Getting an accurate property valuation is an important part of buying, selling or investing in real estate in Sydney. With the market constantly fluctuating, it’s crucial to understand the true value of a property before making any major financial decisions. This guide will walk you through the key steps involved in preparing for a professional property valuation in Sydney.
Research Recent Sales in the Area
One of the main factors that determines a property’s value is how much similar homes in the neighborhood have sold for recently. Spend some time researching the sale prices of comparable properties that are similar in size, age, condition, and location to the property being valued. Look at homes sold within the past 3-6 months to get a current picture of the market. Online resources like realestate.com.au and Domain provide sale price histories and market data for most areas in Sydney.
Check for Planning Changes and Development Proposals
Local council planning decisions and zoning policies can impact property values, as can major infrastructure or development projects planned for the area. Check with your local council to see if there are any planned rezoning or development proposals that could influence the valuation. For example, a new school or train station planned nearby may increase demand.
Obtain Title Documents and Floor Plans
Your valuer will need documents like the property’s title and survey plan to inspect the legal boundaries. If available, provide floor plans detailing room dimensions, or allow access for the valuer to take measurements during the inspection. Any information about extensions, renovations or unauthorized building works should also be provided.
Prepare a List of Updates and Repairs
Make a list of any renovations, upgrades or repairs completed while you owned the property, no matter how minor. This includes things like swimming pool resurfacing, kitchen remodeling, roof repairs and repainting. Details of maintenance costs may also be relevant. This information demonstrates how well the property has been kept up.
Get Quotes for Unfinished Jobs
If you’ve obtained quotes or estimates for any unfinished repairs or planned upgrades, have these ready for the valuer as they may influence the valuation if the work is required to bring things up to standard. Reports from pest inspectors or building inspections are also useful.
Declutter and Clean Before the Inspection
A tidy, clutter-free home allows the valuer to properly assess the property. Clear any excess furniture or possessions, clean all surfaces and mow the lawn. You want the valuer to see the property at its absolute best. A well-presented home leaves a great impression and shows off your property in the finest condition.
Preparing thoroughly using these steps allows your valuer to make the most accurate appraisal possible. With the right homework done, you can ensure you receive a comprehensive and precise property valuation that reflects the true current market value. This provides a solid basis for making your next big real estate move in Sydney.
