Interest rates are rising and that means property prices aren’t going up as quickly as they have been in the last few years. In some areas, prices are even going down.
Uncertainty about these changes in the property market is bound to make some people worried about the value of their home. If you have concerns, you can have your property valued to give you peace of mind.
You might also be getting a property valuation if you’re thinking about selling or if you want to refinance your mortgage.
How to get a valuation.
So, how do you get your property valued?
You can use a licensed property valuer. They will inspect the property and assess it against a range of factors including size, location and recent sales in your area. The valuer will give you the valuation in a report that will include all the reasons for their calculations.
Banks also often have their own property valuers and some property websites have an online property value estimation tool.
Getting your property valued for free.
It’s also possible to get your property valued for free. Real estate agents are usually happy to give a property valuation for no charge. Choose an agent who knows your area well.
You can also get free property valuations from property websites and online property calculators.
Property website criteria.
Property websites will ask you questions about your property and give you a valuation estimate.
These calculators look at many factors to work this out, including:
- Property type – house, apartment, townhouse
- Ownership structure, for example Torrens, strata or company title
- Land size, property size
- Location
- Recent sales in the area
- Market trends
- Property characteristics such as the number of bedrooms, bathrooms and parking spaces
- Property features such pool, views or air conditioning
Location, location, location.
Some people worry their property isn’t in the best condition, which might decrease its value.
Before you decide to take on any renovation projects, do some homework to find out if the improvements you’re planning will add to the property’s value. It’s worth remembering that buyer demand in your area and market conditions will have a big influence on the value of your property when the time comes for you to sell.
