There are heaps of reasons why you might need to get your property valued. Maybe you’re looking to secure a mortgage, or you’re keen to get the low down on your home’s value before putting it on the market. Or, you might be in a family law situation and need to determine how much your property is worth. Whatever the reason, a property valuation can give you a solid understanding of where you stand in the property game.
Preparing your property for a residential valuation can be daunting, but it’s an important step when buying, selling, or refinancing your home. Whether you’re a first-time homeowner or an experienced property investor, understanding what to expect can simplify the process for you and the valuer.
What is a Property Valuation?
A property valuation can help determine its value based on various factors such as location, condition, and more. A professional surveyor will conduct an in-person assessment, taking notes and photographs, and then provide you with a comprehensive valuation report.
Property valuers assess the value of the land, buildings and improvements. They gather and analyse a range of property information to determine its value. The valuer then provides a Valuation Report to the person or organisation that requested the valuation. A property valuation report can come in handy in many scenarios, such as pricing your property for the market, dealing with probate, or separating from a partner who owns part of your property.
How Does Property Valuation Work?
Depending on the type of valuation, the report will provide the property’s value, a description of the property, comparable sales and other relevant information. Common reasons for a valuation include securing a mortgage, gathering data for pre-purchase or pre-sale, family law purposes, or a rental assessment. So, if you require a property valuation, research and hire a qualified valuer to ensure an accurate and reliable valuation report.
Just like preparing for a guest’s visit, it’s essential to spruce up your property before a valuer arrives. Take the time to declutter, tidy up, repair damages, and complete unfinished renovations. While a valuer can overlook a little dust, a well-presented property will be easier to assess and showcase your property in the best possible light.
Property Valuation Prep Guide
Looking to put a price tag on your property? Here are some tips that you should know:
Clean and Tidy
Your bank or lender will require a minimum of five photos in the report, including the front of the property, kitchen, bathrooms, living areas, outdoor areas, and any views or pool. Ensure these areas are clean and tidy to create a positive first impression and showcase your property’s full potential.
Easy Access
To ensure a speedy property valuation, providing easy access to every room in the house is vital. Ensure all doors are unlocked and the valuer can move freely around the property. Additionally, the valuer will need to take measurements to move any furniture or clutter obstructing their view out of the way.
Relevant Documentation
To ensure a thorough and efficient valuation process, it is recommended that you provide your valuer with any relevant documentation before the valuation. Provide a copy to the valuer if you have a copy of your building plans, whether in print or digital form. This will help them better understand the property’s layout and features and can contribute to a more accurate valuation.
Recent Sales Figures
To further assist the valuer in their assessment, providing any recent sales figures for similar properties in the area can be helpful. If possible, provide evidence to support these figures, such as sales brochures or contact details for real estate agents. This information can give the valuer a complete understanding of the local market and help them to provide a more informed and accurate valuation.
Relevant Paperwork
Additionally, some valuers may request documentation such as Rates Notices or other relevant paperwork. Having these readily available in case they are needed is a good idea.
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