by Chris Devers
Not too high, not too low … just right!
Property valuation is far more of a science than an art … however there are certainly ways that you can help ensure that the scientific analysis proceeds as accurately as possible! There are quite a few factors that can muddy the waters when your property valuer is creating a hypothesis on the market value of a house and land … today we check out some good laboratory practices for Melbourne property valuations and Geelong property valuations!
1. Always get a ‘full’ valuation
You may be given the option of getting a kerbside valuation or a desktop valuation; kerbside valuations involve a drive-by inspection only, while desktop valuations don’t involve any personal inspection. These are obviously cheaper, but given that any prospective buyers will certainly not evaluate the house this way, the figures really aren’t useful.
2. Have your improvements completed
Property valuers are duty- and law- bound to provide an accurate assessment of your property’s value. It is possible to provide alternative value figures based on prospective improvements – but the property valuation firm will need full construction and material details. Even then, you should remember that if it takes 2 months to complete the improvements, the Melbourne property valuation cannot be truly accurate.
3. Provide your preferred/tolerated sales times
Real estate markets change daily, just as stock markets do (though on a smaller scale!). The time it takes to sell your house will have a major impact on the valuation – if you don’t want to wait the 6 months that it can take to sell a house in some country areas, the valuation of your Melbourne or Geelong property will necessarily be lower to reflect the lower tolerated sales period. The opposite is also true.
4. Don’t try to ‘sell’ the property to the valuer
Many owners feel the need to speak to the property valuer as they are inspecting the house, pointing out every different feature. This can bias the valuation – either distracting your specialist and causing an inaccurate view, or creating an unwarranted overvaluation. Neither is ideal!
5. Ask how many years of experience the property valuer has
Every person undertaking property valuations in Australia is legally required to have tertiary qualifications relating to it. However, experience levels do differ and can impact slightly on the value given for your property. Go with a firm where the valuers have plenty of experience for your Melbourne or Geelong property valuation.
6. Be available at appraisal time
Your valuer may have questions about the ages of some aspects of your home, materials used or prior history. If you’re on site to answer them at the time of the valuation, you can expect a more accurate final figure.
Property valuations are best when they are completely neutral and totally accurate … for all parties involved! Higher-than-market value estimations mean your house will stay on the market longer than necessary (and may ultimately lose value); lower-than-market-value estimations instantly lose you cash. These tips provide a great base for getting the most accurate property valuations possible.
For regional advice and assistance with property valuations Melbourne or other metropolitan and regional centres, contact WBP; Top property valuers Geelong.