If you are looking to invest or sell a property, you’ve repeatedly come across the term valuation. Property valuation is a procedure used by real estate investors to determine the worth of a property. This is how to determine if the investment you are looking to make it worth the cost and find the best selling price if you are looking to sell your property.
When you approach Sydney Property Valuers for your investment valuation, they conduct a valuation using detailed information about your property and market. You ought to get the appropriate pricing because not every property investment gives investors the same returns. Two qualities may appear to be equal at first impression. But, as the saying goes, appearances can be misleading. When you appropriately value your property, you can financially increase your estate while avoiding purchasing someone else’s mistake.
How To Score The Best Investment Property Valuations
1. Comparison of sales With Similar Properties.
Valuers use the sales comparison approach to evaluate the value of your property by examining recent comparable sales. The sales comparison approach, also known as the price-per-square-foot strategy, examines similar properties as yours that have previously sold within a certain time window. The best comparable sales are those that are as similar to your property being estimated as realistic, such as similar square footage, age, number of bathrooms, and bedrooms. This way, you can land the best valuation for your property.
2. Your Presentation Is Important.
Presentation is everything when you are seeking an excellent valuation for your investment. Put your property’s best foot forward to an assessor. Presenting your investment property in the best light is necessary. Make arrangements with cleaning services, clean your premises from top to bottom, and even get your lawn mowed. Schedule the valuation with a routine check to ensure your investment is always up to standard. If the property needs some modification, try investing in new paint to make it appealing to your property valuer’s eyes.
3. Market Situations At The Current Time.
Carry out your research and understand the seller’s market before getting a valuer to evaluate your investment property. Property values will rise in a seller’s market. That means that there are more buyers than sellers in the market at the time due to an imbalance in supply and demand. You are guaranteed to get the best valuation when the market situation favors you and also depending on your timeliness.
4. Be Reasonable With The Prices You Set.
When you keep tabs on the worth of your investments, you stay informed, so when the moment arrives to reprice them, you are practical and have a decent concept of what they are genuinely worth on current market bases. You must be informed about what is going on with your investment properties. Property valuation means continually being aware of their current worth and pricing them correctly, whether you are selling or renting.
5. Get Different Valuations From Different Sources.
You do not get the first offer and run with it. Like every other decision you have ever made, be a smart investor and check for other valuations. You should have a variety of valuations before settling on the first one. If the first valuation offered does not sit right with you, find different valuers to assess your investment and see the one that is more favorable and suitable to your property, considering the current market price of similar investments.
6. Use Professional Real Estate Valuers.
If you want the best valuation for your investment property, you can’t afford to be cheap with the whole process. Shortcuts can cost you heavily. Getting your valuation from unqualified sources will have you selling your investment at low prices that are estimated. It is brilliant to go to certified and authorized real estate property valuers for your valuation. These experts have been assisting buyers and sellers with their investments for a long period, so accurate valuation is guaranteed.
7. Set Up Physical Meetings With Your Property Valuer.
Qualified real estate valuers can only give valuations of properties they have seen. Do not try settling on valuations over the phone. Invite or set up a meeting with your valuer at the property you are looking forward to being evaluated. Once they show up physically and go through the property and its documentation, they have a clue at what price to begin valuing your property, and now you are sure to get the best valuation.
8. Maintenance Of Your Property.
Take pride and care for your investments. Neglected properties often age faster, despite how recently the building was completed. You want to ensure before calling a real estate valuer, Your property is in check to avoid low pricing. Fix any damages like broken window panes, door knobs, faulty doors, cracked walls, chipped paint, and floors that may have occurred to your property beforehand. Refurbish your property for the best valuations.
Remember that investment property valuations differ depending on where your property is located. When you are investing, be observant of the neighborhoods and activities that are carried out on that side of town. Places with a high crime rate and many vacant buildings are a no go zone. If an area is associated with bad things, nobody what’s to live there. So when it comes to valuing your property, you could be in for a rude shock.