There’s a whole range of circumstances when you may need to organise a valuation of your home, and while you can’t always pick the valuer, you can influence the final figure.
A low-ball valuation can kill a sale or dash your hopes of refinancing, so it’s worth going the extra mile to maximise your home’s valuation.
The key aspects that determine a property’s value tend to be set in stone – like the location, the size and the type of property (free-standing house, terrace etc). These are things you cannot change. But there’s plenty you can influence.
1. Have the place looking great
Treat the valuer’s visit in the same way you’d prepare for an ‘open house’ inspection. Clean up the garden, give the exterior a lick of paint if necessary and repair anything that is obviously broken like fence palings.
Give the inside a thorough clean and de-clutter paying special attention to ‘high value’ areas like the kitchen and bathroom. Sure, last night’s dirty dishes shouldn’t impact your home’s value but you only get one chance at a first impression.
2. Point out hidden benefits
Some of your home’s most useful features may not be immediately obvious – like new wiring, extensive insulation or underfloor heating. That’s why it is important to be on hand when the valuer arrives so that you can point out these noteworthy extras that can enhance its value.
Equally if you know about new plans for the area – like the local Rotary Club is helping to construct a new kid’s playground in a park on your street, let the valuer know.
Bear in mind, the valuer isn’t buying the property so it’s not necessary to ‘sell’ your home to them. Give them space to do their job. It’s not just home-owners shadowing the valuer that can be annoying. Take the family pooch to a friend’s house for an hour or two.
3. Showcase your home
If it’s a hot day turn on the air conditioning, maybe have the pool filter and spa running. This doesn’t just show the valuer that everything is in working order, it also showcases everything the place has to offer.
4. Keep a note of local sales results
A good valuer will check out local sales figures to arrive at their final figure. But it doesn’t hurt to let the valuer know what similar nearby properties have sold for especially if they are very recent sales or private sales. Hold onto any marketing material from local sales – like brochures or flyers, so that the valuer can confirm sale results with the selling agent.
5. Gather paperwork
Compile a dossier of recent council rates notices or land tax valuations. These rarely reflect a property’s market value though it can give valuers additional information to work with.
6. Share your plans with the valuer
If you’re extending or refinancing your home loan in order to complete renovations, explain the proposed project to the valuer, and provide copies of architectural or building plans. The valuer will normally assign an ‘as is’ value to your property while the lender may want an idea of the property’s likely value on completion of renovations. Providing plans gives the valuer another piece of the jigsaw.
Have you had your property valued? How did you prepare for your valuation – if you have a particular tip to share that we’ve left out of our 6 please share it in the comments below!
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