Firstly, what is property valuation and how it can benefit the value of your property?
A property valuation can be defined as a process to determine the value of a property. So it is required to perform property valuation by qualified estate planning lawyers in Los Angeles. An estate planning attorney is someone who knows how to evaluate a property, has local knowledge and expertise of the market, and is specialized in the field of property, whether this is residential, commercial/industrial, plant and equipment, or business-related purposes.
The valuer will complete an independent property valuation, a certified document, that will include a detailed report of extensive research and data analysis to determine the fair market value at its current market or at a retrospective date (a certain date prior to today) the valuer will also take into account:
- Information of the property, including property type, use, size, and location
- Details of the property, such as its overall condition, materials used in construction, and fixtures and finishes
- Local market evidence from comparable properties, as well as the details of the properties assessment of the current market conditions
A Property Valuation is vital for informing decisions for many purposes, from buying or selling a property to future financial planning.
When you decide to get a property valuation completed on your property, you want to get the most out of the valuation. Although there are multiple factors that influence your valuation that can’t be altered, such as location and size of the property, you can make an impact by the appeal and condition of the property. No matter the property type or purpose for the inspection, it’s important to be well-prepared.
By making these changes to your property you are adding value, at the end of the day that is what you expect to achieve from a property valuation report, this will be an increase in your investment as well if you are planning on selling the property.
Prior to having your inspection, research what goes into a valuation and what you can expect on the day and with the report details can go a long way. Having a better understanding of what you can do to improve your property will help make the process easier as well as receiving positive feedback. Research the recent sales in your area, to find similar properties to yours, this will give you a general idea of what the value might be and guide your expectations of the appeal of the house.
When it comes to potential buyers the first thing they see is the exterior of the house. This can leave a lasting impression and will set the expectations for the rest of the property’s interior. Consider giving the house a new coat of paint, this little change can take an old building, to look brand new just sticking to neutral colours that complement each other and brighten up the house.
The exterior of the property will include the gardens front and back, by cleaning up the dead leaves and weeds, mowing the grass, maybe replanting new trees and flowers and repainting the pots this can add thousands to the value of your property. A well-maintained property gives potential buyers the expectation of respect and a feeling of home.
Walk The property
Take a walk around the inside and outside of your home, make note of major repairs that need to be completed and any improvements that can be made. When a potential buyer walks in and see’s broken windows, leaky roof, damaged walls, and flooring, and even just all round messy this may turn them away and they will think it will take major investment into repairs and costs that they may not want to have to add into their budget.
Small changes again like painting the interior of the property, inside of old worn carpet why not redo all the flooring will tiles/timber throughout. The main area buyers look at are the kitchen and bathroom, by updating appliances, taps and cabinetry to create a newer modern feel, will increase the value of the property as well giving the property a feeling of newness.
Don’t decorate the house with your personal preferences, research what is popular for interior trends and incorporate them into the house. This will not only increase the value but will appeal to potential buyers. You want to create a property that buyers can see as their future home and a property that is “move in ready”.
Most importantly clean and clean some more. From the exterior to the interior, getting a professional in to give the house a proper clean will do wonders for the property and it will make the list of improvements seem less.
With technology nowadays, investing in a top-rated security system will not only increase the value of the property but will give potential buyers a peace of mind. Even if the neighbourhood is safe, this is an investment that everyone can benefit from.
The more improvements you make to the interior and exterior of a property, will not only bring in more potential buyers but will add to the value of your property. By making these improvements prior to a property valuation this will benefit you and the end results of your report that you will receive.
No matter where you are in your property journey whether residential, commercial, or business and you are wanting to buy, sell or you are interested in investing, seeking out professional advice from our team will help determine what property valuation service would best suit your property related requirements.
Adam Smith – LinkedIn Profile
Adam Smith is an expert property valuer with decades of experience working within the Adelaide real estate market. With his specialised skill set in large scale Commercial and Industrial property valuations, Adam is dedicated to sharing his knowledge by engaging in industry education at conferences and seminars. Adam is a Certified Practising Valuer and an Associate Member of the Australian Property Institute (API).