How can you prepare for a house valuation

A house valuation is an essential step for homeowners who are looking to sell their property or refinance their mortgage. A fair and accurate valuation is crucial for determining the market value of a home and can have a significant impact on the selling price or the amount of money that can be borrowed against it.

However, preparing for a house valuation can be a daunting task. In this blog post, we will discuss some tips and strategies for homeowners to prepare for a house valuation, including cleaning and decluttering, making repairs, providing documentation, researching the local market, and highlighting unique features of the home. Additionally, I will provide some statistics related to the Australian housing market and explain how they could affect your property value. And lastly, I will also suggest some professional help that can guide you through the process.

Preparing for a house valuation can be a daunting task, but it doesn't have to be. By taking a few simple steps, homeowners can increase the chances of getting a fair and accurate valuation on their property.

1. Clean and declutter your home. A clean and well-maintained home will make a much better impression on the valuer than a dirty and cluttered one.

2. Make any necessary repairs. Any obvious defects or damages to the property will negatively impact the valuation. Fixing these issues before the valuer arrives will increase the chances of getting a higher valuation.

3. Provide documentation. Provide the valuer with any relevant documents such as building plans, council approvals, and any recent renovations or improvements.

4. Research the local market. Research recent sales in your area to get an idea of what similar properties are selling for. This will give you an idea of what to expect for your own property.

5. Highlight any unique features of your home. If your home has any unique features or selling points, make sure to highlight them to the valuer.

By following these simple steps, homeowners can increase the chances of getting a fair and accurate valuation on their property. It's also important to keep in mind that a valuation is only an opinion of value, and it is not a guarantee of the actual sale price.

Some additional things to keep in mind when preparing for a house valuation include:

1. Timing: Consider the timing of your valuation, as the housing market can fluctuate throughout the year. It's best to schedule your valuation during a time when the market is strong in your area.

2. Presentation: The valuer will need access to all areas of the house, including the attic, basement, and garage. Make sure these areas are accessible and presentable as well.

3. Comps: It is helpful to provide the valuer with information on recent sales of similar properties in the area, also known as "comparables" or "comps". This information can help the valuer understand the local market and make a more accurate assessment of your home's value.

4. Photos: If possible, provide the valuer with recent photographs of the property, both inside and outside. This can be especially helpful if there are any unique features of the property that are not immediately obvious.

5. Be present: If possible, try to be present during the valuation. This will give you the opportunity to ask questions and provide additional information about the property.

It is also important to keep in mind that a house valuation is not an exact science, and the final result may not be exactly what you expect. However, by taking the time to prepare properly and following the tips outlined in this article, you can increase the chances of getting a fair and accurate valuation on your property.

In Australia, the housing market can vary greatly from state to state, and even from city to city. However, some general statistics that may be relevant for homeowners preparing for a house valuation include:

• According to the Australian Bureau of Statistics, the median house price in Australia was $724,600 in 2020.

• The Real Estate Institute of Australia reported that the national median price for houses increased by 3.1% in the 12 months ending September 2020.

• According to the Domain House Price Report, Sydney had the highest median house price at $1,175,918, followed by Melbourne at $919,107.

• The Reserve Bank of Australia has reported that the average loan-to-value ratio (LVR) for owner-occupier loans was around 60% in 2020, indicating that borrowers typically have a significant equity in their homes.

• According to the Australian Prudential Regulation Authority, the average loan size for owner-occupier loans was around $410,000 in 2020.

It's important to keep in mind that these are general statistics and the housing market in your specific area may be different. It is always recommended to research the current real estate market and recent sales trends in your local area, as well as consulting with a real estate agent or a professional property valuer for a more accurate assessment of your home's value.

Some additional tips for homeowners to prepare for a house valuation:

• Be honest and transparent with the valuer. If there are any known issues with the property, such as a leaky roof or an old furnace, make sure to inform the valuer. Concealing any issues will only hurt the chances of getting a fair and accurate valuation.

• Stage your home. Staging your home can make a big difference in the eyes of the valuer. Make sure that the interior of your home is well-lit and that furniture is arranged in an attractive and functional way.

• Consider getting a pre-valuation inspection. A pre-valuation inspection can identify any issues that may negatively impact the valuation. This will give you time to make any necessary repairs before the valuer arrives.

• Be prepared to negotiate. Keep in mind that a valuation is only an opinion of value. If you disagree with the valuer's assessment, be prepared to negotiate and provide evidence to support your own assessment.

• Seek professional help. It's always a good idea to consult with a real estate agent or a professional property valuer for a more accurate assessment of your home's value. They have the experience and knowledge of the local market that can help you get the best possible valuation of your property.

Remember, preparing for a house valuation can be a stressful experience, but with the right mindset and a few simple steps, homeowners can increase the chances of getting a fair and accurate valuation on their property.

In conclusion, preparing for a house valuation is an important step for homeowners looking to sell their property or refinance their mortgage. By taking a few simple steps, such as cleaning and decluttering, making repairs, providing documentation, researching the local market, and highlighting unique features of the home, homeowners can increase the chances of getting a fair and accurate valuation on their property.

It's important to keep in mind that the housing market can vary greatly from state to state, and even from city to city in Australia, and it is always recommended to research the current real estate market and recent sales trends in your local area, as well as consulting with a real estate agent or a professional property valuer for a more accurate assessment of your home's value.

Remember, a fair and accurate valuation is crucial for determining the market value of a home and can have a significant impact on the selling price or the amount of money that can be borrowed against it, so it's important to take the time to prepare properly.

If you want to learn more about how you can better prepare for a house valuation, please contact our team of experts at Real Mortgage at 0470440347