Of course you want a high valuation for your property. But how can you get your valuer to give you the best appraisal?
Here are five insider tips proven to impress your valuer and lift the value of your property.
1. Focus on good presentation
First impressions count so when a valuer is approaching your property from the road, if your property presents well – ie: is neat and tidy, has mown lawns and a well maintained facade – then the first impression is going to be positive.
This instantly means the valuer isn’t going to walk into the property expecting to see it poorly maintained; instead they will walk in with a positive mindset.
The external appearance of a house is crucial to this impression. If there is paint peeling, rusted balustrades/handrails to the patio, overgrown fences, and unmown lawns then this will not only impact on the valuer’s impression, it will also increase the percentage of depreciation the valuer will assign to the improvements of the property.
2.Consider installing branded items for fixtures to your property
By fixtures we are referring to air conditioning units, appliances, tapware, and the like.
During their inspection, a valuer will take note of the improvements of a property. If they see well-known brands as opposed to not so well known brands, they are going to have an instant impression of quality versus a cheap finish.
The overall cost may not be too different but quality brands reflect well, not only for the valuer but for a potential future purchaser.
3. Try to create larger rooms
People often say to me that a 4-bedroom home is always going to achieve a higher valuation than a 3-bedroom home. In reality, this may not be the case.
If you were to have a 3-bedroom home where all bedrooms were 9sqm or above, or you had a 4 bedroom home where all bedrooms are 2.5 x 2.5m, then the valuation is likely to be similar or slightly higher for the 3 bedroom property over the property with 4 bedrooms.
Open plan is one of the most recent trends in property and has been that way for a number of years. Small pokey rooms are no longer in demand so if there is potential to renovate your home to create open plan living areas or larger bedrooms, then this can improve the value of your property.
4. Add or extend an outdoor area
With a unit this is quite difficult due to body corporate/strata requirements. However, if you are able to renovate internally in a way that allows the living area to flow to the balcony/patio, then this can be a big positive.
Adding a covered outdoor area to a house will certainly add value. Australia’s climate lends itself to the outdoors and Australians take pride in entertaining on the deck or the patio, so this will add value to your property.
But it is important to ensure the outdoor area is accessible from the living space. If you have to walk through a laundry or around the back of the house to get access to the area, this will not feel like an extension of your living space and could actually deter future purchasers.
5. Install a second bathroom
Bathrooms are extremely important for the ability to increase rental returns, but families are looking for properties with 2 bathrooms rather than just 1. If you can buy a property and build a second bathroom, this will improve the value of the property significantly. In some areas of Queensland, we have seen a second bathroom add as much as $50,000 difference to the value of a home.
If you are buying a property and want to improve the value, it is a good idea to look for properties that haven’t got the above features and then renovate using these tips to add value.