Property valuations are stressful, whether you are looking forward to selling your property, renting it, or getting a loan. We want to get the highest valuation possible because our future plans are tied to it. We overthink the situation so much but we are never sure what can get us our desired number. Honestly speaking, we don’t like keeping our readers in a bubble. The valuation you’re going to get should be realistic and in line with the market. So, don’t expect a big change based on your preparation. However, there are a few small adjustments that you can make to improve your property valuation results. But if your property value is 500K without preparation and if you prepare for a property valuation it can rise up to 5%. That is around 25000$ and that it’s not small amount of money by any means!
Remember that the valuer will only consider the condition of your property “as is” when they inspect it. This means any unfinished renovations or hidden features won’t be included in the final value, unless completed or pointed out.
While this may seem like a no-brainer, this is a very common cause of the low valuation of a property. If the inside of your house is dirty and messy, it’s going to leave a negative image of your house in the eyes of the valuer. If your rooms are so filled with stuff that it’s difficult to walk around, the valuer is likely to assume that the rooms are smaller than they really are. Similarly, if the paint is coming off, he/she might also perceive the house to be more dilapidated or old than it really is. Kitchens and bathrooms are highly noticeable. Therefore, you should ensure they are neat and tidy on the valuation date.
If you have any repair jobs that need fixing, you should get them done before the valuation. Also, have your lawn mowed, your backyard, and your deck cleaned. Other things like a bad smell, or malfunctioning lights can subconsciously build a negative image of your property. These things are not so difficult to do before the scheduled assessment and you don’t need a full renovation. You only have to ensure that your property is presentable.
Prepare documentation for property valuation
Building plans, transfer receipts, land tax valuations, and council rate notices are usually asked for by the valuer. Therefore, you should have them ready before your valuation is scheduled. Not doing so might lead your valuer to become suspicious of your property. Resultantly, he or she could give a lower valuation than it deserves.
It’s so embarrassing when an owner gets caught while showing fabricated documents. Valuation agents are university graduates and have experience with property documents. They can find flaws in your document and tell if it’s original or not. In case you have lost the original documents of your property you can get duplicates from your municipal or town office. Duplicates are a hundred times better than fake documents. It wouldn’t affect your valuation as much because once the valuer testifies them from the concerned authority he will be sure that nothing is wrong with the document.
However, in order to get a better valuation, you are exaggerating some features of your property in your documents, that’s fraud. The agent will notice and call you out for it. If you are doing so for a loan, that loan will be rejected. If you are doing it for selling or renting your property, you might scare away the valuation agent. Therefore, be honest about your property. You don’t even have to do a lot of talking. The valuer will see everything for what it is. If there’s anything he/she needs to know, they will ask you. You should ensure that they have a smooth walkthrough around the property.
Choose your valuation agent wisely
It is important to get your valuation from an independent property valuer who won’t have any biases. If you select a real estate agent or bank valuer they may put a low valuation for your property to benefit another party. Or they may simply be incompetent to make the right conclusion. This is why you need to prepare for property valuation and do some research on valuation agencies in your area. You could ask your friends and family members for recommendations. Or do your own research on the reviews of different valuation services. You can contact them on their phones and enquire about their services. You can then compare the services of different agents in your area and see which ones are more suitable for you. The point is your valuation agent is likely to make errors or have biases. Make sure you select a service that has qualified property valuers with local experience. This will ensure you get the most accurate result.
Prepare for Property Valuation and Get to Know your area and the market
You can inform yourself about the value of similar properties in your area. If there have been any recent sales in the past six months, show that to your valuation agency. Let them know that you are aware and therefore, cannot be taken lightly. Markets are always going through ups and downs. If you are aware of your current scenario it will help you in aligning your expectations. If it’s up you can use that to pressure the agent to give you a better valuation. Whatever the case, it’s always better to be informed than not being informed.
That’s all we need to say regarding the preparation of property valuation. However, other small things such as keeping your dog on a leash when the agent is in your house are a no-brainer. We hope you have a good experience after you apply these techniques. Let us know how your experience goes.