November 18, 2014
If you are thinking of refinancing or looking to release equity from your property, chances are your lender will want a bank valuation. Preparing your property for a bank valuation is far different to preparing your property for sale.
Below are some great tips for preparing your property for valuation and getting the best results.
1) Tidy up & repair: Although valuers often ignore mess and clutter, a well presented property will add value. First impressions count so tidy the yard and clean up around the house to have the most impact
2) Provide an estimate of value: The valuer must provide a number of comparable sales in determining the value of your property however, save him/her time by providing the best estimate you can for your property.
3) Provide immediate recent sales: Likewise, if you are aware of any recent sales in your area, provide these to the valuer. Often recent sales in the area are not available until 3 months after sale so it is important to provide this information. This is particularly so if these sales place your property value in a better position.
4) Point out property features: Provide a list of hard to see features for your property so the valuer can take these into consideration when preparing the report. Items such as solar heating, water tanks and underfloor heating can be hard to spot.
5) Complete any unfinished renovations: Ensure any considerable renovations are completed prior to the valuation. If you have recently updated the kitchen or bathroom, make sure these are complete. Your property is worth considerably less if you have recently pulled out the kitchen and have not finished the replacement.
Bank valuers are hesitant to change their reports once they have been submitted to the lender. To ensure you receive the best possible outcome it is important to put your best case forward prior to the valuation.
If you are looking to refinance your current home loan or release equity for that renovation you have been waiting for, please call Ashley on 0425 826 967 or 9432-2121.