ways to get an average valuation of your property is by researching the most recent similar property sales around the same area your property is located. Although there are usually other distinct factors influencing property values within an area (like the most convenient, secure, or beautiful place), the general location is the most significant determining factor for maximum and minimum price ranges. It’s good to provide information on the sale values of the most recent, say three similar properties to your valuer.
Do A General Paint Job
A paint job around the property can spruce it up to levels you might not deem possible. Whether you’re painting the inside or outside of your property, paint works like magic in making a building appear new and fresh. Settle on neutral colors, but be aware of undertones to reap maximum painting effects. You can also engage a painting professional to give you the best styles to ensure maximum natural light is retained. On the valuation day, ensure to keep all windows open to boost the effects of the paint job.
Get Relevant Documentation
You can help hasten the process by providing necessary documentation like building plans and land tax valuations. Valuers have to measure various rooms and other outside locations around your property; having a building plan will save time and improve the overall accuracy of the process.
The valuer will need full access to all areas within the property; your presence and guidance will make the process faster and ensure no rooms are left behind. Your presence will also ensure that anything that requires your clarification will be catered for.
Compile A List Of Hidden Features
Prepare a list of all features within the property that might not be immediately noticeable. This will ensure a thorough valuation process that covers everything within the property. This list should include underground water tanks and solar panels.
Note Down All Recent Renovations
Ensure to bring to light all recent renovations you think might be relevant and add to the property’s worth. This can be anything from kitchen & bathroom remodels, wiring to roof remodels.
Notify The Property Manager
If the property is occupied by a tenant(s), ensure to inform the property manager before to ensure preparation in anticipation of the valuation process. Most property managers often require a written notice; this can lead to delays if not done earlier.
While the valuation process might take an average of between 1 or 2 hours, you will need to be patient for the final estimated value depending on your property. More factors, not available then, have to be considered in the calculation process.
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