Anyone who owns a home will understand the importance of keeping its value up. The market value of a house is essentially how much it may sell for in an open market based on a number of different factors.
Reaching out to a valuation firm in the ACT is the most reliable way of finding the market value of a property. Valuation reports are prepared by Certified Practising Valuers who are registered with the Australian Property Institute (API).
The API is a governing board overseeing the standards for property specialists across the country. A CPV will consider hundreds of internal and external factors to prepare precise valuation reports.
As a homeowner, the last thing you want is a home valuation report that outlines an unexpectedly low value. Going over the different things you can do to boost the value of your home can help guarantee a satisfactory report.
Boosting the value of a home
Qualified valuers are well-versed in the factors that impact a home’s worth. They will carefully assess each one to reach an amount that accurately represents the house’s worth. Valuers understand what adds the most value to a house and what reduces it.
Factors that valuers consider include:
- Location
- Size
- Space
- Building age and condition
- Street appeal
- Proximity to amenities
A few ways that homeowners can improve a home’s worth include:
Add usable space
Increasing storage adding improvements or additions to a home can lead to a much-improved value. The floor and storage space of a home plays a crucial role in its final worth.
Refresh and repaint
A relatively inexpensive method of improving your house’s worth to repaint the walls and ceilings; giving the home a fresh and modern look.
Take care of repairs
Any faulty electrical work or damaged pipes will negatively impact the final value. Make sure to deal with any issues before the inspection takes place.
Upgrade the kitchen and bathroom
The kitchen and bathroom are often mentioned as the most important rooms in the home. Upgrading to a spa-like bathroom and spacious kitchen can significantly improve your house’s value.
Declutter and clean
The last thing you want is for your assigned valuer to be distracted by overwhelming dirt and clutter. This may lead to the valuer missing key factors impacting the value of the home.
Improve the street appeal
The front of your home is the first thing that buyers see and therefore has an impact on its value. A pleasant-looking lawn and a well-maintained driveway can lead to a higher market worth.
The benefits of a high property valuation
There are plenty of benefits related to getting a high property valuation. A few of the main advantages include:
- Improved equity: A high property valuation is equal to a high market value and thus increased equity. A property’s equity is the difference between the value and the amount owed on any outstanding mortgages or loans. This can lead to favourable refinancing terms.
- Enhanced borrowing capacity: A financial lender will likely consider the market value of the property when reviewing loan applications. A higher market price can often lead to a more favourable loan package with suitable terms.
- Higher potential selling price: A report that reflects a high market worth will ultimately lead to a favourable selling price if you choose to sell. The report can serve as a starting point for negotiations and guide parties on a reasonable price.
- Higher rental income: For landlords renting residential properties, a high property valuation will lead to a higher rental income as the market value impacts how much rent tenants may pay.
How long do property valuation reports last?
A valuation report will serve as definitive proof of market value, but they do not last forever. In general, a valuation report will stay valid for about three months.
As the real estate market is one that goes through constant change, valuers are careful to prepare reports in line with the existing conditions. This means that every few months, a new independent valuation report is needed to accurately reflect the home’s value.
If a valuation report expires, you will need to purchase a new one if you want a legally-accepted report. You can use the same expert who performed your initial valuation to do the re-evaluation if you were happy with the initial service.
In conclusion
A property valuation is a popular method of finding the market value of a home. For homeowners, taking the necessary steps to improve the home’s value before the inspection is key.
Owners can do a number of different things to improve the property’s value. You can make important renovations and upgrades, add square footage, declutter the area, and take care of any needed repairs.
An independent valuation report will generally last for up to three months before you need a new one. Any changes to the market or property will call for an updated valuation report.
For more information on how you can make your house value higher in the ACT, please call us today. As industry leaders, we are happy to assist.
