Insider Tips: How to Maximise Your House Valuation in Australia

Are you an Australian home owner or a potential one looking to make your mark in the real estate market? Whether you’re thinking about selling up, are conducting a property search to buy a home, or have a pre-sale valuation in your hand, understanding the ins and outs of home value is key.

Feeling overwhelmed? We’ve compiled an easy, step-by-step guide with top tips to help you prepare for a house valuation. So, whether you’re looking to sell at the highest possible price or are just keen to get a sense of the market, this guide is tailored for you. 

Let’s dive in!

Step-by-Step House Valuation Checklist

Preparing your home for valuation isn’t just about sprucing up the décor. It’s essential to present your property at its best to obtain the highest possible valuation. Let’s walk through a comprehensive checklist to help you prepare.

Curb Appeal

Start with the apparent aspects. A neat and tidy garden, well-maintained fences or walls, driveway and entrance can greatly influence the overall perception of your house.  For example, did you know a well-maintained exterior can add up to 5% to the value of a property? Meanwhile, just a fresh coat of paint can increase a home’s value by up to 10%.

Small details add up!

Touchable Repairs

Before the valuation, ensure you’ve fixed any minor issues, like leaking taps or cracked tiles. 

Cleanliness 

Clean, clutter-free spaces can impact your property’s estimated value in a positive way. Ensure both the interiors and exteriors of the house are tidy. Improving the presentation can indeed influence the value to a significant extent. Go one step further and turn on the lights for the house valuation, to give it a more spacious and inviting vibe. (Trust us, this works.)

Home Improvements 

Detail out any improvements or extensions done to your property since its purchase. These can factor largely into a higher valuation. Remember, the valuation is more about what adds value to the property rather than what you personally find appealing. 

Paperwork

Have documents, such as building approvals, plans, or receipts for renovation work, readily available. Your valuer will appreciate having this information at their fingertips. 

Lastly, while presenting your property, remember that valuers are professionals who will look beyond cosmetic enhancements. Their focus is to assess your property’s overall size, condition, and location for an unbiased resale estimate.

Mistakes to Avoid When Preparing for Home Valuation

For many homeowners, there are hazards to avoid where home valuation is concerned. Being aware of these pitfalls can save you from getting inaccurate property values or negatively affecting the selling process. 

Forgetting To Fix Up Unsightly Spots

One major issue to note is neglecting to fix repairable issues in your home before the valuation. Things like leaky faucets, chipping paint, or small cracks in your walls might seem insignificant, but they could lead to a downgraded valuation. 

The professional adjusting your estimated value range is likely to consider these flaws in the overall condition of your home. 

Not Putting Time Into Presenting Your Home Nicely

Another common mistake is failure to present your home at its best at valuation time. A dirty, cluttered home may unintentionally reflect a lack of maintenance and care, potentially impacting the professional’s perception when inspecting and appraising your home. 

Do your best to ensure your house is clean, organised, and decluttered.

Overestimating How Much Renovations Are Worth

The last incorrect assumption that you should avoid is overestimating the value of home improvements. 

While renovations and upgrades can indeed increase your home’s worth, they only sometimes meet dollar-for-dollar value at selling time. The actual value differs from home to home, as it is also subject to market trends and demands, neighbourhood context, and the quality of the work done, among others. 

Keep avoiding these common pitfalls in mind as you prepare for your property valuation. They can significantly affect your selling price, and being aware of them can help you better prepare before the valuer’s visit.

What to Expect During the Valuation of Your House 

The process of home valuation can seem daunting, but it’s actually quite straightforward once you know what to expect. It typically starts with the valuer visiting your house to thoroughly inspect its interior and exterior. 

They’ll take note of the layout, the size of the rooms, the condition of the house, and other details that contribute to its value, like renovations, fixtures and fittings, and the quality of construction.

The aspects looked at during a home valuation of a house include property information like:

• The property’s dimensions
• The quantity and sort of rooms
• The quality and status of fixtures and fittings
• Areas that require enhancement or repair work
• Geographical location of the property
• The structure’s overall integrity and condition (including any defects)
• The calibre of property presentation and interior fittings
• Accessibility features, like ease of vehicle access and the presence of a garage
• Planning restrictions and local city zoning regulations
• Recent property transactions in your precinct and prevailing market trends.

After the Inspection

After the physical inspection, the valuer will conduct market research. They will analyse recent sales of comparable properties in your area and current market trends. Having all this available data on hand will help determine the value of your property within the current market context.

Lastly, a property valuation report will be created. This report includes all the information collated throughout the process and presents an estimated value for your property. 

Remember, this is a professional opinion based on an analysis of the property and market research, so while you might not agree with it completely, it is considered to be a reliable reflection of your property’s worth. The valuation process is your and the valuer’s joint effort.

Be prepared to answer questions and provide necessary documents. It can help to have evidence of any renovations or improvements made on the property. Providing these details can help ensure an accurate valuation.

Why get a house valuation in the first place?

You may be wondering why you should get a house valuation at all. While the answer may seem straightforward, the reality is that it has numerous benefits tied to various real estate ventures. 

Most importantly, a house valuation from a specialised property sales information provider accurately estimates a dwelling’s market value. This information can guide you in setting a competitive and fair selling price. 

But the benefits don’t stop at selling. If you want to purchase a property, a pre-purchase valuation can provide an independent and unbiased view of the property’s worth to ensure you’re not overpaying. 

Additionally, for homeowners thinking about refinancing or seeking a secured loan, a house valuation can assist in requesting a higher loan amount.

If you intend to invest in home improvements, a valuation during the pre and post-renovation stages can also help quantify the changes and increase in property value due to the modifications.

Specifically, our property valuation team can also assist in forming the basis of negotiation for rental terms for landlords and tenants alike.

Whatever your reason may be – buying, selling, refinancing, or investing – a house valuation definitely makes that decision more informed, fair, and reliable.

Key Takeaways

• Preparation is key when expecting a house valuation. Small improvements like sprucing up your garden, reducing clutter, and addressing minor repairs can significantly increase the perceived value of the house.
• Avoid common mistakes such as overlooking the house’s exterior, leaving your rooms in a mess, not maintaining property records, ignoring minor damages, and being overly emotional about the valuation outcome. An unbiased approach aids in obtaining an accurate estimation.
• Understand the valuation process. It typically involves an interior and exterior inspection of the house and an analysis of the neighbourhood and local property market conditions. Remember, the process is systematic, not personal and is best done by a real estate agent or market professional like the Duo Tax team.

Need a house valuation done? Contact our team now at Duo Tax to get the process started. Alternatively, if you’re looking for a market assessment valuation, we can also help you with this journey.