Tips for getting a property valuation for your home
If you’re thinking of buying or selling, a property valuation is a useful tool to determine a property’s real worth.
Valuations can be requested by buyers, sellers or lenders. Generally you will receive the valuation as a report, outlining standard information such as the council rates, the size of the block of land and the dwelling itself, an overview of recent sales in the area, details on the condition of the house and any current issues.
When it comes to the valuation itself, the valuer will generally visit the property to do an inspection. They will take measurements, and check the structure of the property to determine if there are any structural issues. They will note the layout, number of rooms, current fixtures and fittings, access for vehicles and any outbuildings such as sheds or car ports.
Many reports will include photographs of the property. This will allow them to highlight any specific issues or features of the home.
After their visit, the valuer will also determine whether there are any planning restrictions or council zoning issues affecting the property. They will compare all of the information to recent sales for similar properties in the area and then come up with their figure.
This is different to the figure that could potentially be quoted to the owner by real estate agents who are trying to gain their listing. The agent looks at sales in the area as well as their own experience to determine the amount that they think the house will sell for (rather than what it is valued at).
The sale of a property can fall through if the valuation isn’t close to the agreed sale price. The buyer may choose to cancel the contract or try to re-negotiate the price.
If you are about to sell your home and want to add as much value as possible before the report is completed, try these tips:
- A small renovation can add a lot of value to your home. Could you add a second bathroom, a deck or loft conversion?
- Improving the garden can add value also, especially if you can show it’s potential use as an entertaining space. Another popular improvement is to open up the access to the garden from inside the house by adding bi-fold doors or changing a window into an access point for a deck.
- Now is the time to get rid of the broken clothes line or dead tree. Keep the outside of the house neat and tidy so that it doesn’t look as though there is too much work needed to be done.
- Think about vehicle access if it is currently an issue. Could you add a car port or move a water tank to allow for two vehicles to park instead of just one.
- Consider making small improvements to the bathroom and kitchen to give it a lift. It could be a new bench top, a coat of paint, more modern light fittings or new cabinets.
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