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When you are given an appraisal of a property's value it may be accurate, but most often it could be either over or understated. This is because an appraisal may be based on the potential for an agent to list a property for sale, therefore receiving a commission
This makes the advice that you will receive from Independent Property Valuations so valuable - you can trust their qualified, experienced, unbiased and detailed valuation, which is crucial when acquiring property.
Before you purchase a property it is important to your financial security and standard of living that you consider the following factors:
The current market value is the price that a number of buyers are willing to pay for a given property. If you’re looking to hold it as an investment sell in the short term, it is important you don’t pay above market value because this could erode your profit. When acquiring property, it is important to have an accurate value, so you can either get it at or below market price, leaving you room to make a profit. Remember, the amount you pay isn’t the market value if other buyers wouldn’t pay that much.
If you are acquiring a property that will be rented out, it is important you identify the monthly rental income you can expect to receive from it. This can also help you to determine the price you’re willing to pay and identify the mortgage repayments you can afford.
All property purchases including the family home are investments. To ensure you and your family’s security you want to have a clear indication of the performance of a given suburb in terms of capital growth – this can help determine the potential future capital gain that can be expected for a given suburb.
A property’s value can be significantly influenced by renovations. An addition of a single room, garage or refurbished kitchen can make a home that was attractive only to singles or couples suddenly a viable option for families. By expanding the market appeal to more buyers you could sell it for a higher price. The key is to receive more than the cost of the renovation – before you renovate, an accurate property valuation can assist you in determining the value that your renovations will add.
When purchasing a property you need to consider the taxes you are required to pay along with the amount of these taxes. This ensures that you have sufficient funds available. Often, people that are buying a property are selling another, especially if it’s the family home, and that means you need to allow funds to cover your stamp duty.
The amount of property insurance you pay is dependent on the value of your property, so make sure you’re prepared to meet your premiums and factor this into your budget.
The interest rate your bank offers you is based on both the economy (which you cannot control) and your ability to pay them back (which you can control). Showing your bank a detailed property valuatiSave
An accurate and trusted property valuation will assist you in addressing the above factors when you’re acquiring a property.
Call us on 02 9659 5446 and deal directly with a valuer. Alternatively, get a quote today. We provide a guaranteed valuation turnaround time.