If you are a real estate owner - whether that might be in ownership of residential, commercial, or industrial property - you might have wondered how to get a valuation, or what the process entails.
A property valuation is an assessment completed by qualified practitioners to determine a property’s value and may predict future possible benefits from its ownership. These professionals are known as valuers and can provide any sort of property valuation in Perth.
Taken into consideration are environmental conditions that may influence the elements of current market value. This includes matters like economic circumstances and social trends or government controls and regulations. Other relevant features taken into consideration are the structure and condition of the property. Once a thorough assessment is complete a comprehensive report is prepared and delivered as a legal document.
What are property valuations needed for?
As a buyer applies for a home loan, the bank will need to be confident that they can recover any outstanding amount owed if a buyer were to ever default on their mortgage. The real estate valuation serves as a “risk report” for the lending institution to ensure the security value of the property covers the loan.
Property analysis is also often required for matters like insurance, financial reporting, tax, family law mediation, and determining the amount of compensation given to landowners for easements or land acquisition. However, a property valuation report is most commonly requested as a guide for major real estate decisions and investments.
Could we say a property valuation report is a make-or-break?
As this is a large asset that you have likely invested a lot of time and money into, you would want to secure a reasonable sales price. This applies to selling your home as well. To prepare your home before placing it on the market, here are some tips:
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Do your research
Arranging a valuation through a certified property valuer is a great way to get started with planning for your sale. A report can tell you what you need to know about the houses that have been sold in your area, and of course, your own. -
Don’t forget about presentation
It is important to make a great first impression. To prepare your home for potential buyers, make an effort to declutter, organise, clean, and leave a few unique touches with the interior décor. -
Prepare a list
If you have recently renovated your home, have a list prepared for your valuer. This ensures everything is accounted for in the new valuation. -
Don’t over-do-it
If you are planning to renovate or improve your home just so that is more appealing to buyers, you should remember that less is more. Do not add expensive features without first examining the comparable market. Does your property need these flashy new features? -
Prioritise kitchens and bathrooms
To enhance your property value and attract residential buyers, these two rooms are crucial. You need to ensure that these spaces are not only functional and in good condition but are also clean and presentable. -
Timing is important
Aim for the best time of the year to place your home on the market. At holiday peaking times, potential buyers may be travelling, or with family. They may not be necessarily house hunting. Also, keep an eye on market trends. You may find that the best time to sell is sooner rather than later. -
Financial plan
You will need to have a budget for the whole sales process. There are a lot of finances involved that can impact end profit. This includes maintenance costs, realtor services, furniture removalists and other fees and taxes. Be prepared for these costs as well as the worst-case scenario of your property not selling as quickly as you hoped. -
Patience is key
We all hope to have a Real Estate agent walk in with an immediate buyer and the transfer and move happen soon after. Unfortunately, the process may take some time. It could be weeks or months before you or the buyer are ready to move in or out. Occupational rent is still an option should both agree on occupation before the transfer of ownership. -
What will be, will be
If the timing wasn’t quite right and/or you’re struggling to find a buyer then you may have to retreat. If you can, consider waiting before starting a new attempt with a brand-new plan.
For more information or a no-obligation quotation contact our team today