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Property valuation what to look for
April 16, 2011
You’ve found the home you simply have to have. Now comes the task of figuring out exactly what your dream home is worth. These simple tips can help make sure you pay the right price.
Research the market
Talk to local agents, go to auctions and use the internet to gather everything from copies of the title and registered plan to the purchase and sales history of the dwelling. Once you’ve done your research, ask yourself if the asking price fits what you know about the market.
Carry out a thorough inspection
Professional valuers arrive at a final figure using three key components:
- Look at land size, location, frontage, elevation, ease of access, views and aspect
- Dwelling and improvements. Take note extras such as air-conditioning, built-in wardrobes, security, ceiling fans and fireplaces
- Evaluate ancillaries, such as landscaping, fencing, pools, etc
- Measure the home’s dimensions
- Turn on the taps
- Look at the stumps and walk the boundary and never ignore the basics. Is it on a train line or next to an arterial road?
Seek independent information
Don’t rely on values from the organisation selling the property. Seek actual information from local independent professionals and arrive at your own conclusion.
Compare
Look at what other properties have sold for in that area. Do not use the price the property is listed for, only what it sells for. Comparables must be recent, local and as similar as possible to the subject.
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Disclaimer
This article is over two years old, last updated on April 16, 2011. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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