Let’s face it, when we get va property valuation done, we are wanting to see the largest number possible on the valuation certificate, aren’t we? Of course we are. So if you have done all you can as far as renovations are concerned, (check out my post on Renovations done right here) spent money and invested time into the project, then why be content to sit back and leave things to chance? To me this is simply illogical.
I believe the thing to do is to work with influence. You need to provide the valuer with all the evidence needed to justify the highest possible property valuation you can get. All too often I see investors do all the work, putting in long hours for weeks or months on end and spending far more than they need to, only to surrender control when it counts most by leaving it all in the hands of the valuer.
If I’m going to put anything in the valuer’s hands, it’s going to be strong comparables that justify the highest number possible on the eventual property valuation.
This is how I go about it.
- I refer to RP Data and make a list of all the sales, both high and low, in the immediate area around my property over the last six months.
- I then speak to the agent who sold me the property and ask for details of recent sales that aren’t yet reflected in RP Data or Pricefinder.com.au.
- I then compile a spreadsheet to reflect this information and include the agent’s details as well as printouts of the sales recorded on Pricefinder.com.au.
This is data that the valuer doesn’t yet have and which will legitimately boost the value of my property straight away. (It’s worth it’s weight in gold and well worth the additional effort in obtaining because it also shows the valuer that you are professional and knowledgeable in your approach).
I have learnt over the years that hard work by itself doesn’t necessarily guarantee results, intelligence does. This means you need to approach investing in property intelligently. Doing so really pays off.
When the valuer visits my properties I always make a point of accompanying him as I can then be sure to hand feed him critical details of surrounding sales as well as point out the property renovations and improvements I have made and how much they cost.
Remember that a property valuation can determine if you can continue to invest in property and your financial future, so my advice is to get active, get involved and put in the effort. Property investing is your own personal business so invest your time and be present – it could make a huge difference to your options in the future.
If you have any words of advice surrounding property valuations I would love to hear from you – feel free to post a comment and share your thoughts and opinions and experiences below.