How to prepare your house for a valuation
How you prepare your house before a valuation might have a bigger impact on the valuation figure than you think. While you won’t necessary be able to pick the valuer, you can do a number of things to get the best valuation possible.
When valuing a property, a valuer will look at:
- Property location
- Property size, including number and types of rooms
- Building structure and condition
- Fixtures and fittings
- Areas for improvement
- Presentation and fit-out standard
- Ease of access, including garaging options
- Council zoning, planning and any restrictions
- Recent sales and market conditions
While you can’t change everything about your property to help the valuation, here’s 4 things you can do to help improve the valuation outcome.
Do a full house clean from top to bottom. Of course, a bit of dust is not going to change a valuation completely, but cleaning adds to the overall presentation and look of the home. While you’re at it, consider a bit of decluttering to help give the impression of more space.
2. Finish odd jobs and repairs
It’s all well and good to have the house looking spick and span when it comes to cleanliness, but finishing odd jobs and doing repairs will help give a finished look to your home. Valuers will look at areas for improvement on the home, so if you can eliminate as many of these jobs as possible before the valuation it will help.
3. Make a list of hidden benefits
It’s important to make sure the valuer knows about any hidden benefits of the home. Make a list before the valuer visits so you don’t forget anything. Remember, your house is on show for the valuation – if it’s a hot day turn the air conditioning on, or keep it warm if it’s cool outside.
4. Have any renovation or extension plans on hand
If you’re looking to refinance to pay for a renovation or extension, have the plans on hand. This will help the valuer get an idea of what the house will look like after the work.
The difference between a property valuation and a market valuation
A property valuation takes into account the home’s value over a longer term, as well as any current trends. As lenders use the property to secure the loan, it’s important to make sure that if something goes wrong with your repayments, the lender can sell the property to recoup any outstanding debt. The valuation gives the lender a clearer picture of whether or not this is feasible should something go wrong.
In contrast, a market valuation or appraisal, which is usually done by a real estate agent, looks at how much the property could sell for in the current market. It takes into account any trends in the area, no matter whether they are short lasting or not.
Looking to refinance due to a renovation or to purchase another property? Organise a valuation with one of our lenders to find out where you property currently sits.