Property valuations are more of a science than an art. However, there are ways that you can ascertain that the analysis proceeds as accurately and efficiently as possible. There are a couple of factors that can muddy the water when the property valuator is coming up with a hypothesis on the actual market value if the property in question. In this read, we’re going to take a look at a couple of good practices to keep in mind when it comes to property valuations.
Always Attain A Full Valuation
You’ll often be given the option of desktop valuation or a kerbside valuation. Kerbside valuations usually involve a drive by inspection while the desktop valuations do not involve any personal inspections. The latter is of course, cheaper but keeping prospective buyers in mind, they will not evaluate the property in this manner. This is because the figures are not really useful.
Give Your Preferred Sales Times
Real estates markets, although on a smaller scale tend to change on a daily basis. The time it takes to sell your home will have a huge impact on the valuation. If you do not want to wait for the six months it usually takes before the sale of a home, then the assessment of your property is most likely going to be lower so that it can reflect the lower sales period. The opposite is ideally true.
Ensure You’re Available at the Appraisal Time
This is important as the valuer might have questions regarding the ages of some aspects of your property, the materials used or the history. If you are on site to answer these questions during appraisal time, then you can expect to have a more accurate valuation at the end of if all.
Inquire about The experience Of The Valuer
Every individual undertaking property valuations are required to have tertiary qualifications in regards to it. However, the experience levels tend to differ and this can have a slight impact on the value of your property. As such, you will want to use a firm where the property valuers have extensive experience in property valuation.
Do Not Try To ‘sell’ to the Valuer
Most homeowners are tempted to speak to the valuer when inspecting the home, pointing out every feature in the process. This tends to bias the valuation, either by distracting the specialist which leads to an inaccurate view, or even creating an unwarranted overvaluation. Both are not ideal.
Have all Your Improvements Completed
Property valuers are law and duty bound to give an entirely accurate assessment of the property in question. Giving alternative value figures based on the improvements prospective is possible. However, the valuer will need the full material and construction details. Even then, keep in mind that it takes more than two months to complete the house improvements, the property valuations can’t be truly accurate.
As you can see, property valuations as ideal when they are neutral and accurate. Overvaluation means that the property will stay in the market longer, and undervaluation will make you lose money. However, with the tips above and a good firm like MyValocity, you will get the best and most accurate property valuations.