Maximising your property valuation

Maximising Your Property Valuation

Mark Stevenson, Managing Director at Bell Partners Finance (now Evolve Lending & Finance) wrote for The Western Weekender on one of the most important yet often overlooked steps in the home lending process: the property valuation. A lower than expected result can mean a smaller loan, higher interest rates, lenders mortgage insurance, or in some cases no loan at all.

Mark’s advice covered the key areas borrowers can control before a valuer arrives. Presentation matters more than many people realise. A tidy, clutter-free property with clean surfaces, mowed lawns and pets put away creates a positive first impression and ensures the valuer’s photos reflect the property at its best. Any incomplete renovation work should be finished before the inspection, as outstanding jobs are factored in as a cost, reducing the assessed value. Lenders will often not accept a property at all if it is mid-construction.

Being prepared with supporting documentation also helps. Building plans, recent rates notices, prior valuations and evidence of recent area sales can all assist the valuer in building a complete picture. Invoices for recent improvements are particularly useful in supporting a higher assessed value. Once the valuer is on site, the best approach is to give them space and time to work through the property at their own pace.

Mark also noted that borrowers should not expect a valuation figure on the spot. Valuers complete their research and formal report after the inspection, and while banks typically do not share the full report, they will confirm the final figure.

Getting a strong valuation can make a real difference to the loan outcome, and understanding what the process involves puts borrowers in a much stronger position going in.

Buying, refinancing, or looking to access equity? Contact Evolve Lending & Finance for guidance on how to put your best foot forward.