How To Prepare for the Property Valuation Visit

dealmeister on 26/12/2021 - 20:44

As a part of our home loan refinance application, the bank (HSBC) requested a physical property valuation.

Next week we will have the valuer visiting our property.

I just wanted to check if anyone had a property valuation visit before? And any suggestions to have a good outcome. Like quick improvements we can do and give a better impression to the valuer.

Currently we have a broken fence due to a storm damage. And a few cracks in the plasters due to re-stumping work.
Based on the given timeframe and the christmas shutdown period, we won’t have time to get them fixed.

Thanks

Home & Garden

Comments

  • thatonethere on 26/12/2021 - 21:02
    +5

    Often the valuation has already been done by previous sales and other data. They seem to be just confirming the house exists and number of rooms etc from my experience and aren't there for very long at all.

    It is not like a rental inspection.

    • aragornelessar on 26/12/2021 - 22:00
      +1

      Yeah I'm surprised they're even coming out to valuate.

      When we've had valuations done for purchasing/refinancing, they said someone would come but no one ever did…
      We're doing a construction loan at the moment, and they didn't even ask to see what materials we're using - broker only asked for building contract cost. You'd think they'd care if the house was made of sticks and stones vs marble and concrete!

  • Cheaplikethebird on 26/12/2021 - 21:06
    +11

    Mood lighting and scented candles

    • Euphemistic on 27/12/2021 - 19:06

      Or fresh bake biscuits.

  • Muzeeb on 26/12/2021 - 21:27
    +2

    They may just do a drive by inspection. It can be as simple as that.

  • Drakesy on 26/12/2021 - 21:27
    +1

    The property valuer has done 90% of the valuation already.
    Even then in this market it's anyone's guess, in Perth i had a valuation forwarded to me from a real estate agent that was done 4 weeks earlier.
    The 'valuation' was 15% higher than what the house ended up going for…. I sometimes wonder who's doing these, i called the agent's bluff and turned out he was full of it.

    It's an estimate and fences/cracks (unless structural) won't factor really, the value in Australia is land.

  • bmerigan on 26/12/2021 - 22:57
    +2

    You don't need to prepare. They are counting rooms and looking at neighbours, not the state of your paint, etc.

  • Nugs on 27/12/2021 - 06:54
    +3

    A valuer will not be swayed by anything you can do in a week
    .

  • baker bob on 27/12/2021 - 18:38

    I just got mine done for a bridging loan, it was pretty much the same as the last 2 most recent sales in my block. Maybe it's easier to value units because of that. He was in and out in 5 minutes.

  • s12345 on 01/01/2022 - 01:16
    +1

    In response to our refinance application to borrow an amount of less than half of the land value, Citibank sent a valuer to diligently measure all the room dimensions, which was a silly waste of time not least because the LVR, but also because it's all being demolished in 3 months time.

    Contrary to the other comments on here, I got the impression from the valuer that he was rating condition as a factor in the valuation, and that they are true and proper idiots whom you can't assume sensible logic applies.

  • dealmeister on 04/01/2022 - 15:11

    Thanks for all thr answers.
    We had the valuer inspection today. He was very mean or was very good at being a poker face :)

    He came with a tablet and a laser measurement device.
    Measured the structure from the outside.
    Measured all the rooms.
    Checked the kitchen, bathroom and living room in detail. Took pictures of all the rooms.
    Had a quick look outside. Asked a few questions about carport, number of air conditioners.

    Did not pay any attention to fence, garden, plasters which we were more worried.

    Finished within in less than 15 minutes.

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