Property valuation refers to the process where a professional determines the value of a property. Most of the time, a real estate agent visits the property and takes an assessment of it based on a number of factors. These factors are often the lot size, the house size, the neighborhood, etc.
Usually you won’t have a choice on who evaluates your property. However, you can always do something about how your property will be valued. This means that you can always do something to increase the value of your home which lessens the negotiating part when it comes to your property’s market value.
1. Do the necessary repairs.
You will get a higher value if everything in your property is functioning well. If they aren’t, then you should repair them before a real estate agent visits you. Don’t postpone repairs because the damage to your home might get worse and this will decrease the property’s overall value. Also, you should avoid telling your real estate agent that you will be doing repairs after the valuation. This is because the valuation happens when the real estate agent arrives and not after you are done with the repairs.
2. Make your property presentable.
If you really want a higher valuation for your property, you don’t simply make it look livable. You have to make it look beautiful that the real estate agent will be impressed. Present the property as if you are presenting it to a possible buyer. This means that you have to take note of both the interiors and the exteriors of your home.
3. Prepare all your papers.
It would be helpful for the agent and for you if you have all the papers ready. This will also help determine the market value of your home. While you’re at it, it would be great to have a copy of the most recent council rates and land valuations. This will help give the real estate an idea of the current prices for the area and other values that will help determine the overall value of your property.
4. Be honest.
Agents are fully aware of how a property valuation works. This means they know the tricks of the trade and they can smell it if you are trying to hide something. It will be a lot better if you just be honest with the current state of the property so that you avoid conflicts along the way. Fully explain to them the parts of your home and what you know the value is.
5. Don’t be too eager to ask for the price.
When you’ve shown the property to the real estate agent, don’t be too eager to ask them what the value of the property is. Don’t wait for them to be at the door to ask.
Knowing the value of a property takes time because it’s not just the physical property that is being assessed. Be patient, and give the agent enough time to come up with a value. And when the agent has given the value, you can ask for the rationale behind it.