Having your home accurately valued before selling is vital. This isn’t only to ensure that you’re getting a fair price for your home that reflects its position in the current housing market, but also that you’ve taken into account any upgrades you’ve made since living there.
In this guide, we’ll explain the importance of contacting a professional property valuer to assess your home’s true value, taking the guesswork out of selling your house.
The Risks of Undervaluing Your Home
Pricing your home on your own is not wise – this leaves you open to losing money by mistakenly undervaluing your property. Unless you’ve done extensive research into property pricing in your area, and know what home buyers are currently looking for, you could end up selling your house far below its true worth.
Overvaluing Your Property
The same can be said for overvaluing your home. If you do this, your home will stagnate on the market, remaining unsold for a long time because you’ve set your price too high. While your property stays on the market, you could lose out on buying the new home of your dreams due to no interest in your current property. If you’re selling through a realtor, you will end up paying fees while your house isn’t selling. Gaining a professional valuation saves you money in the long run.
Settling Legal Property Disputes
When dividing assets in court, like when a couple goes through a divorce, the property in question will need to be professionally assessed so that each person gets an accurate settlement.
This is where the property experts come in handy. This means that nobody gets less money than they are owed from selling the family home. The same works for when a house is left to descendants in a will. If the inheritors decide to sell the home and divide the money, having the house valued by a professional valuation company ensures there are no arguments about the property’s worth and how much each person is owed.
Valuation companies also help to settle tax disputes and rental valuation matters. For any reason that a home’s worth is legally questioned, experts that have extensive expertise in the property market can resolve the issue quickly and efficiently.
Choosing an Expert Home Valuer
Hire a property valuer who has years of experience in the housing market in your area to ensure you’re getting an accurate price stamp for your home. You paid a lot of money for your home, and tended to it throughout the years; therefore, you deserve for it to sell for the great price that it’s truly worth.
To find the best property valuer in your area, don’t just go to the first one you can find. Research their credentials, call them up for a chat, and ask for quotes before deciding on who will value your home. For property valuation in Sydney, Australia, Sydney Property Valuation fits the bill for accurately valuing homes throughout the city, and are known for pin-pointing a home’s true worth in minutes due to their vast knowledge of the area. This is exactly what you want from a valuation company – ask around for great word of mouth recommendations to begin your search.
Why You Need Multiple Valuations
Don’t just settle with one valuation: you need plenty to know you’re settling on the correct price. Your best bet is to invite five (or so) valuers to inspect the property and give their opinion. Ask each valuer their honest answer to these three questions:
- The price you should put your home on the market at
- The highest price they believe your home could sell for
- The end price that they believe you will achieve.
Calling in multiple valuers ensures that you aren’t given false hope by one enthusiastic evaluation; or end up disappointed by a low estimate. With more than one figure, you can assess the average price and get an idea for what you can realistically gain when selling your house.
Tip: You should also take into account price negotiations by prospective buyers – perhaps put the home on the market for just a little higher than you think it will eventually sell for to protect yourself from price bargaining.