If you’re purchasing a property, refinancing, or selling your home you may require a property valuation to make sure the security value adequately covers the loan amount, or you have an informed market value to set an asking price.
If this is you, we’ve prepared a guide with our top tips to help you prepare for your upcoming property valuation.
What is a property valuation?
Firstly, let’s start by explaining what a property valuation is? A property valuation is a detailed report to ascertain a property’s market value at the date of inspection. A property valuation is a report conducted by a Certified Practicing Valuer who has completed a university level degree, in addition to being accredited by the Australian Property Institute.
What is market value?
Market Value is defined by the International Valuation Standard Council as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm's length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.
How should you prepare for a property valuation?
Once your inspection has been booked, at a mutually convenient time for the valuer and yourself you should start to prepare for the valuation to occur. How should you prepare you ask? Here are a few tips straight from the valuers mouth!
- Clean, declutter, and repair
As the famous saying goes, “you only get one chance to make a first impression”. A clean, well-presented house will show your property’s full potential. A valuer will take notes of everything visible, so those unfinished renovations would ideally be completed, and the house presented in its best condition in order to get the most out of your valuation.
- Provide access
A valuer will need access to the whole property. Where possible, to speed up the valuation process the homeowner can open side and rear gates, garages, pool fences, and internal and entry doors. An essential part of the valuation inspection process is to measure the house. So, providing full access to the property makes the valuers life a lot easier!
- Take COVID precautions
At Acumentis we operate within COVID safety protocols. If you would like the valuer to wear a mask during the inspection, please don’t hesitate to ask when speaking with our friendly staff to confirm the inspection time. Also, opening doors, and windows and turning on any lights where rooms are dark will facilitate a contactless inspection.
- Supply relevant documentation
- Floor plans: Before the inspection provide the valuer with a copy of the property’s council-approved floor plans.
- Title/Plan of subdivision: Email or give a hard copy of the title/plan of subdivision to the valuer.
- Relevant sales evidence: Make the valuer aware of relevant properties that have transacted in the immediate location (these need to be like-for-like properties, there is no point providing the valuer with the sale of a Victorian Terrace if the subject property is a modern apartment!).
- Highlight the property’s special features
While the valuer is an expert in all things property, there are certain features at a property that are not visible to the eye. Do you have an underground water tank? Solar panels on the roof? Underfloor heating? Point these things out to the valuer. Every detail counts.
- Contain pets
Please put your pets in a safe place so they don’t escape or take a nibble at the valuer’s leg!
How long will the valuation take?
This will vary depending on the layout, size, and features of a property and the documentation that has been supplied. However, you should generally allow 30 minutes for the valuer to complete their inspection. Some properties will take less time, and some will take more but the valuer will keep you informed if it will extend much beyond this timeframe.
Acumentis is one of Australia’s longest-serving providers of property valuation services to financial institutions, homeowners, home buyers, and professional service organisations.
Each of the 45 Acumentis offices has a dedicated team of residential property valuation experts who specialise in their local property market. All residential valuers are impartial, unbiased, certified, and accredited, so you can depend upon their expertise whether you’re buying or selling a residential or investment home.