If available, provide the valuer with a copy of the building plans with measurements. To assess the property’s value, valuers must measure the living areas, outdoor areas and car accommodation. If plans are available it improves accuracy, saves time and ensures every square metre is taken into consideration.
Advise the valuer of any recent sales in your area. The details of properties sold recently aren’t available until after the sale has settled, which can take months. If you are aware of a sale in the area, the valuer can investigate further and this may justify a higher value.
Advise the valuer of renovations conducted since purchasing the property (within the last 3 years) and the approximate costs. This will explain why the estimate is now $700K when the property was purchased 12 months prior for $500K.
If the property is tenanted, avoid delays and ensure the property manager is aware of the valuation and approval for access has been provided. Some property managers require written notice from the owner before allowing access, which can lead to delays if arrangements aren’t made in advance.
Provide all relevant information to the valuer before the inspection. Once the valuation report is finalised and submitted to the bank, valuers are unable to amend reports without new evidence to justify the change. It’s important to put forward your best case prior to the valuation.