What is your property’s real value?
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.
Disclaimer:
This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).
Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.
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