Life as a homeowner is great, but it comes with a few obligations. An essential part of home ownership is maintenance and keeping the value of the home up is the best way to ensure your investment stays strong.
A great way for owners to keep up with value is to get a valuation report from a qualified expert. A house valuation in Victoria will give you the exact details you need regarding your home’s worth.
A property valuation is a detailed report covering the factors related to market value. For homeowners, valuation reports:
- are prepared by Certified Practising Valuers registered with the Australian Property Institute (API).
- will clearly define market value in accordance with several internal and external factors.
- can come in short-form or long-form.
- may include measurements, photographs, and details on any issues.
- will serve as definitive and legally-accepted proof of market value.
All in all, valuation reports give owners the exact details they need regarding the home’s value. If you’re worried about getting a low valuation, there are a few steps you can take to try and boost your home’s value before the inspection.
Improving your home’s value one step at a time
Since home valuation reports are seen as conclusive proof of value, you’re going to want to do what you can to increase its value beforehand. Many are concerned with low valuations and find themselves searching for what adds the most value to a house.
Keeping the value of your home high is a great way to guarantee it stays a worthwhile investment. You never know if you may want to sell in the future, and if that time comes, a high market value will be imperative.
Some ways that owners can enhance value include:
Upgrade the kitchen and bathroom
The kitchen and bathroom of a home are often considered the two most important areas of the house. Upgrading to a spa-like bathroom and spacious well-designed kitchen can do wonders for value.
By replacing outdated fixtures and damaged counter tops and purchasing new appliances; the home’s value can be greatly improved.
Improve the kerbside appeal
For investors, the first thing they see is the front of a home. A first impression lasts, and enhancing the outside of your home is always a welcome idea.
Your lawn, plants, driveway, garage and front door, paint job, and entrance will all have a direct impact on the value of the home. A visually and aesthetically pleasing home is equal to a more valuable one.
Increase floor and storage space
The space that a house has is directly linked to its value; particularly the floor and storage space. Maximising the floor space via smart interior design is a good idea; open floor plans are often preferred in modern homes.
Garages and sheds for storage of vehicles, tools, and any additional items can also be a great way to increase value.
Create a comfortable outside space
People all throughout the world are attracted to spending time outdoors. A home that has a nice deck, a spacious yard, and attractive landscaping can be a good way to improve value. The aim should be to make the space an attractive one for both relaxation and socialising.
Add energy-efficient upgrades
There is an ever-growing demand for energy-efficient homes due to the significant savings and less harmful impact on the environment.
A few inexpensive methods can be to install energy-efficient appliances and lights. The more long-term and expensive route is to install solar panels and upgrade the ceiling insulation.
Address any damage or faults
Of course, you need to take care of any faulty pipes, plumbing, or electrical work before the property inspection takes place. Replacing outdated systems and implementing heating and cooling systems is a good way to make sure your home’s value stays up.
What is the home valuation process?
Since we’re working on how to increase value, going over the valuation process itself is a good idea.
Not all valuations have the same process. A commercial property valuation will look much different from a home valuation.
In the case of the latter, the first step is for the CPV to arrive at the property and perform a thorough inspection. The valuer will take measurements, photographs, and detail all relevant information. The factors that the valuer will consider when preparing the report include:
- Location: Proximity to public transport, hospitals, school and restaurants as well as the general neighbourhood reputation will all have an impact.
- Size and space: As nobody wants to feel cramped when at home, size and space are essential factors to property value.
- Building age and condition: A well-maintained building is important for a good valuation. If the materials are deteriorating and the place looks damaged, investors will be turned off.
- Kerbside appeal: As mentioned above, taking care of your home’s exterior and entrance points is great for value. Neat lawns, well-maintained driveways, and welcoming entrances all add to the value.
- Market conditions: The ever-changing state of the housing market will naturally play a massive role in the final value of the home. A valuer will be well-versed in the existing conditions and use the direct comparison approach to analyse the sale of comparable properties in the area
Summary
Part of owning a home is taking the right steps to maintain and improve its value. A house is a crucial investment to make and you’ll want to do everything you can to make sure it’s a worthy one.
A property valuation report can provide clarity on a home’s market value. Always do what you can to increase the home’s value before an inspection, as the report will serve as official proof of its worth in the existing market conditions.
Valuers will consider several different factors when preparing reports. Location, size, space, building age and condition, street appeal, and market conditions all have an impact.
For more information on how you can improve the value of your home, feel free to give us a call. With a team of highly qualified property specialists, we are ready and waiting to assist.
