The job of a Valuer is to assess what price the bank could reasonably achieve for a property if the borrower can’t service the loans and it needs to take possession.
Here are some tips from RealRenta to ensure you get the best possible result next time you have a property valued:
• Assess if your property has added development potential and if you have plans, approvals and costs, supply them to the Valuer.
• Get a building inspector to assess your property and give it the all clear (structural integrity) before you get a valuation.
• Get an independent Valuer but make sure that they are on the panel of accepted professionals.
This way you can make changes in line with their recommendations and you have more freedom to shop around for finance.
• Finish any renovations and upgrades before engaging a Valuer.
• Be realistic when doing your own estimation as the Valuer will rely heavily on your estimation of the property’s worth.
• Clean the property inside and out.
A well presented home with little maintenance will be viewed with more favour
• Provide your Valuer with written evidence of actual sales within a 6 block radius within the last 6 weeks of comparable properties.
• Be at the inspection and point out things of value which might not be readily visible, like solar panels, insulation etc and provide copies of your house plan, especially if it is an unusual design.
• Make your Valuer aware of any additions or subtractions if the value price doesn’t fall within the range of the figure on the contract of sale, for instance, family sales or the vendor may be distressed.
• Don’t get emotional but be objective.
If you are not happy with the figure, do your research on comparative sales and go back to the bank or broker with information supporting your argument.
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Monday, 29 July 2019