You need to keep your finger on the pulse of what’s happening with your investment properties. “Some people say property is a set and forget investment, but I think that is false. You need to keep an eye on the value of your investments, so that when it comes time to have them revalued, you’re realistic and have a fair idea of what they’re really worth. Providing them with information is about making things easier for them and also recognising that many valuers are from out of the area and may not know the locality of your investment as intimately as you do.” “You don’t want to tell a valuer how to do his or her job. Waters also suggests providing details of the scope and cost of any renovations you’ve had done to the property, to highlight its increased value. “You could also consider providing letters from local real estate agents advising what they estimate your property would achieve if it were put on the market,” he says. It’s worth keeping your eye on the local market and supplying the valuer with a list of the latest comparable sales.” “Valuers look at hard data, including recent sales. Waters encourages investors to be prepared and to provide the valuer with some relevant facts and figures when he or she arrives. “You might even consider investing in fresh paint or carpet, if the property is looking tired,” he says. If you can, time the valuation with a routine inspection, so there’s extra incentive for your tenant to present your property clean and tidy.” “Have the tenant clean the place from top to bottom. While there’s no need for flowers and freshly roasted coffee, he says presenting your investment property in the best light is important. Waters encourages investors to put their property’s ‘best foot forward’ to a valuer. Future investment plans can really stall if you don’t get the valuation you were anticipating.” Yet valuations can sometimes come back lower than expected. “If your property has increased in value, your borrowing capacity may also have increased. Director at Right Property Group, Steve Waters, understands how crucial a strong valuation can be for property investors. Having your investment property valued and revalued is important, particularly if you want to leverage your property’s increased value to fund further investment. Here is a recent interview we conducted with Domain What can you do to help ensure the valuation on your investment property is as good as it can be? I’m glad you asked.
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