TAKE THE MYSTERY OUT OF A HOME ASSESSMENT
Category Advice
Calling in a property practitioner - or likely their team - to value your property is one of the first steps. Naturally, you'll have your own price in mind based on factors such as what you've spent on it, how much you need to purchase another home elsewhere, what funds will remain once your home loan is repaid, what price your friends with a similar home achieved in the next suburb, and more.
But many of your criteria will be quite different from those who work daily in property. Pinpointing a market-related assessment of your own home is very difficult - in addition, it's your home, not simply any house, so being objective is almost impossible.
A assessment by a property professional is essential. Perhaps have it valued by more than one company. They will know the area intimately, often live in the suburb, and have worked there for years, often decades. They'll have personal experience of what similar homes sold for, and they'll access accurate sales data from the Deeds Office. They'll know the demand for specific types of property in your road, neighbourhood or suburb; they'll assess the home's size, age, and condition; and they'll pick up on those attributes sought after by today's buyer: a granny flat or office, a superb outdoor entertainment area, a building able to generate an income, or even a sub-divisible piece of land.
And they won't ignore your home's X Factor. Those aspects which make the home more saleable, or indeed, adds value. Your home may be tantalisingly contemporary, be fully off grid, have a garden fit for the pages of a magazine, or a kitchen which presses every cook's buttons.
Skilled property practitioners will value your home, consult with colleagues, and weigh it up against prices achieved for similar properties.
If you're a genuine seller, pinpointing the correct selling price from the outset, has more implications than simply selling your home faster. Having to constantly lower your asking price sends the wrong message to the market. Being on the market for longer than the norm, effectively allows your house to go 'stale' for prospective buyers. You have to weigh up these factors, and that's where a skilled property practitioner with whom you're comfortable, can be invaluable.
Choose one who'll partner with you on this journey. Somebody who'll assist and advise you before, during and at the conclusion of the sale, and somebody who'll communicate with you constantly. That partnership makes a world of difference to the process.
Author: Haydn Wakefield
