3 Things You Might Be Doing Wrong On Valuation Day
Despite the thoughts which some experienced investors might harbour in their hearts – valuers are people too!
They’re not “out to get you” as an investor, they’re simply doing their jobs to the best of their abilities, often getting squeezed by various parties in the process.
No matter what your opinion of valuers and their product, you are not entirely helpless on valuation day – you have options. If you choose not to consider those options, you’ll likely wonder what difference they could have made in your valuation. $20 – $50K? It’s possible and that can mean a BIG difference to your future property investing plans! So here are 3 tips to ensure you get the highest valuation possible.
1. Failing to stage your property
Yeah, I know. You’re probably rolling your eyes at the moment and thinking “duh” everyone knows staging property is important, but do we all do it?
If you’ve got a tenant who is, generously speaking not “house proud”, it would certainly be worth your effort to get them out of the house on valuation day (send them to a spa or something), have the house properly done up (or do it yourself).
Even though valuers are paid to consider the structure of the home, and they are bound by what’s happening in the market, they can fall in love with the property in the same way a buyer can. A well staged home could influence the valuer towards the higher end of the property value range. Hmm…fresh Cinnabons in the oven anyone???
2. Picking horrendous colours
Purple wallpaper, green carpet…’nuff said. Seriously though, when choosing colours consider what the majority might like. Everyone’s different, so pick neutral, light or ordinary colours which don’t detract from the home’s structural beauty.
3. Failing to understand what the market wants
Renovating to sell? Before picking up a hammer or a paintbrush, run by new developments in your area. Check out the display homes and take note of what they’re doing – they’re obviously trying to sell these homes, so they’ve done some research to appeal to the masses.
Next, take a look at the beautiful, prestige homes in your area and copy what they’ve done at a cheaper cost. Bada bing!
Realise this – yes it’s common knowledge that valuations are coming in tough – however you should be doing everything in your power to ensure you get a top dollar valuation – as it could mean the difference between you being able to access equity or not and being able to move forward in your investing journey. Additionally this video offers some great tips on increasing value and the art of the sale!
Hey there, do you enjoy the Positive Real Estate Blog? If you did, why don’t you book into a Property Information Night in your area and get more information from our team. You can do so here.
Also, if you can not wait, click here to access the Property Mini Course and signup for our email newsletter. This FREE 2 hours video series gives you some of the top tips from our team that you can use right now. Thanks.
Take the Next Step
Budgeting, together with saving is the foundation of every successful wealth creation plan. If you don’t know where your money is going, and if you’re not diligently saving it, you’ll lack the resources to build a comfortable future for yourself and your loved ones. A...
The following article has been supplied by the ATO containing tips related to your investment property.
Studies of habits and their close cousin, willpower, have been done, giving us insight into how people form – and keep – habits.
Like anything else in life, learning how to buy property for investment takes time and effort, but the benefits you’ll receive far outweigh the effort you need to put in. To help ease the learning curve a bit it’s helpful to have a few hard and fast rules to keep the...
If you’ve been investing in houses you’re probably listening to advice you’ve come across and believe to be true. But is it? Just because something is considered “common wisdom” that doesn’t necessarily mean that it’s entirely true. It may be only partly true or it...
Beginning property investors are often so absorbed with finding an investment property that will deliver good capital growth and/or positive cash flow that they forget the very important matter of protecting those assets. Protecting your wealth is no less important...
Buying investment property to grow your wealth is a well proven strategy. So why then is it so scary for many would-be investors? A number of reasons, but in my opinion, the two biggest reasons people are afraid to invest in property are: The large amount of money...
You can find a great investment property, in a growth location, and still miss out on positive cash flow because you weren’t able to negotiate a price and terms that worked for you. If you’re not comfortable negotiating for what you want or if you’d simply like to...
The superannuation balance of Australians is dismal. Men have on average $183,000 in their accounts whereas women have barely more than half that - $93,000. In fact, only 10% of Australians have in excess of $100,000 in their super! Obviously then, lots of...
At Positive Real Estate, we provide “time proven” property investing information and advice. We work directly with property investors throughout Australia, helping them reach their wealth creation goals. Recently, Bupa Landlord Insurance showcased us in a post on the...