Whether you are buying, selling, financing, refinancing, securing, or putting your property on mortgage, property valuation services are essential.
The services are also crucial during property and estate settlements, land tax compliance, and property disputes.
Unlike property appraisal, which estimates the current worth of a property, evaluation entails a detailed process that yields a valuation report.
It gives the actual value of your property from an independent perspective hence the need to engage the services of a registered property valuer.
An excellent place to start is to visit Melbourne Property Valuers Metro for an assessment. Remember that the way you present your property to valuers plays a role in determining the value.
Below we look at the various attributes that property valuers look for when valuing a property.
Property Maintenance and Condition
A well-maintained property affects valuation in that the buyer is required to make minimal improvements. You are encouraged to touch up the building before doing any evaluation.
Fresh painting and a touch-up on prominent parts of the property would make a big difference.
Ensure the garden is neat and tidy and the lawn is mowed. The area within and around the property should be cleared of any clutter.
This also ensures the valuer sees essential fixtures such as floor quality and other fittings that would not be visible. The valuer’s opinion matters and the first impression they get of the property makes a difference.
Fixtures and Fittings
If your property has high-quality fittings and fixtures, the market value goes high. This is the simple reason why it is vital to renovate or improve the general appearance before valuation.
The improvement may include various appliances integrated into the property, such as kitchen units, executive bathrooms, sauna, jacuzzi, and other such fittings.
Special security features, burglar-proof doors and windows, and other expensive additions should also be highlighted as they come with extra costs.
Always let the valuer know of any special features that are not easily accessible. These may include solar panels, expensive heating, special insulation ventilation, and air conditioning.
You may also consider letting the valuer know of recent renovations and their costs.
How spacious is your property? A home with parking space and a garage would fetch more value since this is considered a security feature.
A spacious garage is also used as a store in many homes. It is also a convenience compared to street parking. This also applies to property with allowance for extension and other home improvements.
The same applies to having a garden and ample outdoor space. Always remember that a spacious, modern kitchen and bathrooms play an important role during property valuation.
You may consider renovating the kitchen and adding extra storage space and fittings. You may also consider a pantry area if there is none already, in addition to more bathrooms.
The size of your property is a crucial determinant of its value. This includes both the exterior and interior parts of the property. The interior consists of the size and number of rooms.
A building with many spacious rooms will fetch more as property buyers seek to get more from the investment.
Clutter makes your rooms look smaller. Remember to remove unnecessary items from the rooms to ensure they look spacious.
Price and Type
This takes into consideration the value of the land on which your property sits on. Valuers look for aspects such as size, topography, location, and landscape. Elevation, view, shape, aspect, and layout of the land are also key considerations.
Location, Amenities, and Ease of Access
Your property location plays a significant role when it comes to valuation. A high-end neighborhood translates to higher prices.
An accessible property will get a higher valuation. The same applies to properties near vital amenities such as schools, hospitals, recreational facilities, public transport, and malls.
Zoning and Planning Restrictions
Restricted zoning and planning affect the value of a property. Some of the restrictions include maximum building heights, minimum lot size, and the housing type allowed in a specific location.
A property with fewer restrictions will fetch more value as the owner can put up extensions.
Architecture and General Structure
A well-designed property stands out from the rest and is appealing even to the valuer. A house with distinctive architecture will fetch a higher value.
Proper internal planning entails spacious hallways, zoning of different rooms, and connection between various rooms. External planning may include privacy from neighbors and accessibility.
Are you planning to have your property valued? The above eight tips should guide you as you consider Melbourne Property Valuers Metro for property valuation.