Are you considering putting your house on the market? Figuring out how much your house is worth is tricky but a key factor for vendors. Valued too high and buyers won’t even step through the door to view, too low and you won’t get those precious dollars that should have been yours. That’s why property valuation is something that needs timely consideration, and the help of a professional. Keep reading for tips and tools to help you make that decision.
How To Value Your Property
How much is my house worth?
If you have no idea what your house is worth then it’s advisable to get a property valuation. A professional property valuation will help you to assess the current value of your property and what price to list it at on the real estate market. It can also be useful when negotiating a price with an agent.
On visiting the property a valuer will take several factors into account when determining the house’s value:
- The age of the building, its structure & general condition
- The improvements made to the house
- How many rooms, their layout and presentation
- Fitouts, fixtures & fittings
- Vehicle access & parking, including carports and garages
- Planning restrictions, council zoning and location
The property valuer also takes into account recent sales of houses of a similar nature then weighs everything up to come up with the figure they think is best.
The price of a professional property valuation ranges from $300 to $600 in cities, and can go up to $1,000 in rural areas. There are lots of residential property valuation companies out there and most offer quotes for their services, so get a few quotes and go with the one you like the best.
Many people decide to give their homes a mini-makeover before they call in the property valuer so they can get the best price possible. This isn’t an unreasonable undertaking with renovations on kitchens, bathrooms and outdoor spaces known to fetch a considerably higher valuation. Adding green features such as solar panels, and water reuse systems can also bump up the valuer’s assessment price.
But if you don’t want to fork out large amounts of cash on a reno, then a lick of new paint or meticulous presentation will also benefit a valuation.
Tools for property valuation
You can get a general feel for the estimated price of your house by using a free online property valuation tool. Some, like the Property tool by Realestate.com.au, can send you regular updates on your home’s estimated value and allow you to search for the sale history of homes in your area, it can also provide energy efficiency ratings for properties.
While an online tool provides a good guide for a property’s value most can’t assess particular nuances which can affect the sale price. In saying that you may want to check out RealAs, who use the current market and crowd-sourced buyer estimates, and say that close to 90% of their predictions are within 10% of sale price.
Agent quotes are a popular method of valuation, and preferred by many people. A quote is generally based on the agent’s experience and other sales in the area, a good agent can correctly price a home and have a clear strategy in mind.
But for a vendor it can be time consuming doing the rounds of local agents to find one that you click with, after all you both need to be on the same page, and it’s not always easy to find the time to schedule appointments.
A platform like Bricks + Agent, allows vendors to peruse potential agents at their leisure from a Smartphone, tablet or computer. You just need to register, anonymously post your property and wait for proposals to roll in from interested agents. When you decide you want to go forward you can do it when you’re ready, not because you’re being pressured to.
Want to find out more? Sign up today and use our free tool to connect with a quality local agent who can provide an accurate valuation for your home.