There are several reasons why people undertake property valuations. For investors, it may be so they understand if their investment has increased in value to allow them to borrow more, or a valuation may be required before the settlement of a deceased estate. Others simply get their property independently valued so they can arrive at an objective figure to guide their future investment decisions.
Compared to an appraisal conducted by a real estate agent, valuations are impartial with an extensive systematic process involved. Even though much of the value of the property comes down to the house itself, including its size and location, there are a number of ways homeowners can maximise the value of their homes before a valuation takes place.
Renovate or Refresh the Kitchen and Bathrooms
These are potentially the most important rooms of the house from a value perspective. If kitchens and bathrooms are tired and dated, there are a number of affordable ways to refresh these that can have a significant impact on value. A new shower recess, vanities, cabinetry or flooring in these rooms will make a difference as well as a fresh coat of paint.
The point is to do these fixes and improvements before the valuation begins. A valuer can only provide a valuation based on the day they assess the property, so future plans no matter how much they could add value, are irrelevant. When undertaking renovation, be aware of overcapitalising by spending more on improving the home than can be recouped if buyers are not willing to pay more than a certain amount in an area.
If you don't have the time (or the finances) to renovate areas of the home before the valuer arrives, then the next best thing is to prepare the property in the most positive light. This means neat and tidy presentation throughout but especially around the exterior of the property, including paintwork. Appearances count to a valuer, as well as they do to buyers and if everything looks well maintained and tidy, it's likely to have a favourable impact on the valuation. Outdoor living areas are sought after by most groups of buyers so pay particular attention to presenting and tidying these areas.
The more information you can provide the valuer in the documentation to support your case, the greater likelihood of a higher valuation. Provide a list of recent renovation or improvement works including specifications, recent sale prices for your street, building plans and council rates notices. The more detail in these the better, including costings, as they can all add weight (and value) to your application.
Highlight Features that May Be Overlooked
While it's tempting to follow the valuer around the home, a property valuer knows what to look for and will generally appreciate being left to get on with the job. With that said, not all features of the house may be obvious to them, so it's a smart idea to provide a list of easily overlooked features.
Solar panels, rain water tank and water recycling features, underfloor heating and additional storage areas are all examples of features that may be overlooked, so it's worth considering any of these any directing attention to these during the valuation. For more tips on getting the most of a valuation, contact companies like WBP Property Group.