There are a number of reasons your property might require a property valuation. Examples include securing a mortgage, gathering information for pre-purchase or pre-sale, family law purposes, or a rental assessment, among others.
What is a property valuation?
A valuation is an assessment of the amount a property would sell for on a set date. A certified property valuation must be carried out by a qualified practicing valuer who has undertaken a specific university-level degree.
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. The valuer then provides 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:
The best thing you can do ahead of a valuation is be prepared and show your property at its best. Here are our seven tips to help you prepare for a property valuation.
How to prepare for a property valuation
Just as if you were having a guest over, 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. This will create a positive first impression and show your property’s full potential.
Instructions from the bank will require us to provide a minimum of five photos in the valuation report, which usually includes a photo 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 inspection. The valuer will also need to measure the property.
Following the COVID-19 pandemic, 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 – you may 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.
Know your area and its potential
A valuer’s job is to assess your property’s value based on the market and sales of properties like yours, to provide a market value. The certified valuer is an expert in the area and makes evidence-based decisions. It helps to have a realistic expectation of valuation outcomes, based on evidence. Let the valuer know if you are aware of any recent sales transactions for nearby and similar properties.
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.
Don’t forget your pets!
Valuers don’t want to accidentally let your pets out. Remember to ensure your animals are also prepared for the appointment, and safely tether or isolate them.
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.
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.
For mortgage security assessments, where the instructing party is the lender, the valuer is unable to share the final report or figure with anyone other than the lender.
If you have any questions, please reach out to our friendly customer service team on 1300 40 50 60 or via online form.