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You Have Found Your Dream Property - but...
Property Valuations?
You Have Found Your Dream Property - but...
Q. I want to get a Home Loan - So How Does A Property Valuation Effect Me?
A. It Greatly Effects how much the Lender will lend you, and How Much Cash and/or Equity YOU will have to contribute out of your own pocket to Settle your property purchase.
Q. What is a property valuation and how do you calculate it?In practical terms,. But sometimes you need a ballpark figure before the negotiations get underway.
a property is worth what someone will pay for it
A property valuation is a detailed report of a property’s market value, which is defined by the International Valuation Standards Council as the estimated sale price “between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently, and without compulsion”.As the careful wording of that definition implies, the final sale price is usually different from the valuation contained in the report, as it’s near impossible to predict how people’s emotions, market knowledge and other motivations might affect negotiations.
Q. How is a property valuation calculated?
A. A direct comparison with recent comparable sales forms the backbone of most residential property valuations, though valuers will also take into account the following attributes: the size of the propertythe number and type of roomsthe fixtures and fittingsthe structure and condition of the buildingthe standard of the fit-out and the property’s architectural styleease of access to the propertyplanning restrictions and local council zoningthe property’s location and level of amenitythe size of the landthe aspect, topography and layout of the block
First, valuers use a handful of recent comparable sales to give them a ballpark figure for the property in question, and then they make adjustments to that figure based on any significant differences found between the above attributes of the properties.However, other property types can require different approaches. For example, commercial property requires more financial analysis and development sites can require more planning consultancy.Valuers will usually visit the property in question, so that they can assess the condition of the building and make a note of any structural faults and nuances that might affect its market value. Most will then provide the customer with a standard report of their findings within two or three days of their visit.
Q. What is the difference between a property appraisal and a property valuation?
A. Unlike valuations that MUST be conducted by a qualified & licenced valuer, Agents will offer an appraisal of your property as a FREE Service, especially when trying to win your business. They base their informal valuation on recent sales in the area and their experience in the current marketplace. BE CAREFUL, as some unscrupulous agents will appraise your property at a HIGHER price to win your business, but as soon as they start marketing your property start "working" you over to condition you to accept a much lower price than they appraised the property at - so they can sell your property quicker to get their fee from you. Licensed valuers, on the other hand, charge a fee for their service. They are legally responsible for the information they provide and so must base their appraisal on facts. Consequently, their valuations are more comprehensive than a real estate agent’s appraisal.
Q. Can I do something to increase my house value?
A. In most cases - YES!You can’t change your property’s location but you can make changes to the house. Think about a renovation or extending the floor area of the house: can you add a bathroom, bedroom or entertaining area? What about improving your indoor-outdoor flow?Make sure the property is well presented: can you tidy up the garden, or remove any untidy trees or structures? Are their any views that can be taken advantage of, or can you make vehicle access easier?Give your important rooms – the bathroom and kitchen – a mini makeover. It can often be fairly cost-effective to update the cabinetry, bench top, light fittings and fixtures, too. Even a quick lick of paint can do wonders for the property’s overall look and feel.Does your home have covered areas for vehicles? If not, could you add a carport or garage?Give your property a general tidy up, and be mindful of your property’s curb appeal, as this will greatly influence a buyer’s first impression. If your block and house looks neat and tidy from the street, it is likely to benefit the valuation.
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U1st Realty - Ipswich
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