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It may seem like yet another expense, but a property valuation could also be a necessity for your successful real estate purchase.
Benefiting the buyer and seller, a property valuation can help you to assess the current value of a property in an open and competitive real estate market.
For a valuer to do their job, they generally need to visit the property, measure it and note details on the building structure and its condition, any structural faults, rooms and layout and their presentation and fit outs, fixtures and fittings, and any improvements.
They also make notes on the property’s vehicle access and any garages, carports or out buildings.
Often the valuation will include photos of the property highlighting certain features.
Once they have visited the property, they also look at planning restrictions and council zoning and its relative location. The valuer then compares all these attributes to recent comparable sales in the surrounding area before coming up with the magic figure.
Real estate agents often give you an appraisal on your property when trying to gain your listing. They base their appraisals on other sales in the area and their experience. Remember, real estate agents are working for the vendor (which could be you) who pays the commission on the price they achieve, not the official valuation.
This is different from a valuation carried out by a licensed valuer, who has to base their report on facts as they are legally responsible for the information they provide.
A property sale may fall over on a valuation if the property’s value doesn’t come close to the agreed sale price. A buyer, on behalf of their lender, could deem the finance clause is a reason the property can’t go ‘unconditional.' They may either decide to exit the contract or re-negotiate.
If you are looking to sell your house in the future and want to know what might help when the property is valued, here are some helpful pointers.
You can’t change your property’s location, but you can change the house itself. Think about a renovation or extending the floor area of the house. Can you add a bathroom, bedroom or entertaining area? What about improving your indoor-outdoor flow?
Make sure the property is well presented. Can you tidy up the garden or remove any untidy trees or structures? Are there any views that can be taken advantage of or can you make vehicle access easier?
Give your important rooms – the bathroom and kitchen – a mini makeover. It can often be fairly cost effective to update cabinetry, the bench top, light fittings and fixtures. Even a quick lick of paint can do wonders!
Do you have covered areas for vehicles? Can you add a carport or garage?
Give your property a general tidy up. If your block and house are neat and tidy and look well maintained, it is likely to benefit the valuation.
If you are considering buying a residential property, make sure you know its current market value. IP Valuations is here to help with its independent and professional team of valuers.
Feel free to call us on (02) 9659 5446 or fill in our enquiry form.