04 Jul 2019

It’s no secret that property values have recently declined, with some locations and property types harder hit than others. If you have been keen to refinance to secure a better interest rate but have been held back because of your available equity, then consider the following tips as they may help you get the valuation you are chasing.

Clean Up!

Presentation is key. Make sure your home, both inside and out is as clean as possible. Spend as much time as possible making the most of the areas which hold the most value. The kitchen, bathrooms and outdoor areas should be in the best condition possible. You want the property to look its absolute best.

 Size Does Matter

Room size and usability are highly regarded so remove unnecessary clutter. If need be, reorganise your furniture to create a feeling of openness. Also ensure that all rooms are adequately lit to showcase the available space.

Do Your Unfinished Business

If there are areas that need obvious maintenance or improvement or you have unfinished renovations, a little time or money spent on these areas can have a significant effect on the value.

Have Documents Handy

If you have a copy of your building plans, whether it be digitally or hard copy, offer them up the valuer as they will surely find these useful when preparing the report.

Highlight Any Unique Features

If there are any unique features to the property be sure and bring them to the attention of the valuer, such as a useable attic space or building annex that may not be readily visible such as a workshop or granny flat. Anything obvious to the valuer should not be pointed out.

Offer Any Information on the Area

If you are aware of recent sales and how they stack comparatively to your property advise the valuer. Additionally, as they are unlikely to know your area as intimately as you, point out any key attributes to the property’s surrounds that may impact the value, such as being in a prime school zone.

A valuation amount can mean the difference between  paying mortgage insurance or not, or in the worst case may finish an application before it even starts. But there is a way to get one step of the valuation game;

Did you know, the Blackburne Mortgage Broking team have access to order upfront valuations with many lenders?

If you are keen to look at your lending options but are unsure if your current equity position will allow you to pursue a new application, we can order an upfront valuation to find out exactly where your stand in terms of your property value for the purpose of a home loan. This is another one of the handy tools the Blackburne Mortgage brokers have up their sleeves to help you. Contact us any time to find out more or what your property may be worth.

 

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