Valuers don’t just look at the land and dwelling that the
bank is lending for.
They also consider elements beyond the boundaries.
They’re looking at what types of properties are neighbouring
and how these might impact value.
They will also assess the value impact of the area you’re
in.
They will look at the proximity to schools and lovely parks
that families consider important.
They’ll look at lifestyle amenities and public transport
aspects.
Shopping centres, retail strips, hospital facilities, and
employment hubs also play a part.
Any planned or in-progress infrastructure could also
contribute to the value of the dwelling.
Can you actually influence value?
Setting aside the idea of a major renovation, are there
things you can quickly do to help a valuer reach your estimate of value?
Well… yes.
Firstly – presentation helps, so if you
have a valuer arriving, mow the yard, clean the house and remove any
out-of-place items.
This can lead a valuer to think – even subliminally – that
this is a well-maintained home where the owners take pride.
Valuers are independent and specially trained, but even so,
if it looks like a hoarder’s den when they arrive, it could be hard for them to
see through all the junk to get a clear picture of what the property is worth.
Secondly, complete those uncompleted tasks.
Don’t have a valuer arrive when just half the garage walls
are painted, or a vanity has been removed and you’re waiting for a replacement.
The valuer is compelled, by lender guidelines, to value ‘as
is’ on the day.
If the house is incomplete, they have to report it to the
lender.
Finally, put together a folder of supporting,
relevant sales evidence that aligns with your estimate.
Ask local agents for recent sales, particularly in a rising
market, and provide these to the valuer.
Understanding the valuation process helps put your mind at
ease, and allows you to adopt a plan for the best possible outcome.
RealRenta has all the tools that a property manager has but for less
than ¼ the cost of a property manager.
You can now manage your Residential,
Commercial or share/student accommodation property
Join now and the cost is less than a cup of coffee a week to manage your
rental property.
RealRenta also has a free vision, so why not check it out.
Jason Gwerder
Thursday, 24 April 2025
