You cannot guarantee the estimates given after property valuation. But as an investor, you can do some things to get close to accurate figures. Many factors can affect the process of property valuation, and you must be aware of them. In this article, we are going to discuss some good practices of property valuation Sydney.
Get Full Valuation
Some people will give you the options of restricted valuations or desktop valuations. Restrictive valuation involves external valuation only, and some people will refer to it as drive-by inspection. Desktop valuation, on the other hand, does not include any physical inspection. You will send them images of your property, and they come up with estimations. Well, the above processes are cheaper, but you will never get the exact figures. Property investors are encouraged to carry out full valuation which involves external and internal inspection and comparison sales.
Complete Your Improvements in Advance
Valuers are required by the law to give an accurate assessment when they visit your property. If you were working on the bathroom, for example, they would not assume the cost of the incomplete improvements. Have it in mind that valuers will not get the exact figures if repairs were done two weeks after valuation.
The Valuer Should Not Be the Buyer
Do not make the mistake of using the buyer as the valuer of your property. Since we are human, they will want to give a value that favors them. As the owner, you should refrain from talking to the valuers, if you have the intentions to alter the figures. You should not give any inaccurate information nor biased views.
Experience of the Valuer
Any individual claiming to be a property value must have the right qualifications. However, it is essential to ask for the experience of the valuers. Experience comes with expertise, and you want to work with someone who is has been in the field longer.
Be Available During the Valuation
Many times the valuer will have questions about the property, and as the owner, you should be there to give exact answers. Your presence can help the value get accurate figures because you will be there to provide precise information about the property.