5 tips on how to see your house the same way a property valuer does

Published on December 1st, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Do you know the value of your house? Whether you are a property investor who is looking to sell your apartments, an individual/landlord who wants to sell your home or simply looking for a home loan you will need a property valuation. This determines the value of your house based on many things such as; the size of your property, the size of the land it’s on, how many rooms it has, physical details on the construction and conditions of the dwelling, and immediate issues that need to be addressed to increase its value.

A report release by CoreLogic in the past year estimated that there are 2.6 million investor owned dwellings across Australia worth approximately $1.37 trillion. What is the price tag would you put on your own home in an investor owned dwelling market that is valued at $300,00 and $500,00? This will change from state to state. Here is how to know whether you are sitting in a goldmine or a ticking time bomb that will swallow up your finances with these five tips.

You will have to sober up

Before we proceed with how to go about evaluating your house the way a property valuer does you will have to be realistic and objective. You will have to treat your house as an object. Look at it for all its goods and imperfections. At the end of the day you want to make a deal that will benefit you.

Prod and poke your property to see if it will fly

To follow in the footsteps of a property valuer you need to know every nook, and cranny of your house like the back of your hand. Look at the building structure and its condition. Look for any faults that need to be taken care of immediately through home improvements. List the number of bedrooms and bathrooms detailing the layout. See if there is easy access for a vehicle, carports and garages you have. If you have an out building include that too.

Your location is a determining factor

The first thing is to jump on the net and see how other regions compare, but start off small. Prices differ from region to region. It’s best to compare your property attributes to similar properties that have been sold in your local market, and surrounding areas.

Keep up to date with the property market

The markets change all the time and this makes the property market no different with changes happening every 3 to 6 months. This means you will have to stay atop of these changes to make a realistic demand.

Technology has allowed for information to be available at your fingertips. Surf the net to find out the latest statistics and data to number of sales being made in your area, sale history of the subject, copies of the title and registered plans. Speaking to a local agent could also give you a more solid view when compared to online data and statistic. Know what people are looking for in your area when it comes to a house. There are plenty of articles and the latest research on housing trends that make a house sell. This could range from; energy saving technology in the house, a chic kitchen or bathroom, right up to a lock up car accommodation.

Compare your house on an apple to apple basis

Look at your comparables, which are things that have made other properties sell in your area. This will indicate what are buyers willing to pay in an area for property. Find a house that has been sold that matches or is like your own, and use that as a measuring stick. Stick to houses that have been sold in the past 3 to 6 months to get a more realistic picture.

Bonus tip

Your researching could end up in copious amounts of paper work. Keep it in order with an excel spread sheet to make your information accessible at a glance. You will eventual come up with an estimate that will show you the value of your property. It is always advisable to seek the help of a professional to make things a bit smoother for you. If you need a property evaluation for a home loan from a financial institution, its best not to overwork yourself as they already have a selected board of property valuers.

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This guide provides general information and does not consider your individual needs, finances or objectives. We do not make any recommendation or suggestion about which product is best for you based on your specific situation and we do not compare all companies in the market, or all products offered by all companies. It’s always important to consider whether professional financial, legal or taxation advice is appropriate for you before choosing or purchasing a financial product.

The content on our website is produced by experts in the field of finance and reviewed as part of our editorial guidelines. We endeavour to keep all information across our site updated with accurate information.

Approval for home loans is always subject to our lender’s terms, conditions and qualification criteria. Lenders will undertake a credit check in line with responsible lending obligations to help determine whether you’re in a position to take on the loan you’re applying for.

The interest rate, comparison rate, fees and monthly repayments will depend on factors specific to your profile, such as your financial situation, as well as others, such as the loan’s size and your chosen repayment term. Costs such as broker fees, redraw fees or early repayment fees, and cost savings such as fee waivers, aren’t included in the comparison rate but may influence the cost of the loan. Different terms, fees or other loan amounts may result in a different comparison rate.

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