6 tips to prepare your property for valuation
Looking to refinance your home loan? A valuation is a vital part of the process. So today we’ll look at some ways you can help get your home in tip-top shape.
When you refinance to try and get a better deal on your home loan, the lender you’re applying with will arrange a valuation to estimate what your property is worth.
However, a survey by an online lender recently found that one in seven homeowners were unsuccessful in refinancing their mortgage because the value of their property had fallen.
With that in mind, it’s important to tick off as many of the below tips as possible to not only make the whole process smoother, but to give yourself the best chance at a favourable valuation.
1. Spring clean!
Roll up those sleeves, get out the spray and wipe, and get ready to apply some elbow grease.
Ensuring you present a well-maintained property can make a big difference when your property is being valued.
Inside, you’ll want to make sure your kitchen and bathrooms are spotless, your floors are mopped/vacuumed, your windows have been cleaned, and the rooms aren’t cluttered.
Outside, mow the yard, weed the gardens, rake the leaves, clean the deck, and don’t leave any toys or sports equipment scattered around the yard.
2. Get your documentation in order
If you have a copy of your building plans, give them to the valuer – preferably in advance of the valuation to help speed up the process.
Valuers sometimes also request council rates notices and/or land tax valuations, so it doesn’t hurt to have all relevant paperwork compiled in a dossier in case the valuer requests it.
3. Be present
Your valuer will need to be able to easily access every room in the house – not to mention your house itself.
By being present, you can speed up the process and be on hand to both showcase your home and answer any questions, which leads us to our next tip…
4. Compile a list of your property’s features
Sure, you’re not ‘selling’ your house to the valuer. But it doesn’t hurt to highlight its features.
Therefore compile a list of everything your house has to offer – especially if it’s not immediately apparent.
Not only will this ensure the valuer doesn’t overlook anything, but you can also give them the list to keep afterwards.
Your list could include things such as a newly-installed reverse-cycle air conditioner, insulation, solar panels, new carpet, top-of-the-range pool filter, or details of any recent renovations and how much they cost.
5. What’s going on in your neighbourhood?
Your home’s features aren’t the only factors that can impact its value.
If there are any community plans slated for nearby – such as a new bike path or bus stop – have the information ready so you can let your valuer know.
Likewise, it doesn’t hurt to have the details of any recent sales figures for nearby properties on hand.
Do try and read the room though. Some valuers don’t like to be bothered too much, so if you start to get the feeling they want some space then definitely give it to them.
6. Secure your pets
Sure, we love our furry friends. And they may even be considered a member of the family in many households. But not everybody feels that way about them.
Therefore it’s best to err on the side of caution and either secure your dog and/or cat, or ask a friend to look after them for a few hours.
In doing so they won’t get in the way of the valuer while they’re doing their job, and the valuer won’t have to worry about accidentally letting them out of the house.
A few final notes
A valuation can take anywhere between 30 minutes and 2 hours – it depends on the size of your property and how thorough the valuer is.
After the inspection, it typically it takes 24 to 48 hours for the valuation report to be returned to the lender.
So with all that said, if you’re looking to refinance and want to find out a little more about what the process involves, then definitely get in touch. We’d love to help guide you through it.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
