Your home is your biggest asset, so when it comes to selling your property it’s important to know what to expect when before you place it on the market. While your home is likely to be a token of sentimentality, understanding the different ways in which you can increase your property’s value can make a huge difference when the time comes to sell the property. A property valuation is calculated on a number of things such as location, zoning, environmental factors and the buildings condition. While some of these factors can’t be changed, there are a few handy tips to help increase your property’s value in other ways:
Understand why you need your Property Valuation
This is crucial. The format, research, contents and wording are all contingent on the purpose of the valuation. Whether it’s for taxation, Family Law, mediation, compensation, or pre-purchase/pre-sale advice, you want to make sure that you’re getting the right document.
In most cases, a property valuation is required to be submitted to a government agency, the Federal Court Circuits, State Revenue Office or insurance companies. Each agency has their own parameters of eligibility for submission, if these aren’t met, then the report will be rejected. Therefore, if you’re not sure about what valuation report you need, be sure to have this conversation with your Valuer to ensure that you’re getting exactly what you need.
Presentation & Appeal
First impression’s count for potential buyers, so it’s important to show off your curb appeal as much as you can. This means maintaining a freshly mowed lawn and ensuring that all weeds, clutter and unnecessary items are cleared away from the garden. To add more to the space, you can always go to your local garden centre and pick up some colourful plants to place in the garden to make the best impression. With this being said, however, colour is one thing but you want to make sure that whatever plants you decide to invest in will work well in your climate and are easy to maintain. If your budget allows, repainting the exterior of the house can also make it look and feel brand new. These relatively small changes can make a difference.
When focusing on the interior, make sure the house is given a thorough clean and is kept looking fresh. This means painting the interior walls a nice, neutral colour to help attract light and space into the rooms. For a more finishing touch, placing air diffusers around the home will boost the aromatics and give the home a pleasant, yet subtle scent for anyone walking through the space.
Display your home
When a property valuer comes to inspect the property, it’s important to let your valuer any improvements made to the home that is not easily noticed. If the electrics, plumbing, any waterproofing or heating elements have recently been installed then it’s a good idea to bring this to your valuers’ attention.
When conducting a property inspection, although the Valuer will not take into account any contents of the property, they do incorporate any fixtures and fittings. So, if anything has been recently installed, added or built, be sure to let the Valuer know when he comes to inspect the property.
In saying this, in addition to any adjustments to the home, be sure to let your valuer know of any ongoing or pending developments in your local area that might impact its value. For example, proximity to public transport, recreational amenities and shopping districts can go towards optimising your property’s value. On the other hand, disclosing any developments that will cause obstructions of view or likely noise disturbances will steer towards a pessimistic value.
Research & Gather Information
A professional property valuation is compiled using data and research using a variety of sources. This means gathering information on council zoning restrictions, environmental factors, proximity to amenities and local comparable sales.
Any research that you do can further assist your valuer to help complete the report will help towards seeking the most accurate value of your home. So, if you have any information or documentation that you feel will help your valuer, then it’s best to let your valuer know.
Understanding the purpose of your valuation and what you can do to help your valuer throughout the process will save you time, energy, and money. At Melbourne Property Valuers, we can help you get the most out of your property’s value.