What is Your Property Value?

So you are thinking about your property value and you want to get inside the head of the valuer who will be coming to look over your home.

Here’s a few clues on what they will be doing at your property and how you can get an understanding of how they will come up with the value.

The key attributes they will look for include:

• Architectural style
• Aspect, topography and layout of the block
• Condition
• Land size
• Location in relation to schools, public transport, shops and amenities
• Number of rooms including bedrooms, bathrooms and the size of the kitchen
• Renovation and/or development potential
• Size and layout of the residence

There are two main methods valuers use to value your property;

Direct comparison method

• Look at researching recent sales of similar properties within the last six months
• Comparing and contrasting those properties with your property

Summation method

• Add the value of the land to the value of the improvements on the land
  • Includes things like the house, pool, garage and pergola
• Land value takes into account things like;
  • Size
  • Shape
  • Location
  • Topography
  • Surrounding infrastructure and;
  • Amendments

Ten Tips to remember!

 

1. Be objective – Don’t let your heart rule your head.
2. Research – This is the cornerstone of understanding value, informed decisions pay off.
3. Carry out a thorough inspection – Measure the home’s dimensions, turn on the taps and walk the boundary.
4. Seek independent information – Seek actual information from local independent professionals and try to substantiate any information yourself.
5. Location – If it’s on a train line or next to an arterial road, it will be trouble.
6. Compare – Find comparables as similar as possible to the subject. These will be your beacon.
7. Be a local – If everyone in the street has a certain style, make sure your property doesn’t buck the trend.
8. Watch for over-capitalisation – Be honest about what additions such as swimming pools or tennis courts really add.
9. Think land, dwelling, ancillaries – Breaking down the property into its parts can help you see the whole.
10. Recent comparables – If you’re using sales from a year ago when the market was booming, you are relying on false evidence. Keep it current.

Hope this has helped you in your property journey.

As always if you have a property question please call me

Peter Taliangis

Real Estate Agent Perth| 0431417345, peter@professionalsultimate.com.au