Let’s start off by understanding what a property valuation is.
A property valuation is a report of some sort that is requested by the person selling their home, or anyone with a vested interest in the property such as a buyer or a lender (a bank).
The report usually has information inside that consists of, property details such as land size, building size, rates, physical details of the construction and any add-on construction done to the property. You’ll also find any details of issues that need immediate attention to. One of the defining factors of a property valuation is information on comparative sales in the area which is also called a Comparative Market Analysis (CMA). A CMA is an examination of the prices at which similar properties in the same area recently sold for.
Why do you need to get a Property Valuation?
If you are selling your home, we cannot stress enough how important it is to have a property valuation done on your home. To ensure you are getting the highest possible price for your home, you will need to know how the homes in your area that are similar to yours, are doing.
It’s important to be educated when preparing to sell your home. In most cases, this is the biggest asset you and your family have. Having an understanding of why your home is worth what it is, puts you ahead of the game. It’ll give you a great indication of how the market is moving which puts you in prime position to know if you should sell or not.
What can I do to increase the value of my home before I sell?
People selling their homes seem to think that what the agent appraises their home for is the final figure. This is not true. You can’t change the physical location of your home but you can do other things to help. Let’s take a quick look at what you can do to increase the value of your home.
1) Think about a renovation or extending the floor area of the house. Can you add a bathroom, bedroom or entertaining area? What about improving your indoor-outdoor flow?
2) A tidy environment can potentially increase the price. A well presented garden with no unnecessary trees branches or mess laying will help your cause.
3) Sometimes the hardest rooms in the house to make look modern are the bathrooms and kitchen. It doesn’t need to be expensive, a few well placed pieces of furniture or decor could transform the entire space. Think of it as a mini make over. Updating the bench top, cabinets, lighting and fixtures will often do the trick if your budget is a little higher, you could even try a little paint.
4) Where do your vehicles sleep at night? A home with a Garage or a carport usually projects a safe place which is enticing for home buyers.
5) An overall clean and tidy up is always a good idea. It gives the perception that the house has been maintained well and the sense of internal structures being in good condition.
In closing, if you are thinking of selling your home, we encourage you to speak with us to have a free property valuation done by suburb professionals who know and understand your home.