Property valuation is a very important undertaking when it comes to buying and selling property. Many times, sellers tend to feel like property valuators have undervalued their property. Unfortunately, this is true in some instances. To avoid such a situation, you need to consider the following tips when determining the value of your property:
- Avoid selling your property to the valuer
While it is normal to feel the urge to point out the various features of your property that have an impact on the overall value during the property valuer’s inspection visit, this is highly discourages. In fact, you will be disappointed to know that this tends to bring up a bias that could end up working against you as you might just distract the valuator or even cause them to have in accurate view resulting in overvaluation. Consequently, you may find it difficult to sell your property.
- Ensure that all improvements on the property are completed – Property valuators have an obligation to provide an accurate evaluation of the value of your property. As such, alternative value figures may be given on the basis of future improvements. This means that the cost of the materials and construction will be taken into account and could affect the value of your property. Thus, you will do well to ensure that all improvements are complete by the time is being done.
- Consider getting a full valuation – While doing an online valuation may seem cheaper, simple and convenient, it is advisable that you go for a full valuation. That is, let the property valuator get on site and do an inspection. This way he can ask questions as well as seek clarification so that they are able to come up with a realistic figure. Remember online evaluations are not personal. Besides, prospective buyers will want to go on a site visit to see the property before they can begin negotiating for a purchase.
- Have a desired time within which the property should be sold – You need to realize that the property market keep son changing. Consequently, the time it will take to get a buyer for your property has an impact on the outcome of the valuation. If you are going for a quick house sale for example, you will simply you may want to base the value of your property on the price of recent properties sold.
- Get the right property valuer – You will need to establish how well experienced the property valuer giving estimates for your property is. This should be in terms of professional qualifications and years of experience. It is important to keep in mind that not only do the levels of experience differ, they also have an impact on the value that will be assigned on given property.
- Be present during appraisal – Being present when your property is being appraised is important as the valuer may be having questions for you on certain aspects of the property like the age, prior history as well as the materials used among other things. Being on site to respond to any such questions increases the chances of getting a valuation that is more accurate.
When you pay attention to the tips discussed above you can be sure to get a valuation that is not only accurate but also neutral. Remember, having estimations that are higher than the market value can only mean that your property will be on the market for a longer period. On the other hand, estimations that are way lower than the market value can only translate into loses. Therefore, use these tips to ensure that you get a valuation that is a true reflection of how much your property is worth.