What is your property’s real value?

By MoneyQuest
In Home Loans, Refinancing

Want to sell or refinance? You may be surprised by how much your property is actually worth – even if you’ve purchased it recently.

How valuers reach a figure:

• Recent sales in the area
• Comparing your house with other houses like it
• Desirability of suburb

• What local buyers usually look for
• What the property could rent for
• Property size
• Street view
• Access to amenities
• Condition of the building

Did you know?

The average difference between original listed price and eventual sales price on properties across Australia is roughly 10% (off the listed price).

Things that actually devalue your property:

• Removing all the trees
• Expensive but unnecessary fittings
• Touch-ups out of place with the original building
• Illegal building and faulty structures
• Bad DIY jobs
• Creation of unusable outdoor structures

Valuation myths

1. Swimming pool adds no value: It depends on your target market. In some areas pools are highly desirable.

2. Valuations are always conservative: A valuer must be able to justify their valuation figure because their report can be challenged in court.

3. More rooms always equals more value: Total floor area is often a better indication of value.

4. Presentation doesn’t count: Valuers do factor in design trends, and neutral colours present best.

5. Market value: Market value is an estimate of the price a property would attract in a rational market. Sale price is the actual figure a property is sold for.

6. Valuers too quick: Valuers have a checklist of items they look for and may only require 20-30 minutes at a property.

To discuss this article or anything to do with selling or refinancing, please call our office today and we will be happy to assist you.

MoneyQuest
If you’re looking for a loan expert, you need to find someone you can rely on. Someone with experience and integrity. Someone who has your best interests at heart.

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