We are in the process of refinancing -
One provider has completed a drive by valuation that has been accepted by the bank.
However, for a different property the valuer has made contact to arrange a time to value the property....
When a bank does a property valuation is it important that the property be staged? How much effort is needed and what areas are the genral focus on the creation of the valuation?
My partner has been through this many times before, but I am learning. 5 years ago we refinanced and made a great deal of errors.... Would appreciate any words of wisdom from the network out there....
Many thanks
Maree
Property Valuations
Wed, 22/08/2012 - 9:47pm
#1
Property Valuations
Hi Maree,
In my opinion, home staging is not necessary. Home staging is all about appealing to the potential home buyer and providing an emotional reaction to your home. You will not get this with a valuer. Most of the valuation will come from comparables and general suburb information. More then likely he will simply check that internally the house is what you say it is, 3 bedrooms, ensuite etc and the general condition if it needs a major renovation or simply is it sellable now.
The valuer will already have an idea in mind what its worth and will simply use the visit to confirm his thoughts. If you make it clean and tidy (inside and Out) you should be fine.
Dean
Really appreciate your response! :-)
Have a great week!
Hi Maree and Dean,
my understanding is that there is usually a range of what a property could be valued at, and if you want it to get a high valuation, it is worthwhile to make it look as beautiful for the valuer as for potential purchasers.
As it turned out for one of our recent valuations - these people were incredibly inexperienced. The last time I went through this process was about 5 years ago and I was in a completely different head space to now... Actually taking notice...
We are surrounded by variance..... A block to our left with no house on market for $225K, a block down the road same size no house either $440K, house down the road in a well known flood plain on the market for $1.18m and the list goes on.... Waiting for feedback on the valuation
:-)
Because I am selling, I wanted to get a good idea of prices in my suburb,so I could tell if a real estate agent wasgiving me an inflated price, and so I knew what kind of offers I should be accepting. At first I noticed variance and felt frustrated and at sea.
Once I started looking through properties, I got a better idea, as I saw some properties that looked fab on line were horrible on the ground, some owners had unrealistic ideas of what they could get so their overpriced properties sat there for ages, but made it look like properties wee worth more than they really were! It has taken a few months of looking and tracking to pin down a range of likely real values for particular property types.
As I had already weeded out agents who I thought inflated prices to get listings, I was surprised to find the rest just wanted to fling the place on the market "as is" and sell it for low ball prices! I went with an agent who knew how to get a property to put its best foot forward. It was a lot of work and some expense, but I learned a lot and felt I was doing my best to maximise my returns. Then it was just a question of letting the market decide. I got multiple offers and interest in a very slow market.
Tere is another property near me that has been languishing on the market for months, simply because it looks worse In its photos than in actuality, and no one has helped it sparkle.
My partner is a home decorator is establishing a business in the Canberra area for Home Staging.
If any one is interested in getting some ideas on home staging prior to selling their home then please let me know.
Happy to go as far as Sydney to Albury and in between to stop getting some new clients.
Dean