Home Presentation is the Number 1 Hot Tip to Add Value to any Property
I was recently browsing the Australian Property Investor Magazine website and was heartened to find an article listing the Top 12 tips to Getting a Great Property Valuation. Especially when I read that the Number 1 tip was Home Presentation. It comfirms what I consistently preach to my clients (both home owners and property investors) that a combination of Home Staging and cosmetic Renovation are not only great tools to add value to a home before selling but you can also squeeze extra equity out of your current home or investment property prior to refinancing.
Please find below the part of the API article written by Michaela Ryan
It’s quite frustrating to have your home loan application knocked back or the loan amount reduced because the valuation came in too low. Here’s 12 ways to get a good one.
Investors periodically have their properties revalued in order to finance additional investments. For example, just say your property’s value has gone up by $50,000. Most lenders will let you borrow around 80 per cent of that value ($40,000) which you can use as a deposit for another property purchase. In order to work out exactly how much they’ll lend you, lenders will often send a property valuer around. So we’ve asked a couple of industry experts for the insider’s word on property valuations. How can investors get the highest figure possible?
Phillip Grahame from Herron Todd White says, “The main things in a valuation are the size and functionality of the dwelling and the size and location of the land.” So obviously the chances of a favourable valuation mainly come down to your choice of property in the first place. And of course, it also depends on what the property market in general is doing at the time. However, according to our experts, there are a number of things you can do to make sure you pull off the best valuation possible on the day.
1. Presentation
Grahame says presentation is the most important thing to take care of when you have an upcoming valuation.
“(Make sure) the gardens are looking nice and the clutter throughout the house is cleaned up and all that sort of thing. Because first impressions, even with property valuers, do count,” he says. “If it’s freshly painted and really neat and tidy and presents well, as it would to a buyer, then we’re going to be more positive on that particular property.”
Mark Ruttner from First Valuation Group agrees, “The owner should provide a property in a state of repair similar to an open for inspection. “There’s nothing worse than rolling up to value a house and all the clothes for the last two weeks are on the bedroom floor; the toilet seat is up; dishes for the last week are still sitting in the sink.” Ruttner suggests mowing the lawn and trimming the edges. He also says any external painting should be fully completed, as first impressions can be significantly dampened by incomplete paintwork.
to read the other 11 Tips Click Here
