Getting the most out of your Property Valuation
With the recent increases in interest only rates, Blackburne Mortgage Broking share four ways you can avoid the rate hike!
It’s not unheard of these days for a finance application to be over before it begins simply because a property valuation does not stack up. Home owners and investors alike are often left feeling the pinch due to the more conservative approach valuers are taking at present when preparing their reports, particular in certain areas showing increased signs of volatility.
It’s important to acknowledge that valuations are ultimately a reflection of the current market. However, there are still some worthwhile things to consider which may aid in squeezing out as much equity as possible when your application for finance hinges on the valuation report aligning with your property’s estimate.
Areas to focus on for the valuation include:
- Make sure the property is clean and tidy
- Maximise space and remove clutter – space is key to adding value
- If there are areas needing obvious maintenance or improvement or any unfinished renovations, a little time and money spent on these areas can have a significant effect on the value
- Focus your attention on the kitchen, bathroom and outdoor areas as these can be critical in value being added or taken away
- Let the valuer do their job, pointing out highlights of the property may serve to alienate them.
If your valuation is returned with a figure that you consider to be considerably less than your own estimate, there is the provision for it to be disputed with the valuation company. It’s rare that a valuation is adjusted by way of the dispute as there must be clear concrete evidence supported by comparative sales and market evidence to support an adjustment to the value, though it is an option none the less.
But did you know that Blackburne Mortgage Broking have the ability to order valuations up front with most lenders to assist in getting an equity position available before an application is lodged? If you need some information or guidance on ordering a valuation through your lender speak to one of the Blackburne Mortgage Broking Team today.