There are a number of reasons your property might require a property valuation, such as securing a mortgage, gathering information for pre-purchase or pre-sale, family law purposes, or a rental assessment, among others.
Preparing your property well for a residential valuation can make the process simpler for both you and the valuer.
What is a property valuation?
A valuation is an assessment of the amount a property would sell for on a set date.
Property valuers assess the value of the land, buildings and improvements. They gather and analyse a range of property information to determine the value of the property and then provide a Valuation Report to the person or organisation that requested the valuation.
Depending on the type of valuation, the Report will provide the value of the property, description of the property, comparable sales and other relevant information.
The valuation process:
Here are our nine top tips to help you prepare your property for a valuation:
Just as if you were having a guest over, the same goes for a valuation – it doesn’t hurt to tidy, declutter, repair and finish any half-complete renovations. A valuer can see past a little dust, but a well-presented property is easier to assess, and displays the property in the best possible light.
When preparing your house for a valuation, it can be helpful to think of it like an inspection, and make sure it is as tidy as possible. This will create a positive first impression and show your property’s full potential.
Some other tips:
- Mow and tidy your lawn
- Clean bathrooms and kitchen areas – these areas are a high priority as they can add great value to a house
- Vacuum and sweep
- Take out the rubbish
- Provide good lighting and replace lightbulbs if necessary
Instructions from the bank will require us to provide a minimum of five photos in the valuation report, which usually includes a shot of the front of the property, the kitchen, bathrooms, living area, rear/yard, views and outdoor areas including pool. Spend some time on these areas to make sure they are clean and tidy.
A valuer will need to access every room in the house. You can help speed up the valuation process by ensuring access is possible throughout the property. The valuer will also need to measure the property.
Following the COVID-19 pandemic, and with increased awareness of surface transfer, our valuers prefer a zero-contact inspection where possible to prevent transmission of viral or bacterial infection. Please turn the lights on and open all internal doors just before the inspection to assist in making the inspection process safer for both the valuer and the home occupants.
If you have a copy of your building plans – print or digital – submit a copy to your valuer prior to the valuation. Valuers are required to measure and sketch the floor plans, so having council-approved plans to give to the valuer will speed up the process and help with a full valuation.
Know your area and its potential
Let the valuer know of any very recent sales transactions for nearby properties. Try to collect evidence of this – for example: a sales brochure or the real estate agent’s contact details.
Our valuers are experienced in valuing properties in your area and will have knowledge about relevant sales evidence; however, owners can provide helpful insights about activity in their immediate vicinity, especially about off market transactions
Don’t miss a thing
If your property has any features that are difficult to see, be sure to let the valuer know so they can take those into consideration. This might also include advising the valuer of any recent renovations and the approximate cost of those renovations. A list of such features is always helpful for the valuer to take with them.
Be honest and realistic
Be honest with yourself and with the valuer. A certified valuer will be able to determine the value of your property, so there is no need to exaggerate. A valuer’s job is to assess your property’s value based on the market and sales of properties like yours, to provide a fair market value.
Don’t forget the dog!
Valuers don’t want to accidently let your pets out. Remember to ensure your pets are also prepared for the appointment, and safely secured away.
Allow time for the valuation
Our valuers recommend you allow up to half an hour for most properties. Unique, large or prestige properties may take longer to inspect.
Finally, wait for the valuation
The valuer is unable to tell you the value of your property right there and then. They need to do their research, compare the property to similar sales, and make their assessment.
The best thing you can do ahead of a valuation is be prepared and show your property at its best.