Preparing for a valuation is an essential step for anyone who owns real estate. A professional valuer in Victoria can determine the current market value of a property. They will take the following things into consideration
- Location
- Size
- Condition
- Recent sales in the area
It is crucial to prepare before the process begins. Our valuation checklist will help you cover everything, from researching market trends to making necessary repairs and upgrades. Following these steps and tips will allow you to be well-equipped to present your property in the best possible light and get a more positive outcome.
Before we jump right into the checklist, let’s first have a look at why valuations are important.
Why is a property valuation so important?
Valuations are important for various reasons. The most prevalent is that it helps people determine the true value of their property. It is useful for those buying, selling or refinancing. It can also be helpful for insurance and tax purposes.
A valuation will also give you insight into what improvements or repairs can be made to increase the value of your property.
What are the benefits of preparing for a valuation?
Preparing for a valuation has many benefits. One of them is that it could potentially increase its value. Here are a few things you can do to prepare for your valuation:
- Research current market trends
- Declutter and deep clean your property
- Repair and make upgrades where necessary
All of the above can make the valuer’s job much simpler and help you showcase your property in the best light.
Do I have to research market trends and other property values?
Researching different real estate values is important because it can give you an idea of what similar properties are currently selling for. You’ll also get an idea of what improvements to make.
Online real estate records are available for the public to do research on recent and past property sales. Working with a real estate agent is also an option to consider. They are familiar with property sales and can assist you with getting any information you need. Although these resources are available, it’s always best to consult a Certified Practicing Valuer.
Market trends will impact the value of your property. These include:
- Changes in interest rates
- Shifts in real estate demand, supply and availability
Staying in the loop with the trends can help you anticipate changes in the real estate market. From there, you’ll be able to make better decisions
Do I have to clean my house before a valuation?
A clean and decluttered property can help showcase its best features and potential. This also makes it more attractive to potential buyers.
To clean and declutter, start by removing excess furniture and personal items. You can also organise your remaining items and clean your home thoroughly. If you’re not too keen to clean, you can consider hiring a professional cleaner before your house goes on the market.
How important is improving my property before an inspection?
Your house can be valued as is, but making repairs and upgrades could potentially increase its value.
Improving its functionality and aesthetic appeal will definitely be worthwhile. You’ll have to focus on meaningful improvements that will have the most impact on your property's value. This includes:
- Modernising your kitchen or bathroom
- Repainting the interior and exterior walls
- Improving energy efficiency
- Installing new windows or insulation
Provide the correct documentation and information
When preparing for a valuation, it's important to gather all relevant documentation and information. This will help the valuer assess your property accurately and give you a figure that reflects its true value. Here are some documents you should gather before the valuation:
What documents should I gather before the valuation?
Here is a list of the top six documents you’ll need for your valuation:
- Title deeds and land registry documents
- Any planning permission documents
- Guarantees or warranties on structural work completed
- A list of any recent repairs or renovations
- Any surveys or reports on the property's condition or potential issues
- Leasehold information
This is not a full list of documents required. When you book your valuation, your valuer will give you a full list of which documents you need.
It's important to organise your documentation neatly and in a binder if possible. This will make it easier for your valuer to navigate and review it.
Apart from the documents, you should also provide any other useful information. For example, if you've made any upgrades to the property, details on the cost can be disclosed.
What to expect during the property valuation process
During the valuation, your property's size, condition, location, and any unique features will be inspected. The assessment will analyse things that can add to or decrease its value. Photographs and measurements will be taken too. They will also ask questions about the property's history and any recent renovations.
You must be honest when communicating with your valuer. All questions they have must be answered truthfully. Being open to their feedback and recommendations, and asking questions if you're unsure about anything can also help you find clarity.
Can I address potential issues and concerns?
Issues or concerns can always arise. These include repairs or renovations that can be made. The valuer will note any potential issues that are and aren’t fixable.
Issues with the property's location, like noise pollution or proximity to high-traffic areas, can’t be fixed unless you have the budget to soundproof your property. On the other hand, you can always modernise your kitchen if it is outdated and brings down your house’s value.
What can I do if I disagree with the valuation outcome?
You are allowed to ask the valuer for an explanation if you disagree with the valuation outcome. If you are still unhappy, you can appeal the valuation with evidence to support your case. You can also seek a second opinion from another trusted valuer.
What happens after a property valuation?
You will receive a detailed report after your property is inspected. It will outline the outcome of the inspection and desktop assessment. If you have any questions or concerns after the valuation, you shouldn’t hesitate to follow up with your valuer. They are there to assist and guide you.
You can then decide on your next steps based on the valuation outcome. If your property is valued higher than expected, you can go ahead with what you had planned. If it’s valued lower than expected, you can decide to hold onto it and make improvements first to increase its value. Whatever you decide, the property valuation will give you the resources to make smart decisions.
Summary
By following these steps, you can ensure you're prepared for your valuation. You'll also be able to increase your chances of getting a favourable valuation outcome. Remember to be present during the valuation, communicate effectively, and follow up afterwards to take any necessary next steps. Following these strategies will put you on a path to a successful property valuation.
Even if you're not planning on selling or refinancing your home, it can still be helpful to have a property valuation. You can get a better sense of how much your property is worth on the market. Taking steps to maintain and improve your property can also boost its value.
Contact us for more information on how to book and prepare for your valuation.
