So, you’ve already signed a contract to purchase your next property and waiting for the bank to confirm your loan approval. Well, it’s quite annoying to have your home loan application knocked back due to low property valuation.
Property valuation in Lanarkshire is relatively subjective. It widely relies on people’s perspectives, experience, and capacity for statistical analysis.
According to our experts, there are a lot of things that you can do to pull off the best valuation possible.
Make Proper Presentation:
Presentation is the essential thing that you need to take care of before having a property valuation.
We all know that first impressions always count. Property valuers are, after all, human beings. So, a neat and tidy garden area and a clutter-free house may positively impact them.
Do Prior Property Improvements:
It seems obvious to make any property improvements prior to the surveyors coming. Plenty of property owners always fall into the category of “the gonnas”. For example, we’re going to fix up the kitchen sink next week or clean up the garden space.
People don’t understand that the assessors will set a valuation on what they see now. They don’t take into account any future improvements that you promise.
If you have decided to integrate off value in your property, add said upgrades.
Have a Rate Notice:
Municipal rate notices may vary according to the local government authority. Some only list ‘Site Value’ or ‘Unimproved Land Value’.
At the same time, the others provide an ‘improved value’ based on both land and building. All these valuations are taken from statistical data.
And this gives the Valuer a pretty good idea about the starting point.
Ask for ‘As If Complete’ Valuation:
Are you planning to undertake some home improvement that potentially increases the property valuation?
Then explain your plans to the surveyors and ask them to provide an ‘as if complete’ valuation report.
If you don’t elaborate on your intentions clearly, then they will go by what they actually notice in the present day.
Share the List of Recent Renovations:
If you have a property furnished with new light fixtures, window furnishings, or anything else, count these properly.
Make sure that you have shared the renovation details with your valuers. Providing them with project specs and a building contract will be better.
But always remember that the costs of the renovations are different from added value.
Focus on Money Makers:
Cosmetic home improvements work better than others. Just like Hollywood celebs, try to spend your money where it matters most.
Try to improve your old, boring existing kitchen and bathroom setup that sell your property visually.
Do Not Overcapitalise:
Obviously, improvements and renovations can increase the value of any property. However, you need to be careful not to overcapitalize.
For example, adding a large extension will undoubtedly increase the property's value, but it may be at most what it actually costs.
They may be overcapitalizing if they renovate the property to a level higher than what most properties in that area sell for.
Therefore, spending less money on a specific improvement than is necessary for that particular area.
Be Available to Answer All Queries:
Certain individuals get lost when the Valuer comes calling. This is when you can give them a short prologue to your property.
Share any data that could affect their choice, which could be more promptly noticeable throughout the inspection.
Try Not to Be Too ‘in front of you with the Valuer:
Stop following them from one space to another. Try not to hover and read any notes they write down over their shoulder. They have something important to do, and if you disrupt their flow, it could neutralize you.
It could seem like they breeze in and out again with a look at brilliant highlights that make your property worthy.
But the assessors are staggeringly perceptive and have seen everything recollect. Ten minutes is necessary for the experts to survey your property's worth.
Be Patient and Let Your Surveyor Do Their Job:
Try not to hound the Valuer as they're leaving and give you a 'rough thought' concerning what your property might be worth.
There is a possibility that they actually need to get back to the workplace and undertake different ways of assessment.
They probably have to analyze to get an actual image of your property valuation. So, keep patience.
Final Thoughts:
Are you considering selling your property? Need to assess the valuation as the very first step. As a property owner, you may want to get the best price for your home.
You should do that based on the mortgage valuation to make your next property purchase possible.
In this article, we are going to share some quick tips that can help you to maximize your property valuation.
Remember, property renovations or improvements are not always a necessity. Many buyers get interested in the property just as it is.
Talk to your local lenders available in Lanarkshire. They will provide you an up-to-date property valuation.
Recommend the best possible ways to present your home to attract more potential buyers.
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