Category Archives: Property Valuation Melbourne

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What are the Benefits of House Flipping?

House flipping is a concept which has become popular in the recent years. It is a real estate investment method that has the benefit of producing profits faster than traditional approaches. The more common way of investing in real estate is the buy and hold method, which relies on rental income to cover mortgage costs.

Of course, investors who buy and hold property are also able to choose to sell at any point, but in order to make a significant profit they often wait years before selling. Because of this, they are at risk of the property becoming vacant for periods of time, and will have to factor in the cost of mortgage and rental management into their investment strategy.

How House Flipping Works

In comparison, house flipping aims to avoid the inconvenience of rental management and liability and reduce the risk of vacancy costs by selling the property quickly after purchase. The way a profit is formed in this quick turnaround time is by buying the property for less than it can be potentially sold for.

There are two methods of achieving this. The first is finding a property that can be purchased below its current market value due to financial distress of the owners, whether they are unable to maintain their property or are at risk of defaulting on their mortgage loan. Investors who choose this strategy are able to then sell the property for a more favourable price.

The second approach to house flipping is the fixer-upper method. This relies on identifying properties that need improvements. Normally the issues will the property will be significant enough to deter other buyers and reduce the cost of the house as a result. Once purchasing a fixer-upper, the investors will then enhance the property so it is more appealing to future buyers. This allows the property to be bought low, and then after making improvements sold at a much higher rate.

The Benefits to House Flipping

At face value, house flipping may seem to have less profit potential than the hold and buy method of property investing as it doesn’t have the benefit of generating ongoing income. However, when done right it can be a successful investment method that returns large profits.

Potential for profit, faster

This is the main factor that encourages people to flip houses. Not only is there a high potential for profit in the right circumstances, that gain is returned much quicker. On average the house flipping process takes around half a year, although this will vary based on experience of the investor and complexity of the building repairs.

Less potential risk

By default, flipping houses is a safer form of investing as the capital invested is not kept at risk for as long as investment properties used for rental profit. As soon as the property is sold, the capital gain is returned to the investor and able to be used elsewhere. This means investors who choose the house flipping method are not as reliant on market fluctuations as they aren’t at risk of the real estate market dropping for long periods of time.

Additionally, house flipping doesn’t require any of the additional management or maintenance costs involved with owning a rental investment property. Not dealing with finding tenants and potential vacancy can save an investor time, stress and money.

Personal satisfaction

Although house flipping requires a lot of effort, it is also a very rewarding process. People who decide to take this approach can be completely hands on, fixing up the building themselves. This is often the most cost effective method of house flipping as it ensures the outgoing costs aren’t too high during the improvement process. Being involved in the home improvement process will bring personal satisfaction to the investor, during the period of renovations or upgrades, and also at final sale of the property.

House flipping by nature is a form of active income as it requires a of minimum management of the upgrade process, and at most can involve full time manual labour. The skills and satisfaction that come from this are often what draws people to choose house flipping as an investment method.

If you are considering undertaking the process of house flipping as an investment opportunity, you will require a property valuation report to calculate your tax liability. As tax requirements can greatly affect the overall profit of your investment pursuits it is imperative that your property is accurately and honestly valued. The last thing you’d want is to pay more than you should.

Our team of expert valuers are API certified with over 20 years of experience each, so you can have complete assurance that your property valuation report will be well-informed and accurate.

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Is it Time to Downsize?

Your family home will undoubtedly have a lot of sentimental value to you, especially if you’ve raised a family in it. When the time comes to think about the next chapter in your life, the concept of retirement can be a daunting prospect. However, considering whether or not to move out of the family home is a decision that most homeowners will need to do at one point or another.

When the children grow up, move out of home and begin the next chapter in their lives, your home will soon begin to feel like an empty nest. The concept of “downsizing” is a common solution for many couples facing the prospect of an empty nest. So, when it comes to downsizing from the family home, think carefully about how the move can be a welcomed change.

It can save you time

This is quite an important one. The stages leading up to retirement are all about enjoying you new lifestyle and the reaping the benefits of relaxation. Among the other benefits of smaller living, saving your time (and energy) will is one bigger benefits that you’ll face.

When choosing to downsize, you’re giving yourself the opportunity to settle into a place that suits your needs. In most cases, downsizing only requiring enough space for one or two people, so it’s realistic to downsize to a space that will save you time in the general upkeep and maintenance of the house.

With a smaller space at your disposal, you can save a lot of time with general maintenance. Whether it’s vacuuming, dusting, garden upkeep, or sweeping – a more modest space will better suit your schedule to focus on more important things.

It can save you money

While it can be difficult to part with the family home, trading up your existing property for a more modest sized home will save you money in the long run. Furthermore, you’ll likely have more than enough equity to cover a deposit and be able to comfortably cover mortgage repayments. If you’re renting, a smaller home can mean less rent payable depending on your location. Downsizing can also mean spending less money on general maintenance and upkeep and the stress that goes along with it.

It can save you energy

No, we don’t mean the energy of moving around. Although larger homes can seem more comfortable, you generally pay in its energy costs. Downsizing can drastically save on your energy costs. This will mean, your heating, electricity costs and cooling systems will all contribute to a lower energy bill.

It can keep your budget on track

Moving into a smaller place will already give you the benefit of getting on top of your finances, however, it can also help in scaling down on spending habits. Firstly, when moving into a smaller place, you may not have enough room for all of your possessions and provides you with a great opportunity to make some money. Furthermore, it will help with keeping any unnecessary spending to a minimum.

When it comes to downsizing your property, it’s important to seek out the Melbourne property valuation experts to help ensure you receive accurate pre-purchase advice.

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Qualities to look out for in a Real Estate Agent

Entering into the property market can be a stressful investment, so it’s important to have a reputable professional in your corner that you trust to help ease the process. Your real estate agent should be your guide to help you make an informed decision based on your needs and requirements. Whether you’re buying or selling, your real estate agent is the one to help manage your expectations and to help you find a property that ticks all of the boxes.

The property market can be a tumultuous place so having someone with an extensive background in your local area can really simplify the process of the buying/selling process.

However, seeking out a real estate agent that suits you and understands your requirements means doing some research of your own to make sure you will find the right one for you.

Your real estate agent should be someone you feel comfortable with and trust – remember, this is one of the most influential life decisions you’ll make. You want to ensure that you’re trusting someone who knows the market inside and out. Here are a few qualities to look out for to ensure this is the case:

Extensive Knowledge

One of the most influential benefits your real estate can give you is their knowledge. Your real estate agent should have a thorough understanding of the local market, its stability, recent sales, median house prices, and average number of days spent on the market. This is the kind of information that dictates the overall stability of the market, which make a huge difference on the what’s available. They’ll also have a good indication as to whether it’s a good time to buy or sell based on variables such as buyer sentiment and the supply/demand ratio. A real estate agent with a good grasp on the state of the property market as a whole and the local market will be able to help you make the right decision for you.

Good Connections

The Real Estate agent community is significantly large and can be used to your advantage if you seek out a quality real estate agent to help you. Many real estate agents rely on their networks for purchase and sale opportunities, even financial managers, lawyers and the best property valuers Melbourne can offer. Having these connections at your disposal can not only help you find the right property for you, but they can also put you in contact with professional firms before and after the sale.

Furthermore, being able to rely on these connections means having more of an opportunity to help find the home that you’re after. This can take away a huge amount of stress, especially if you require a lawyer or are seeking a valuation to prepare to sell or buy the home.

Keeps you in the loop

This one is probably one of the most important when trusting your real estate agent. While it’s paramount that your real estate agent has the understanding of your expectations and the property market, you also need to be informed of any updates or obstacles.

Transparency is paramount when dealing with your real estate agent. With this being said, you want to be able to trust that your real estate agent can give you the information that you need to make an informed decision. This means providing you with the right information about potential buyers, offers, any obstacles in related to the market and any other information you have requested.

In saying this, it’s also important to have a real estate agent you will do what they say they are going to do, in the timeframe they set with you. Real Estate agents are meant to ease the process of buying or selling your home, not make it more stressful. Having a real estate agent who is willing to work with you and be realistic about how they can help will make a huge difference throughout the entire process.

They are clear with what they can do for you

No one likes being let down, and no one likes being given false hope in regard to what’s attainable or not. Having a real estate agent that can manage and meet your expectations only works in your favour of building a trusting relationship with them. If you find yourself being let down multiple times by your real estate agent in regard to timeframes, expectations, or are receiving radio silence, then perhaps it’s time to make the switch.

Seeking out a real estate agent that will suit your requirements requires some dedication to research. It may be completing some light research online, speaking with friends or family, or requesting a face-to-face meeting with a few of your local agents to find the best fit for you. From here, you can quickly establish what agents have the knowledge and the personality that you are willing to work with. Entering into the property market is a stressful time, so it’s important you have someone that you can trust to guide you and lean on when you’re faced with some difficult decisions or unseen obstacles.

When it comes to taking the next step into the property market, choosing the right real estate agent for you is one thing, but you also need to know that you’re over-paying or under-listing the value of your home. When it comes to these decisions, seeking out a quality property valuation service will be able to give you an accurate report on the true value of your property.

Melbourne Property Valuers Metro are trained, certified, and registered with the Australian Property Institute (API). Each valuer has over 20 years experience to help you with your property’s value.

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What to Know When Renting Out Your Property

Earning money through a rental income is one of the most popular and potentially lucrative ways of investing in real estate. However, it is not an easy job. Finding the right, long lasting tenant for your investment property can be a difficult task. As leaving your property vacant for long periods of time is a cost no investor wants to swallow, and many do not properly account for.

Therefore it is important to ensure that your property is appealing for renters to want to live in, ideally for a long time. Here are some tips and tricks which can help you find and secure a long lasting tenant:

Form a good first impression

The first impression of your property can be the deciding factor in securing a potential tenant. As most renters will go to multiple inspections when trying to find a new rental property, you will want to make sure you stand out from first glance. This means ensuring your property is completely clean and presentable for inspections. If anything needs cleaning or is not up to date with repairs anyone inspecting your property will notice. Untidy or damaged properties will be unappealing as they will suspect that it will remain that way throughout their tenancy.

Make repairs and renovations

Following on from this, it is important to prepare your property for tenants thoroughly. This includes keeping up to date with any maintenance required before securing tenants and also continuing throughout their lease. Complete any upgrades needed on the building before inspections to make sure the property is in the best condition it can be.

It is also possible to increase the appeal of your property by making improvements or renovations. Simple things such as painting the walls or replacing the flooring will make a big difference overall. While you have tenants, continue to keep an eye out for things which may need to be upgraded to ensure continued satisfaction on their behalf.

Include appliances or amenities

Most rental properties include a stove at minimum, and often additional appliances as well. Choosing to include appliances such as a washing machine, dishwasher and fridge may be an additional expense in the offset of your rental investment, however you will see the benefit of it with increased interest from tenants. By including these whitegoods, the quality of life of your tenants will be increased, which will encourage them to continue renting in your property on a longer term basis.

If you are renting out a commercial property, including additional amenities will have the same impact on your rental appeal.

Know your responsibilities

Make sure you are aware of what your responsibilities are as a landlord. There are many things which you are required to cover the costs for if damages or accidents occur. Having a full knowledge of these will mean you are able to properly plan for any potential expenses regarding your rental property.

Your responsibilities in renting out a property also include ensuring the structural safety of the property, that there is no mould, and that there are working fire alarms in any residential property.

Maintain good relationships with tenants

By listening to the issues your tenants raise and resolving them quickly, you will form a good relationship with your tenants. Being on good terms with tenants will help you to have longer occupancy periods, which is your goal as a landlord. The longer a tenant stays in your property, the less work you have to put into managing it.

Ensure you charge the correct rent

It is hard to figure out what rent to charge your tenants. Charging either too high or too low of a rental rate can damage your investment returns. If your rental rate is too low, this will reduce your profits. However if you are charging an amount well above what is fair, you will have a harder time find and keeping tenants, meaning additional cost from real estate listings and vacancy costs.

When deciding on rental rates it is beneficial to conduct a property valuation for rental determination purposes. Our expert valuers have over 20 years of local experience and are able to provide you with the accurate current market value of your property, as well as fair rental rates based on your properties condition and comparable rent prices in the area.

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What to Consider When Selling

Whether you’re an investor or a first time home buyer, finding a home that will suit all of your needs is not an easy task. In the world of real estate, the process of buying and selling your home can incur a range of influential factors that can disrupt the overall result. In fact, the choices that the vendor will make to prepare the house for sale can have an influential impact on the demand of potential buyer, and therefore, the success of the sale.

How a home is prepared for sale can make a huge impression on potential buyers. While the property market can fluctuate based on factors such as the economy, government incentives and interest rates, sellers can bring a lot to the property’s value. On the other hand, there are a few things that potential buyers might want to avoid.

At Melbourne Property Valuers Metro, our valuers have provided some useful tips for what to look out for when buying, and what to avoid when choosing to sell your home.

Take note of any renovations

House flipping is a common way to get a beneficial return of investment. However, if you’re deciding to sell, be sure to really consider what needs renovating and what would be best to stay the same. Over-capitalising is a mistake that a lot of sellers fall into when preparing the home for sale. By spending too much money, you’ll put yourself at risk of not getting the return investment you would hope for.

If you decide to renovate your property, be sure to take into account what areas need the most attention and what could do without and leave be. From here, you can then decide how to maximise the impact of the new space without overspending. Perhaps your bathroom tiles just need a fresh coat of paint instead of re-tiling. Do you need to completely re-do the kitchen or can you revitalise the cupboards with some fresh paint and new drawer handles? Being careful not to overdo the property is the best thing you can do for yourself. It’s a common misconception that spending more money on the property will give you a higher return of investment, however, it scarcely does. If you’re unsure of what to consider, seek out a Valuer’s expertise on whether or not renovating will be beneficial for you.

If you’re looking to buy, taking notice of any improvements will help dictate what work needs to be done should you decide to place an offer. Depending on your reason for purchasing the home, buyers may not always want to (or have the budget to) invest more money in renovating.

Make sure it caters to multiple demographics

This is a factor that is commonly missed. In order to maximize your chances of finding the right buyer, the property needs to be able to accommodate multiple demographics and their requirements. This could be something as simple as having adequate bathroom or linen storage. It might also mean having an unsuited in the master bedroom, walk in wardrobes, or a functional (if not spacious) garden.

When potential buyers seek out a property, they will already have a checklist of property features that they must have before deciding to put in an offer. With that being said, is your home near the surroundings of a school zone? If so, then consider what might be needed to boost your property’s potential – is it multiple bedrooms, bathrooms, a functional kitchen with safety measures in place? These are all things that need to be considered when deciding to sell.

Gauging your target demographics can be easily researched when you look into comparable sales of similar homes in the area. You can also speak with your real estate agent to gain their perspective of who to target or who you will think can benefit from your home.

Research the price

Every homeowner will want to make a decent profit when selling their property. However, what you’ll want to avoid is putting an overpriced listing on the market without adequate justification.

Therefore, it’s important to seek out a professional and independent valuation report from a property valuation expert. A certified and registered property valuer will complete a thorough report on the property building, its condition, fixtures and fittings and land value to determine its current market value. It will also include a comprehensive market analysis with a range of comparable sales to provide evidence for the property value.

Researching the correct price is a recommended strategy for both buyers and sellers who are entering into the property market. An independent valuation report will give a pre-purchase advice for those who are seeking an accurate value of the home to place the correct offer on a property. Alternatively, a pre-sale valuation can set a standard on the listing price can be when placing the property on the market.

An independent valuation is based purely on objective data and research – making it highly recommended for both buyers and sellers. As a result, each party will have a professionally detailed document that is free from any kind of agenda, bias, or third party influence.

If you’re looking for a professional, independent valuation service, seek out the services of Melbourne Property Valuers Metro for expert advice on any kind of pre-purchase or pre-sale advice. With each Valuer having over 20 years experience and a registered member of the Australian Property Institute (API), you can be assured that you’re in the best of hands.

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What to Look Out for When you Buy

Investing in real estate can be incredibly beneficial if you can find the right property to suit your needs. Whether it’s a future family home or an investment opportunity, knowing what to look out for and what will most likely benefit you the most in the long term is crucial. Gathering the right information to perform the correct research can help you make an informed decision in regard to your property. From this, a property valuation is always the recommended to ensure that you’re paying the correct price for your next property.

Here are a few tips that will help you guide your research as you sift through property’s while understanding the market:

Sort out your finances

Your budget is everything and is not something that you should compromise on. Sitting down and working out what you can realistically afford is the first thing you should do before even beginning to look at properties. This might mean understanding your current equity, your expenses and income. Having the money for a deposit is one thing but being able to realistically make mortgage payments every month is something that can’t be overlooked. Be sure to also take into account the sneaky addition of stamp duty when purchasing a property, this will save you a nasty surprise.

When you have clear understanding of what you can afford, you can then begin to determine what your mortgage and house price budget is. Be careful not to compromise on this – your budget will help outline the size of the property and what areas you can afford.

Understand what kind of property you want

Whether it’s a two storey free-standing house, a commercial premises or a two bedroom apartment, the type of property you want will also help guide what you can afford. It’s also a great way to weed out what you want out of the property and what you actually need. From here you can decide if this is going to be your “forever” home, a short term plan, or long term investment.

In the wider scheme of things, this could also mean tossing up between investing in residential or commercial real estate. Deciding on what kind of property you want will dictate what you want to get out of the property. If it’s for investment purposes and you’re tossing up between commercial and residential. With that being said, while you might get higher returns in commercial real estate, residential purchases require less of a deposit – these are all things that need to be considered.

Know your location

Once you know what you can afford and what you’re after, you can begin to sift through what location is going to suit your needs. This might be tricky, especially if you have your heart set on a location and its average home prices are out of your reach.

While location is usually more of an emotional investment, especially if you have your heart set on somewhere in particular, choosing your location has to be done realistically. It might mean a longer commute to work or some compromise, but property prices are largely driven by its location.

If it’s commercial real estate that you’re investing in, the location of the premises will also drive up prices depending on its accessibility to foot traffic, population, and public transport. To ensure a good return on investment, you need to research factors like, vacancy rates and local comparable prices to gauge if it fits within your budget.

Also look into median property prices and calculate the average amount of days a property stays on the market – this will give you a good indication of how strong the local market is.

Know your property

Now that most of the external research has been completed – you know what you want, what you can afford and decided on the location – you can begin to really inspect your next property.

Upon inspecting the property, you need to make sure you don’t put all of your eggs in one basket and be realistic. Don’t let yourself make compromise on the smaller issues that might turn into big issues down the track. With that being said, make sure the electrics are in check, the plumbing works, foundations are sound and determine if the asking price reflects the condition of the property.

This is the most crucial stage of the process, you don’t want waste time emotionally investing in a property if it’s not going to suit your long term or financial needs. Furthermore, with a pending mortgage, you don’t want to compromise on things that will likely put you out of pocket in the future.

When it comes to researching a property, make sure you do your own thorough research before making a decision. Looking to buy a home can take months of looking at multiple properties and it’s definitely a decision you should make light heartedly.

If you’re looking to buy your next home or investment property, then seek out a professional house valuation Melbourne expert to help you. A professional valuer will do the research for you and take into account objective data, comparable sales, and any other variables and risk factors that can affect property value. From this, they will provide you with a detailed valuation report that will correctly identify the accurate value of your next property at its current market value.

If you require a property valuation for pre-purchase advice, then seek out one of our expert valuers to help you with your next property related decision.

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Why Does Your Kitchen Matter In a Property Valuation?

The kitchen is one of the rooms which sees the most use in a house. Because it is used daily by all household members, it is obviously an important room when considering how your property will appeal to buyers. In addition to this, the condition of your kitchen can have an impact on the value of your property.

Here is how your kitchen impacts your property value, as well as a breakdown other things to consider about your kitchen improvements when selling:

Increases Home Value

A newly updated kitchen with modern appliances will increase the results of a property valuation. This is because valuers include features and fixtures when considering the value of a property.

The quality of these features has an impact, meaning a more expensive or higher quality kitchen will increase the value of a property more than a similar looking but cheaper quality kitchen.

If you are looking to add value to your home prior to selling, it is worth considering if you could make some updates to your kitchen. This is one of the areas in your home which affects the value most.

Recoup of Expenses

While renovating your kitchen will doubtless increase the value, and ultimately the sale price of your property, you still need to consider the amount you spend on these improvements.

These upgrades may not return your costs completely in the increase sale price of your property. This is especially true for full kitchen renovations which can be very expensive.

However, the increase in value from kitchen improvements can also come with additional benefits during the selling process.

Encourages Quicker Sale

Whether you are able to recoup the costs of renovation or upgrades done to your kitchen in the final sale, having a newer kitchen can help your property sell quicker.

An old, outdated kitchen can hold back the sale process. A kitchen that needs significant improvements gives an impression that the entire house will also need further work. This can turn a buyer off, as they anticipate having to undergo upgrades themselves in the future.

In cases when similar properties for sale in the area have newer kitchens, your property will naturally be the second choice in comparison.

If you are hoping for a quicker sale, or are wanting to take advantage of favourable market conditions, it may be advisable to invest in upgrading your kitchen.

Upgrades vs. Renovations

When deciding on improvements to make to your kitchen in order to increase the value of your property, there are more options that simply redoing the kitchen. Small, carefully chosen upgrades can have a positive impact to your property value while ensuring you pay less out of pocket.

However, a full remodel of your kitchen is sometimes needed. If you have a property with a kitchen that is in very bad shape and severely outdated it may be a better choice to opt for a more major renovation.

Here are some ideas of feature and fixtures which can be swapped out or upgraded to increase your property valuation:

  • Cabinets
  • Hardware such as taps, drawer handles
  • Counter tops
  • Fixtures such as lighting
  • Appliances such as stove, range hood, dishwasher or refrigerator
  • Sink
  • Backsplash

Updating even one or two of these items can have a far bigger impact on the overall impression and functionality of your kitchen than you may expect. In turn, these improvements will also improve your property valuation.

If you require a property valuation, at Melbourne Property Valuers we are able to provide you with expert and accurate service. Reach out to our team today with any enquiries or to receive a free quote.

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What You Need to Know Before Selling Your Property

Preparing to sell a property can be a daunting process and especially if it is your first time selling, you may not know exactly where you start. There are a few pieces of advice that will help make the entire sale process of your property smoother.

These tips will hold true regardless of your property type, from residential to commercial. Whatever you purpose or aims for selling, knowing what you need to remember during the sale process will help you achieve the best results in the quickest amount of time.

Selling your property is a big decision, and it can’t be taken lightly. There is plenty of preparation you need to do before you are ready to sell.

From conducting your own research to finding the right professionals to provide you with advice, there are many things to consider before selling your property. Taking the time to understand these will help you make the most out of your asset.

Here are some things to look out while preparing to sell your property:

Research

Spending time doing research is one of the first things you should do when planning to sell a property. You should look into the current market situation in the area where you are looking to sell. This will give you some initial idea of what the possibilities are in terms of the time it will take before selling your property, and a potential idea of the sale price.

In addition to this, you should research the professionals you wish to hire to guide you through the sale process. This includes real estate agents and property valuers. Ensure you choose a service that has a positive reputation and is backed by experience.

As your property is likely your largest asset, it is imperative to do the most you can to ensure the correct approach is taken to the sale. By selecting the right experts to help you, you will be one step ahead in this process.

Valuation

Before selling your property you will require a pre-sale valuation. This will give you an accurate current market value for your property. Knowing what your property is likely to sell for will help with making informed decisions throughout the sale process.

A pre-sale property valuation report provides you with a breakdown of factors that influenced the value, a comprehensive analysis of the current market condition, recent sales data, and risk factors involved with the property.

Real Estate Agent

Finding the perfect real estate agent can be a difficult process. Make sure you narrow down your choices to find a realtor who has extensive experience in your local area.

The more knowledge they have on your local area, the better they will be able to market and sell your property. In addition, if they have experience of successful sales for similar properties, you can rest assured you are in good hands.

Make sure to find a real estate agent that works within the property type you are looking to sell. Also, make sure you are clear about what you want from them throughout the sale process to ensure your expectations are able to be met.

Property Condition

When preparing to sell, take measure to also prepare your property. It should be in pristine condition, or as close to that as you can get.

If you are selling your home, it is good to get a fresh pair of eyes to look for issues within your home. It is common to overlook problems in your own home due to familiarity with them. By getting someone else to come over and inspect your property, you will find more things to repair or upgrade that you may not have noticed yourself.

Making sure your property is in the best condition it can be make involve making upgrades or improvements. Be carefully factor the costs in carefully into your budget as going overboard may not be advisable.

Finances

Before you begin the sale process, you must carefully consider your finances. The focus is often only on the profit you will make from the sale, and while this is exciting, there are also many expenses involved in the lead up to sale.

It is important to consider what your budget is when listing your property to sell. There are many fees involved, including those of your real estate agent, and the costs to advertise your property.

Decide on an amount you can spend during the lead up to sale, and try to stick with it. This will ensure you don’t overspend without improved results. There is a limit to what money can do to make the sale quicker and higher.

Decide on Sale Method

Before selling your property you will have to decide on the sale method that you will go for. This can include private sale, tender, or auction. Which method you take should depend on the market and speed in which you hope to sell.

Consult with your real estate agent to see which result should bring you your desired results. You should also do your own research when choosing the sale method, to make sure you understand the process involved and know what to expect prior to sale.

Set a Selling Price

The final step before selling your property is to set a selling price. A listing price that is too high may mean your property will be on the market for much longer, which means additional expenses for you. Of course, you also don’t want to list the selling price as lower than your property is worth as this will mean less profit for your main asset.

When deciding on a selling price, expert advice is recommended. An independent property valuation service such as Melbourne Property Valuers can provide you with an accurate, up to date market value.

If you require a pre-sale property valuation, reach out to our team today!

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What Goes Into a Property Valuation Report

There are many reasons you may require a property valuation, and the common factor in most these cases is that it will help you making major decisions or changes related to your largest asset. As such, you may have some nerves regarding your property valuation.

A property is a very important asset, and thus any decisions you need to make regarding the sale, purchase, or other matter will need to be informed by experts.

An independent property valuer is able to provide specialised information backed by extensive experience, compiled into your valuation report.

Although the contents of a valuation report may vary depending on the purpose of valuation and property type, here is what is commonly included:

Valuation Assessment

The report will of course include an accurate current market value of your property as a whole, as well as an individual valuation assessment of the land, building and improvements if required.

This valuation is usually based on the condition of your property “as is” on date of inspection. However, you can also request a retrospective valuation if needed, and in these cases the value will be based on a specific date in the past.

Overall Summary of Property

Each valuation report includes a summary of the property. This section give a brief outline of a variety of factors of the property. The valuer will gather this information research from specialised databases, or during the inspection in person.

The overall summary includes general information relevant to the value, including:

  • Title information
  • Any restrictions or zoning on the property
  • Site area measurements
  • Date of building
  • Building information such as number of rooms
  • Use of building, whether residential, commercial or other
  • If any essential repairs are required
  • Any evident environmental issues
  • Marketability of the property

Risk Analysis

Knowing the potential risks to a property is important when calculating the true value. Because of this, a risk analysis is included in each property valuation report.

This risk analysis outlines the evident risk present from a variety of factors and gives it a rating from low to high concern. The larger amount or higher rating of risks, the bigger impact these will have on the overall value of the property.

Risks analysed in this section of the report include market direction and volatility, location and neighbourhood, land and environmental issues.

Details of Land

The details of the land outlined in the valuation report of a property contains a more in depth description of the land.

This section of a valuation report will include details of the land such as access, immediate location in the street and general area- such as if it is a corner block or located behind another building.

It will also have details of the property location in proximity to local amenities such as shops, transport and schools. Additionally, information on the neighbourhood can also be added here.

Details of Main Building

The condition and features of the main building of your property play a major role in dictating the overall value. If you are getting a residential property valuation the main building will be the house or apartment.

During the inspection the valuer will note down information on the interior and exterior condition of your building, as well as the style, features and fixtures included and materials it is made of.

All of these details can have an impact on the value of your property. For example, a brick house is likely to be valued higher than a similar building that is made of weatherboard. Similarly, newer buildings with modern fixtures are likely to fetch a higher valuation than comparable buildings in the same area that were built at a later date.

Your valuer will consider all elements of your building, from the size down to the flooring and interior walls. Any upgrades or renovations will also be included in this section of the report.

Details of Ancillary Improvements

If your property has ancillary improvements, such as the addition of a deck, porch or patio this will all also be considered in your valuation and included in the report.

Ancillary improvements also include retaining walls, garden landscaping and any paving or paths in the land included in your property.

All of these additional elements are included in the overall value of your property.

Sales Evidence and Market Analysis

As well as information on the condition of your property itself, each valuation report will include relevant sales evidence and analysis of the local property market. This is the culmination of research conducted by the valuer, which is a vital part of determining the value of your property.

Calculating the current market value of a property is dependent on the market conditions, including extensive analysis of what comparable properties have sold for.

This is all included in the property valuation report, with a list of recent sales in the local area of the property in question. This list includes the address, sale price and date of sale of each comparable property.

Your report will also provide information on how these properties compare to your own in terms of size, condition and location. This will provide a framework of reference when determining how the value of your property matches up to the sales prices of these comparable properties.

Additional Information

Your valuation report can also include additional comments of any information your property valuers deems relevant to the final value.

In this section they will often add extra explanations to help you understand the valuation assessment they calculated.

If you require a property valuation, our valuers at Melbourne Property Valuers Metro are able to provide detailed valuation reports, and expert market analysis. All our valuers have at least 20 years of experience and are certified with the Australian Property Institute (API).

This ensures that all our valuation reports meet industry standards and are completed to the highest quality.

Contact our team today for a free quote, or to discuss your property valuation needs.

house valuers Melbourne

Why Do Young Australians Prefer Renting?

The concept of buying a home has become somewhat of a pipe dream for most young Australians. Average house prices are increasing throughout metropolitan areas and the foreseeable strain of dealing with a mortgage is creating more of a demand for rental properties.

In fact, in the two decades, private rentals have increased from 23 to 28 percent and the average rate of individuals in their 20s owning a home are decreasing. As a result, we are seeing either an increasing number of parents going guarantor on a lot of home loans for their children, or renting out their own investment properties to family members.

Furthermore, between 2013 and 2016, only 10 percent of Melbournian renters were planning to buy a home in the foreseeable future. This was a surprising decrease from the 13.6 percent between 2001 and 2004.

While the average rate of unemployment is one of the factors to cause this decrease of buyer interest among the younger generation, this is a result of limited job opportunities. With a larger demographic pool of university graduates ready, willing, and able for the workforce, there is less demand than what there was a few decades ago. Coupled with narrow eligibility criteria, more selection processes and a higher benchmarks to meet, many young individuals simply cannot afford anything more than a rental without a stable income.

In addition to this, according to Property Valuers Melbourne, the main reason behind the preferability of renting over buying a home is usually higher increase rates and higher average house prices.

Location is everything

Densely populated areas close to the CBD or that are near public transport and shopping amenities have an increased property value. With an increased availability of public amenities, hospitals, recreational facilities and schools, there is a higher demand for property.

While young Australians are likely able to afford a home in regional areas, because there are more job opportunities in metropolitan areas, renting is a more cost effective option. Alternatively, many individuals are choosing to live at home and are reluctant to move out of home as a way of building their savings.

For more property advice and expert valuation services, contact Melbourne Property Valuers for quality assurance and a professional report.

Get an accurate property valuation report now in Melbourne

How Do our Valuers Value Your Property?

A lot of work goes into determining a property’s value, that’s why it’s important to seek out a team of experts who are able to provide you with a comprehensive report. A property’s value is more than the condition of the building, in fact, our team of Valuers use multiple sources of information and their extensive knowledge to reach a calculated, accurate value.

There are a number of variables that can go into understanding your property. Your property value is determined by a range of internal and external factors such as property market trends, economic stability and the building condition. Furthermore, it also can be impacted by proximity to public transport, shopping districts and any nearby developments or infrastructure projects.

Seeking out a property valuation is either required or is highly recommended in buy and sell processes, organising SMSF, calculating stamp duty and other tax purposes. It is also required when seeking out building insurance and when going through a separation for either mediation or family law courts. With that being said, an experienced and local Valuer has the expertise to be able reach a calculated value within a comprehensive report.

There are multiple methods for determining property, some of which will differ depending on your property type. For residential properties, there are two usual methods:

  • The Direct Comparison Approach
  • The Summation Approach

Our team of property valuers will utilise both of these methods in conjunction with the Australian Property Institute (API) recommendations.

The Direct Comparison Approach

This method takes into account the property itself along with its fixtures and features, the overall condition of the property and the location surrounding the property. When undertaking the Direct Comparison Approach, the Valuer will usually inspect the property and analyse the local market and look into any comparable sales in the area. From here, the Valuer will analyse the property’s location in terms of proximity to shopping districts, recreational amenities, and any infrastructural developments either existing or upcoming in the area.

This approach will also take into account any land usage variables and environmental risk factors i.e. flood or bushfire prone areas, as well as any zoning restrictions.

The Summation Approach

This method is usually reserved as a secondary approach to the direct comparison method. Here, the Valuers will calculate the value of the property in terms of its improvements and depreciation variables to determine its current market value.

With a combination of these two methods the Valuer is able to provide an independently reached value of the property at either its current market value or at a chose retrospective date. Seeking out an independent valuation means that the reported figure is based on objective data and is prepared by a property valuation professional with decades of experience in the industry. In addition to this, the clients can be assured that the valuation report will be submissible to State Revenue and Tax Offices, the judicial circuits, insurance companies and governments agencies.

What else determines your property value?

Determining an accurate property value means completing a vast amount of research covering all aspects of the property, the local and larger property market. This means, inspecting the property to gauge the condition of the property, take note of any fixtures and features that may contribute to the value, and any other variables. In some cases, an internal inspection may not be possible, if this is the case then providing the valuer with some photos or floor plans will be beneficial to yourself and the Valuer.

After this, the Valuer will look into any comparable sales in the area to take note of the local property market. From this, a larger property market analysis can be undertaken to disclose any economic conditions that could contribute to the overall property value.

Other factors that help determine value can include the land value, proximity to metropolitan districts, public transport and local school zones. Furthermore, the Valuer will also note down any environment risk factors in regard to the land, the crime rates of the local area and anything else that may depreciate its value. Variables such as the property’s orientation in regard to the street and any notable views or obstructions are also taken into account.

Therefore, it’s important to have an experienced, local Senior Valuer who is familiar with the local area to guarantee that an accurate value is being reached. Furthermore, it also ensures that the report is complete with a comprehensive market analysis that thoroughly describes an accurate representation of the local and larger property market.

Whether you’re seeking out a valuation for taxation purposes, insurance, government grant submission or for pre-purchase/pre-sale advice, it’s important to seek out a local expert.

Melbourne Property Valuers Metro have a team of experienced Senior Valuers with over 20 years of experience to ensure an accurate, comprehensive valuation report. In addition to this, each of our Valuers are registered members of the Australian Property Institute (API) and are bound by ethical standards and procedures to maintain the utmost professionalism in every circumstance.

Furthermore, as an independent valuation company, Melbourne Property Valuers Metro remain completely independent, offer full transparency, and are not influenced by third party establishments. This means that our valuation reports are compiled based on sourced data by our team of valuers and do not contain any bias.

For more information in how we can determine value in your property, reach out to our friendly team and we will be able to help you with any enquiry.

residential and commercial land valuations

The Advantages of Hiring an Independent Property Valuation Service

There are many reasons for requiring a property valuation, and most will occur during times of financial change. Because of this, you may be tempted to settle for an alternative valuation provider such as a real estate agent.

However, there are many advantages to hiring an independent property valuation service. A property is a major asset, and any decisions regarding sale, purchase, transfer or calculation of value for any purpose need to be well-informed.

In order to get the most accurate value for your property, you must choose an expert and qualified valuation provider. Here are the benefits of choosing this service:

Qualifications

At an independent property valuation company there are certain industry standards the valuers must meet. This includes the level of qualifications they are required to have.

Professional property valuers will have a university degree and be further registered with the industry standards provider in their area. In Australia this is the Australian Property Institute (API).

As many companies offer valuation services without having qualified and registered valuers, it is important remember to do your research before choosing a valuation service. Ask what qualifications your valuer will have. If they aren’t required to obtain the relevant certificates, you will not be guaranteed a valuation report that holds up to industry standards.

At Melbourne Property Valuers, our team of valuers are all API trained and certified, and undergo ongoing professional development throughout their careers.

Experience

Compared to a realtor or bank valuation, a property valuation provided by an independent service will be backed by years of relevant experience.

In contrast, a valuation provided by a real estate agent is not performed to the same standard, and has no professional valuation experience supporting it. A realtor or bank valuer will view the property through the lens of their everyday work, which may conflict with the correct process to receive a fair valuation.

At an independent valuation company like Melbourne Property Valuers, you know that the valuer you hire has extensive experience in property valuation across a wide range of purposes and property types.

In fact, all our valuers have over 20 years of experience behind them, and solely work as property valuers, meaning they have up to date and relevant experience in your local area.

Integrity

One of the main advantages of choosing an independent property valuation service is that they will be able to complete the valuation as a neutral third-party expert.

Other valuation options may have a stake in the valuation result and thus give you a result that is not accurate. For example, a real estate agent may way to give a higher valuation in an aim to please you as they are hoping you will hire them to complete the sale.

Likewise, bank valuations are completed for their internal purposes, and only take into account the value based on a quick sale. This is to protect their own interests when approving a loan.

With a professional, independent valuation company, the service you receive will be free of agenda and bias. Instead you will receive an accurate and honest value of your property, and a valuation report that has been prepared with complete integrity of the valuer.

Knowledge

Independent property valuers are qualified professionals with a wealth of knowledge behind them. As their job involves constant research into the current state of the property market, they build in depth knowledge of recent sale prices and property trends.

In addition to this, an independent valuer has access to extensive databases with real estate and property information to assist in their research.

A core part of valuing a property is finding comparative sales data, and both their firsthand knowledge and specialised tools available to them give independent property valuers the advantage in this regard.

Expertise

The final advantage to hiring an independent property valuation service over any other provider is the level of expertise they have.

Your property is likely your largest asset, and any decisions made regarding it can’t be taken lightly. Especially if you have a specialised purposes for your valuation such as calculating tax liabilities or insurance premiums, having an expert team behind you will put you in the best hands.

At Melbourne Property Valuers, our valuers are able to provide expert advice and service for any property type or valuation requirement.

As certified valuers, the valuation reports provided are all legal documents, and in addition can be prepared for specific legal circumstances. If needed, the reports can be formatted in order to present in court, to taxation offices, or government bodies.

This level of expertise ensures that all property valuations provided are accurate and extensively detailed.

Certified property valuation Melbourne

Why Do You Need a Property Valuation?

Seeking out a property valuation is a crucial stage at some point for every homeowner. Whether you’re after pre-purchase/pre-sale advice or to help determine your upcoming stamp duty payment, a property valuation will be an inevitable part of being a homeowner.

A property valuation is a highly recommended process and is sometimes required depending on what the purpose of the valuation is. The most sought out reasons for seeking a property valuation can include:

  • Deceased estate/probate
  • Pre-purchase/pre-sale advice
  • Transfer of a sale
  • To assist in calculating stamp duty
  • Capital gains tax – either at current market value or a retrospective date.
  • Building insurance
  • SMSF

While a property valuation is not always required, it will give you an accurate understanding of its current market value. Rather than only knowing an ambiguous range, a property valuation is based upon a broad range of information gathered by an industry expert. Having a qualified and registered property valuer at your disposal means that your property value will not be influenced by any agenda or bias, ensuring the property value is based on data and thorough research. Furthermore, it means the value of your property will be based on its current and fair market value.

How can a property valuation help?

Sometimes, seeking out a property valuation will usually coincide with times of grief and stress. Whether you’re dealing with a difficult sale or transfer, a deceased estate, or are in need to divide assets between two or more parties, a property valuation ensures that an agenda free approach is adopted to guarantee a fair market value is determined. In some cases, the division of assets or the sale of a property may be prompted by the courts, or because of compulsory acquisition. In these cases, it’s important to have an impartial valuation to maintain fairness and transparency.

Seeking out a team if independent property valuers ensures that the report will not only provide a comprehensive document, but it will also be based on thorough research. Furthermore, your property valuer’s extensive experience in the industry and local knowledge will mean their report will go towards providing an objective and impartial decision.

The work that goes into a valuation report is based on the information sourced out by the Valuer from inspecting the property. With this being said, a professional valuation report is a legally binding document that will be eligible for submission via the court systems and government agencies. Understanding the value of your home will help you correctly plan for tax time of you have a property that forms part of your SMSF, your potential stamp duty payments and to make the correct offer on a house.

While it may not seem like a property valuation can benefit you in the long term, it can potentially save you thousands in tax liability or mortgage repayments. Furthermore, an independent valuation is legally required to ensure your SMSF is ATO compliant for tax time as well as being required to for building insurance purposes. This is especially important for larger complexes and strata schemes who require a valuation to set an insurance premium. By under-insuring this could have a drastic negative impact if the building were to be damaged by flood, fire or natural disaster.

How is an independent Valuer different from a real estate agent?

It’s easy to assume that a valuation will be the same quality anywhere, however, this is not the case. An independent valuation is prepared by a property valuer who is bound to work in accordance with the research they have sourced. In saying this, an independent valuer is also bound by the quality reassurance and ethical standards and procedures of the Australian Property Institute (API).

While valuation services can also be sourced from real estate agents and banks, there is a level of bias within these fields. A real estate agent will always have the interests of the seller and themselves to make the highest profit manageable. On the other hand, banks tend to be more conservative.

An independent property valuer is tasked with providing a legally binding document that is compiled and prepared to suit the individual purpose of the valuation. In this report will be a detailed summary of the property as well as a comprehensive market analysis detailing any other external variables that will affect the property’s value.

Every homeowner at one point or another will require a property valuation – whether it’s a part of the buy/sell process, a tax or insurance requirement, a tool to help calculate stamp duty or required as part of mediation or separation. No matter what the purpose of the valuation, it’s important to seek out an industry professional to determine the true worth of the property.

Understanding your property’s true value is a valuable piece of information and can save you time and money in the future. Furthermore, seeking out an independent property valuer will ensure you’re getting up to date and well-informed information regarding your property and an accurate scope of the local property market.

If you’re in need of a professional valuation service for your residential, commercial, or industrial property, contact Melbourne Property Valuers Metro. You will be able to discuss your requirements and speak to an expert about our range of property valuation services.

Melbourne Property Valuers

How Much Does a Property Valuation Cost?

If you are looking to get a property valuation, you may have noticed it’s hard to get a clear idea of what it will cost you. There are a few reasons for this, mainly that a valuation from an independent property valuation service will be tailored to your specific circumstances.

As the service provided can vary, so too can the costs. Because of this, it is hard to put a specific number on exactly how much a property valuation will set you back.

The cost of a property valuation can range from

Method of Valuation

There are a few different methods that can be used to determine the value of your property.

The most common type of valuation is an internal valuation, which involves a comprehensive inspection of the property.

The valuer will inspect the land, buildings and any additional features of your property. They use the information gathered during the inspection, as well as additional market research to determine the value of the property.

In some cases, an internal valuation cannot be carried out, or is not needed. This is when an external valuation will be conducted. In this method, the valuer will not inspect the property in person but rather rely on images, site plans, council documentation and other data to determine the value.

As an external valuation does not require travel or the time taken during an in person inspection, this method will typically be cheaper. However, if sufficient information isn’t provided or available in the databases used, the valuer will not be able to use this method.

Details of Property

Many aspects of your property itself can impact how much a valuation will cost. These include the location, size, and type of property you have.

Residential, commercial, and industrial properties all have different requirements in terms of research and time involved to calculate value.

The size of the building affects the cost of the valuation as well. This is because the larger the building, the longer an inspection will take, and the more information there is to consider in the final report.

Location can also play a role in the final cost of the valuation, as the more remote or inaccessible the property is, the higher fee the valuer will ask to compensate for travel expenses.

Purpose for Valuation

This is one of the major things which can change the fees set for a property valuation. The reason for requiring valuation will also determine what goes into the report. This can impact the length of the report, the specific requirements involved, and the difficulty of research.

Because of this, the price for valuation can also change based on your reason for needed a valuation. The more detail required in the report, the more you can expect to pay.

For example, if you require a property valuation for legal reasons such as for Family Law Court, the report will be significantly longer than the standard valuation report. It will also include additional information to ensure it meets the requirements to be used in court.

Our valuers can tailor the report to any circumstances, and ensure they fulfill the standards to be used for legal, taxation, or government purposes.

The Valuer

With property valuations you pay for what you get. If you find extremely low prices, they may be too good to be true.

Your property is an important asset, and to ensure you are making the right choices it is worth choosing expert valuers.

Make sure you find a valuation service that is independent, provides you with good service, and has qualified valuers.

Here at Melbourne Property Valuers, all our valuers have a minimum of 20 years’ experience and are trained and certified with the Australian Property Institute. The service we provide is accurate, honest and performed with integrity.

If you would like to find out exactly how much your property valuation will cost, reach out to our team to receive a free quote tailored to your specific needs. We endeavour to provide the highest quality service at competitive prices. Contact us today!

Property valuation services Melbourne

Getting a Property Valuation for Separation Settlement Purposes: What You Need to Know

When going through a separation, it is common to require a property valuation to assist with the settlement process. No matter what the details surrounding your separation settlement are, it can be a difficult and stressful time.

There are many potential issues that can arise during the settlement process, especially regarding the division of assets. It can take a significant amount of time to reach an agreement that is beneficial to both parties, or that they agree to at least.

As your property is commonly your biggest asset involved in the separation settlement, it is important to ensure you have an expert team assisting you in producing the property valuation report required.

Why is a property valuation required for separation settlement purposes?

A property valuation is needed to assign an accurate current market value to the property. Without knowing the true value of the property it will be impossible to fairly divide the property during the settlement.

Having an independent and experienced property valuer to complete your valuation will help to ensure that you have the correct and fair value of the property in question. This will mean you are well-informed during negotiations, and will be able to receive a fair division of the property.

Approaches to property valuation reports for separation settlement purposes

There are two approaches commonly used when completing a property valuation report to help during a settlement dispute during a separation. Which approach used depends on whether the parties involved are reaching a settlement through mediation with a solicitor, or are involved with a legal separation in the Family Law Courts.

Mediation Report

A mediation report is also known as a short form report. It is around 13-15 pages and follows the format of a standard valuation report. It includes an accurate current market value, and details of what has determined the value.

These details include the land and building condition, location of the property and any risk factors involved. It also includes comparable sales data and market analysis of the local real estate market.

This report is similar to any other property valuation report in its length and inclusions. Every report provided by our expert property valuers are considered legal documents, however it differs from the Family Law report as it is not purpose specific.

Family Law Report

The Family Law report is also known as a long form valuation. This report is an extended version of the standard property valuation report, and comes to around 25 pages long.

This document will contain the same information as the mediation report, as well as additional information included to meet legal requirements to be accepted by the courts.

All property valuations completed at Melbourne Property Valuers Metro are done by qualified valuers with over 20 years of industry experience. Our property valuers will provide you with expert information needed to reach a fair agreement in your separation settlement negotiations.

We understand that requiring a settlement property valuation comes during a difficult time which can be straining on those involved. Our services are always performed with integrity and care, and we guarantee accuracy.

If you have any questions regarding our property valuation process, or require our services, do not hesitate to contact us today so we can assist you with moving forward.

Local property valuers in Melbourne

What Factors Influence a Property Valuation?

The value of a property is not a static thing. There are many factors which can influence and change the value a property holds, and knowing what these are will assist you when you are looking to buy, sell or invest in real estate.

If you are looking to improve the results of your property valuation, it is important to keep in mind there are many factors you cannot control. Although you can’t change these attributes of your property, there are some improvements you can make which may influence the overall value of your property as well.

Here are the factors which are taken into consideration during the inspection of a property, and which influence the outcome of the valuation report.

Location

Location is one of the key factors which will influence a property valuation. This is due to the large variations in property prices based on location. The exact same house in a desirable suburb of a major city can sell for double or more than one in a rural area. Naturally, the locality of a property is always considered by the valuer while completing the valuation report.

The wider area, the suburb, as well as the direct location of the property should all be considered. A residential property in a less busy area could be valued hirer than one on the main road in the same suburb. However, this may differ for commercial properties as high traffic areas are more desirable.

The proximity to amenities is also important. Being close to transport links, shops, restaurants and schools are all things which may increase the value of a home.

Size

Another factor which can impact a property valuation is the size of both the property and the building. Greater land size will increase the value of a property, regardless of other factors. Similarly, a large building has the same effect in improving the valuation.

During the inspection, the property valuer takes into account not only the size of the building, but also the number of rooms and the layout of these. Some layouts are more modern and desirable than others, for example open plan living areas can improve the value, while cramped or poorly planned layouts can negatively affect the value.

Condition

Naturally the condition a property is in will impact the valuation. If a property is in poor condition it will sell for less, as buyers factor in costs of cleaning and upgrading the property after purchase.

Because of this, any issues with the building are noted during the inspection and may impact the value given in the report.

Any large, structural issues which may be safety hazards will have the largest influence on the property value. Smaller cosmetic damages to the property won’t have as big an impact, although if they are consistent throughout the property they may be considered.

Small amounts of damage or imperfections are almost unavoidable with older properties. This is why properties which newly finished buildings are often given a higher value.

Improvements

Additions to a property such as renovations, significant improvements or added features can all positively impact the results of a property valuation. This is one of the factors which property owners are able to use to their advantage when preparing for a property valuation.

Improvements that will add value to your home include:

  • Adding additional rooms to a building
  • Making improvements to the exterior of the building
  • Including outdoor features such as a pool, deck, or shed
  • Improving interiors with home upgrades such as kitchen or bathroom renovations
  • New flooring or fresh paint
  • Landscaping of garden and yard

All of these improvements could be factors which help to increase to final value figure during a property valuation.

Additional Factors

As well as those listed, there are some additional factors which will influence the valuation of a property. Unlike the previous examples, these aren’t physical attributes of the property but rely on external considerations.

One of these considerations is the risk factors present for the property. During the valuation a risk analysis will be conducted, taking into account any environmental risks to the property. For example, if the property is in an area prone to flooding this will impact the final valuation.

The market condition at time of valuation is another additional factor involved. While completing the valuation report, the valuer will conduct research into comparable recent sales data in the local area of the property which will provide an indication of what the property could sell for in the current market.

All of these factors influence the property valuation and assist the valuer in reaching an accurate current market value for the property. If you are considering purchasing or selling a property, reach out to our team today for an independent, expert property valuation.

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Why and how to order a property valuation

Know your property’s worth via the right property valuers

Do you understand the meaning of property valuation?  – If not then read this ahead. To know the actual value of your property get in touch with the best property valuers melbourne’s professionals. Whether you are thinking to put your property on sale or rent you should know the fair market value of your real estate property.

Property valuation is the estimated value of the property. Property valuer melbourne provides residential property valuation, property settlement valuation, rental valuations, pre sale valuation, pre purchase valuation, compensation valuation, internal accounting valuation, mortgage security valuations, industrial property valuations, property settlement valuations, asset register valuations and many more.

Determining the worth of any property may sound easy but in reality, it requires expertise and experience. It’s good to hire a professional property valuer than to DIY(do it yourself). A property valuer is a professional, whose work is to find the right value of the property.

The reasons are numerous when it comes to know the property value it can be sale, purchase, rent, mortgage, taxation, compensation etc.

Before starting the property value process –

  • Collect all the legal documents of the property.
  • Then find the trustworthy valuer like property valuer melbourne.
  • After this, call the valuer to visit your property.
  • Valuer will give you the estimated value of the property.

The reason to find the property value may differ because finding the property’s value doesn’t end with purchase or sale of house. The refinances, property equity lines of credit, annual property taxes, insurance premiums all are based on property worth.

The property’s worth is estimated based on specific standards measurement and type of material used in construction of building. It is important to know that evaluated value of the property is dynamic in nature, it may vary according to the inflation and deflation rate of the economy. If the building is valued and after a year it hasn’t been rented or sold out, then it should be revalued to know the current property value.

How to find the property value?

The answer to this question can be many –
You can use online property valuation tools.
1. Get to know from brokers and competitive market analysis.
2. You can use home price index calculator.
3. Hire a professional appraiser.
4. Comparative market analysis.
5. AVM’s – Automated Valuation Models.
and more.

Though there are many different ways of property valuation that are known but the best and only that we would recommend you is contact property valuer Melbourne because it’s better to ask the professionals to find the value of your properties like a house, shops, offices etc.

Property valuers Melbourne works as a valuation consultant, who is the reputed property valuer in Melbourne.

Always remember the market value of the property changes rapidly. Mostly online methods are not appropriate, as they do not show actual values. So it’s good to ask the property valuations melbourne as they are experts in determining the right value of the properties for profitable real estate transaction.

Those who are looking for the best property valuer melbourne then they should remember the following things in mind like hiring an expert, skilled and experienced valuer is essential.

Then what you are thinking of? Contact property valuation Melbourne experts to know the right value of your property.

Melbourne house valuers

Tips to Prepare for a Property Valuation

If you are planning to get a property valuation, you are no doubt looking for ways to prepare your property. While the major factors that influence your valuation can’t be altered, such as the location and size of the property, you can make an impact on your property valuation.

In order to get the most out of your property valuation, you will want to be as prepared as you can. This includes knowing what to expect and having everything ready for the inspection.

No matter what property type you have, or the purpose for the inspection, it is important to be well-prepared.

Research

Doing some research prior to valuation can go a long way. By researching what goes into a valuation and what you can expect, you will be better prepared.

This stage is important to ensure you are clear in what you need a valuation for, and know what kind of services have positive reviews.

You can also research into recent sales in the nearby area to see if you can find any similar properties. This can help give you are more general idea of what the value may be, and guide your expectations.

Clean and de-clutter

Prior to the inspection, you should make sure your property is in pristine quality. This means doing a deep clean and clearing away any clutter.

Although this won’t have an immediate or large impact on the final value, it will make the process easier for the valuer. If your property is clean and tidy they will be able to see all the features clearly, and easily access any room.

This is a very easy way to prepare before the inspection for property valuation.

Repairs or renovations

Make sure any renovations or upgrades being worked on are completed before the valuation. Valuers calculate the value of your property based on how it appeared the day they inspected it.

As your valuation is based on the current state, the valuer cannot take into account what the potential increase in value would be once the renovations are complete.

Because of this, you must ensure your property is in complete condition before the inspection. This includes checking for any small repairs you may need to make.

Superficial damages may reflect poorly on the overall value of your property as they can appear to indicate further, more extensive issues.

Prepare any paperwork

You can also prepare yourself for the property valuation by getting any paperwork that may be helpful to the valuer in order.

Examples of paperwork that could be beneficial information while completing a valuation report include council zoning details, floor plans, lists of improvements made to the property- especially things that might not be immediately visible, and recent sale information of comparable properties.

By having this information handy you can leave the valuers in peace without following them around and pointing out features for them to note.

This will be very helpful for your valuer while they complete the inspection, and will ensure that the key features of your property aren’t overlooked.

Choose your valuer carefully

When preparing for your property valuation, the most important step to take is deciding what valuer to hire.

In order to get the most accurate results that are backed by expertise, make sure you choose an independent valuation company, and confirm that your valuer has the relevant qualifications.

Selecting a reputable valuation company is ideal, as you are sure to receive the best quality of service. In addition, finding a valuer who has extensive experience will also ensure that the value and advice you receive are informed by industry knowledge.

At Melbourne Property valuers, we require our valuers to have a minimum of 20 years of experience in property valuation, as well as qualifications and current registration with the Australian Property Institute (API).

This means that by choosing our services you will receive the highest quality of service and a well-informed, extensively detailed valuation report.

Contact us today with your property valuation needs.