8 Tips for a Top Valuation

Jayde Ferguson

Home valuation is a common activity most homeowners find necessary to carry out in their lifetime. Homeowners have the ability to influence the outcome of a valuation. It is worthy to maximise the valuation of your home in order to avoid dashing your hopes of refinancing. Key aspects that determine the value of a house are constant. They include the size, location and type of property. However, the homeowner can influence other factors for a positive valuation. Such factors are as described below.

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1.      Prepare the Interior and Exterior Parts of Your Property 

Do this in the same way you would prepare for a house inspection. Repair all the broken parts in your home especially the fence palings. 

Whenever necessary, consider giving the exterior parts of your home a lick of paint. Additionally, you can clean up the garden and the regions surrounding it. 

Thoroughly clean the interior parts of the house and de-clutter the kitchen as well as the bathroom. Ensure all the parts of your home make a positive impact to the valuer within their first impression. 

2.      Outline Any Hidden Benefits To The Valuer. 

There are parts or features of your home that might not be visible directly to the valuer. They can constitute under-floor heating, new wiring and extensive insulation among other benefits. Pointing out such features to the valuer can possibly enhance the value of your home. 

While pointing out the benefits, it is critical to understand that the valuer is not interested in buying your home. Shadowing them too much could easily turn out to be annoying. Even as you try to influence their decisions, remember to provide them with enough space that will allow them carry out their duties effectively.

3.      Showcase Your Home.

Take advantage of the prevailing situation to display what extra features your home can offer. For instance, if the valuer turns up on a hot afternoon, consider turning on the air conditioning. Alternatively, you can have the spa running. Apart from showing the valuer, everything your home has to offer, it indicates to them that all the additional features are in the proper working condition. 

Alternatively, you can also outline the recent improvements you have made to your property. A detailed list of improvements should cover the type of work handled and their cost. Additionally, you can attach the project specifications together with the building contract. This will guide the valuer in understanding what you have spent. 

Avoid overcapitalising while outlining the list of renovations and improvements made to your property. Ensure the total spending matches with what the area can accommodate. 

4.      Have A Record Of Local Sales Results. 

In order to arrive at the final figure, good valuers have to check through the local sales figures. However, it can at times be beneficial for you to let the valuer know about nearby recent property sales. You can provide him with reliable local marketing materials such as flyers and brochures. Such materials provide them with an opportunity to confirm the results of the sale from the selling agent. 

The best way to keep updated with recent sales in your area is by attending nearby auctions on a regular basis. You can also be helpful to the valuer by compiling a written report covering about three recent comparable sales in your region. 

5.      Gather Paperwork

Take time to compile a number of recent council notices on rates and valuations on land tax. They do not reflect the value of the property in the market but can provide the valuer with additional information during the valuation. Some valuers will ask for these documents during their valuation. Such documents do not provide an accurate valuation of your property. Instead, they guide the valuer in determining how valuable your property might possibly be. 

6.      Inform the Valuer of Any Future Plans You Have

Explain any proposed projects you have within your home. Provide the valuer with copies of building or architectural plans to quantify your projects are legitimate. Bear in mind however, that in these situations the valuer will assess the value of your property ‘as is’ unless specifically requested otherwise. 

7.      Be Honest

Valuers can easily identify true and false testimonies over property valuations. Being honest about the condition of your property provides the valuer with an opportunity to carry out a favourable valuation. Telling untruths will certainly not assist you in receiving a higher valuation. 

8.      Be Patient

Do not be in a rush to know the valuer’s opinion over the value of your property. After the visit, the valuer needs time to undertake the valuation using the information gathered. They use different methods during valuation among them being summation and direct comparison. Therefore, the valuer might not feel comfortable providing you with an answer until they have carried out a full analysis. 

Valuation is an important process whenever you need to sell your property. Following the above tips will guide you in achieving optimal results. 

Author Bio
This article is written by Jayde Ferguson, who writes for Qwest Valuations, a boutique property valuation and consultancy firm in Perth, Western Australia that provide independent and impartial property advice to a range of clients.