6 Essential Tips for Getting an Accurate Melbourne Property Valuation

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.

.

Tips For Getting Affordable Commercial Property

We all know that the commercial property market is quite a tough one and unless you know what you are letting yourself in for you can lose a lot of money. For virtually any business, location is everything and choosing the right property is vita to your business success. If you are an established business its most certainly much easier, but for a startup business it’s a real gamble.

There are just so many aspects that can affect and influence your business success and although a certain property can be perfect for one business it might not work at all for another. Here are 3 important things you need to keep in mind when picking a commercial property.

1. Demographic

What is the demographic of the catchment of the business? Is your target audience in that area? Its obvious but you have to match your business wit the people who are in the area where you want to start your business.

2. Expenses

Some properties might be perfect for your business but does it make financial sense? Your business need to be able to carry the expense of the property and getting the best retail space can be very expensive and unless your business can generate that level of profit it will be a money drain.

3. Access

Another important consideration is the access to your business property. This related directly to the type of business and you need to consider access from all angles. Distributors, suppliers and even staff need to get to and from your business. A lot of business parks are struggling to get staff to work there just because of the transport issues and if you are planning on employing specialized skill, then you need to think about this very carefully.

For more great tips on getting a commercial second mortgage, visit my blog to learn more about commercial mortgages.