Are you an Australian homeowner 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 your property’s 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 property valuations isn’t just about sprucing up the décor. Presenting your property at its best to obtain the highest possible valuation is essential. Let’s walk through a comprehensive checklist to help you prepare.
Curb Appeal
Start with the obvious things first. A neat garden, well-maintained fences or walls, a driveway and an 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, enhancing the security of a good valuation. (Trust us, this works.)
Home Improvements
Detail any improvements or extensions made 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 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. They focus on assessing your property’s overall size, condition, and location for an unbiased resale estimate.
Working with a Real Estate Agent
When it comes to buying or selling a property, working with a real estate agent can be a game-changer. A real estate agent brings expert knowledge of the local market, helps you navigate the sales process, and ensures you get the best possible price for your property.
Here are some tips for working effectively with a real estate agent:
- Research Local Agents: Choose an agent with experience in your area and your property type. Look for someone with a proven track record and positive client reviews.
- Communicate Clearly: Make sure to communicate your needs and expectations to the agent clearly. This includes your desired sale price, timeline, and any specific requirements you have.
- Request a Market Appraisal: Ask the agent to provide you with a market appraisal of your property. This will give you an idea of its current market value and help you set a competitive sale price.
- Determine a Sale Price: Work with the agent to determine a competitive sale price for your property. They can provide valuable insights into market trends and buyer behaviour.
- Stay Updated: Keep the agent informed of any changes or updates to your property. This includes any repairs, renovations, or changes in your selling timeline.
Mistakes to Avoid When Preparing for Home Valuation
For many homeowners, there are hazards to avoid when considering home valuation. 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 the repairable problems 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.
A professional who adjusts 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. Schedule the valuation date when your home is in its best condition.
Overestimating How Much Renovations Add to Market Value
The last incorrect assumption you should avoid is overestimating the value of home improvements.
While renovations and upgrades can 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 knowing them can help you better prepare before the valuer’s visit.
Valuation Day Tips
Valuation day can be a bit nerve-wracking, but with some preparation, you can ensure the process goes smoothly and you get an accurate assessment of your property’s market value. Here are some tips to help you prepare:
- Provide Full Access: Ensure the valuer has access to the entire property, including any outbuildings, sheds, or garages. This allows them to get a complete picture of the property’s value.
- Clean and Declutter: A clean, clutter-free property makes a positive impression. Tidy up the interior and exterior to showcase your home at its best.
- Repair Damage: Fix any visible damage or defects, such as broken tiles, leaky faucets, or chipped paint. These small repairs can make a big difference in the overall valuation.
- Prepare Documentation: Have relevant documents ready, such as property plans, certificates of title, and records of any renovations or improvements. This information can help the valuer make a more accurate assessment.
- Highlight Special Features: Point out any unique features of your property, such as stunning views, architectural details, or energy-efficient upgrades. These can add significant value.
- Contain Pets: Ensure pets are secured and do not interfere with the valuation process. This helps the valuer conduct their inspection without distractions.
What to Expect During the Property Valuation of Your House
The home valuation process can seem daunting, but it’s quite straightforward once you know what to expect from your property’s assessment. It typically starts with a site inspection of the property for records to be taken of the interior and exterior.
The inspector will 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 both yours 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.
Use This Helpful Checklist to Prepare For a House Valuation
Category | Action Items |
Curb Appeal | Tidy up the garden (mow lawn, trim hedges, clean paths) |
Ensure fences, walls, and driveway are well-maintained | |
Apply a fresh coat of paint to the exterior if needed | |
Touchable Repairs | Fix minor issues (e.g., leaking taps, cracked tiles, chipped paint) |
Repair any visible damage or defects | |
Cleanliness and Presentation | Clean and declutter all rooms |
Clean the exterior of the house (e.g., windows, walls) | |
Turn on lights during the valuation to make spaces appear brighter | |
Home Improvements | Document any improvements or extensions made since purchase |
Focus on presenting improvements that add value | |
Paperwork | Gather building approvals, renovation receipts, and property plans |
Prepare certificates of title and other relevant documents | |
Working with a Real Estate Agent | Research and select a local real estate agent with experience |
Request a market appraisal to understand the current market value | |
Communicate any recent repairs or updates to the agent | |
Valuation Day Preparation | Provide full access to all areas of the property (including sheds and garages) |
Secure pets to avoid distractions during the inspection | |
Highlight unique features (e.g., views, energy-efficient upgrades) |
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 best done by a 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.
Ready to get started?
Talk to one of our friendly property experts to get a free quote or more Information.