Sep 17, 2018 8:00:00 AM

Property Valuations: Maximising Your Property’s Worth

Topics: Mortgage Broker, Australia Mortgage, Home Loan Advice, Home Loan, Refinancing Options, refinancing, valuation, Property Valuation 1

Refinancing your mortgage to get a better deal or to use the equity in your property means arranging a valuation of your property to determine its value. Getting a lower than expected valuation can affect the interest rate your lender offers as well as the amount of equity you’re able to tap into. Here’s how to maximise your property’s valuation.

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Clean things up

Presentation is probably the most important thing to take care of when you have an upcoming valuation. This is your opportunity to present the best first impression of your property, starting with the exterior. Along with a tidy up of the garden and front yard, repaint the outside of your home if necessary or ensure at the very least that the exterior walls and windows are clean.

Some simple things you could do include:

  • Mowing the lawns and tidying the garden.
  • Vacuuming and cleaning the property to a presentable standard.
  • Washing and packing away any dishes.
  • Putting clothes away and ensuring beds are made.
  • Sanitising bathrooms. 

Make it easy

Provide the valuer with information like recent property sales in your area, your municipal rates notice, building plans or an estimate of value. If you’ve done a bit of research and have the data to back up your figures, the property valuer is far more likely to respond positively when doing your valuation. 

  • Recent property sales in your immediate area may not yet be available on the central property databases so it’s worth sharing these with the valuer.
  • A copy of the building plans can help speed things up and ensures accuracy when the valuer calculates the living spaces, outdoor areas and car parking.
  • An estimate of value based on research of comparable property sales in your area saves the valuer time when comparing properties of a similar value.
  • Prepare a list of hard to see features that add value to your property so the valuer can take these into consideration.
  • Highlight any recent or significant renovations conducted since purchasing the property along with the approximate cost of those renovations.
  • Some valuers may also request your rates notice, so it doesn’t hurt to have these readily available.

Be realistic

A valuer’s job is to assess fair market value based on the market and sales of properties similar to yours. A certified valuer will be able to determine the value of your property, so there’s no point exaggerating. Be honest with yourself and with the valuer.

If you are considering refinancing your home – either for a better deal or to tap into your property’s equity – talk to our team of mortgage brokers first.


Disclaimer:

While all care has been taken in the preparation of this publication, no warranty is given as to the accuracy of the information and no responsibility is taken by Finservice Pty Ltd (Mortgage Express) for any errors or omissions. This publication does not constitute personalised financial advice. It may not be relevant to individual circumstances. Nothing in this publication is, or should be taken as, an offer, invitation, or recommendation to buy, sell, or retain any investment in or make any deposit with any person. You should seek professional advice before taking any action in relation to the matters dealt within this publication. A Disclosure Statement is available on request and free of charge.

Finservice Pty Ltd (Mortgage Express) is authorised as a corporate credit representative (Corporate Credit Representative Number 397386) to engage in credit activities on behalf of BLSSA Pty Ltd (Australian Credit Licence number 391237) ACN 123 600 000 | Full member of MFAA | Member of Credit and Investment Ombudsman (CIO) | Member of Choice Aggregation Services.