Owning a home comes with plenty of responsibilities; from regular maintenance and upkeep to paying property-related taxes and getting insurance. For homeowners, one of the main obligations is to keep the value of the property up.
If you have invested in a property, it makes sense to take steps to improve its existing value. Upgrading the property can help guarantee that your investment is a worthwhile one.
For information regarding the market value of your home, your best bet is to hire the services of a reliable property valuation firm. A home valuation in Western Australia will provide owners with key insight into the existing market value of a property.
As valuation reports serve as official proof of value, taking steps to increase your home’s value beforehand is a good idea. Going over what adds value to a house can give you clarity on what steps you can take.
How to improve the value of a home
Owners can do various things to improve the current market value of the home. Before purchasing a residential property valuation, owners should prepare to ensure a better result.
A few of the most effective steps that owners can take are:
Upgrades and renovations
Not all renovations will improve the value of a home. Focusing on upgrading key rooms such as the kitchen and bathroom can hugely improve the value of a home. Modern kitchens and bathrooms are appealing to investors and those looking to purchase a new home.
Street appeal
The street or kerb appeal of a home is an important part of value. The front of a home is the first thing that investors or buyers see; the more attractive it is, the likelier they are to consider investing.
Keeping the lawn neat, maintaining the driveway, adding attractive landscaping and repainting the exteriors will surely catch the eye of potential buyers.
Storage space
The space available in a home is a crucial part of its final value. Floor space and storage space specifically can be hugely impactful on final value. Adding storage space such as sheds or garages will naturally increase value.
Energy efficiency
In today’s world, more people and more people are growing interested in energy-efficient homes. The reduced impact on the environment as well as the lower electricity costs is attractive for many, and will greatly add value to your home.
Eco-friendly fixtures and lights are a relatively inexpensive method of making a home greener. A larger project would involve adding solar panels.
Repairs
Valuers are meticulous during the inspection and will identify any damaged pipes, faulty electrical work, and anything else in need of repair.
For a positive property valuation report, you should take care of all outstanding issues and repair all damaged areas; such as fixing leaks, replacing old roofing, fixing plumbing and electrical systems, and reviewing the structural integrity of the home.
Neutral and attractive décor
A neutral but appealing colour scheme is ideal. Investors want to envision their own decorations and design choices when reviewing a potential purchase, so avoiding an overwhelming style is best.
What is the home valuation process?
In Western Australia, the home valuation process typically involves a comprehensive physical inspection and careful calculations. CPVs will use their knowledge of the property market and consider several contributing factors to determine the final market value.
While not all valuations involve a physical inspection (CPVs do not enter the house during kerbside valuations), it is a necessity for reliable accuracy. A valuer performing a physical inspection will take measurements, capture photographs, and make notes of any notable features or concerns.
CPVs go through several different considerations when preparing reports. The most important factors they consider are:
- Location
- Size and space
- Street appeal
- Age and condition
- Structural integrity
- Surrounding infrastructure
- Zoning laws
- Market conditions
After reviewing every internal and external factor, CPVs will prepare detailed valuation reports based on their findings. The process is an unbiased and independent one that guarantees transparency.
Summary
A homeowner has plenty of responsibilities and part of that is keeping the value of the home high. There are a range of things that owners can do to increase a home’s value.
Adding upgrades, taking care of repairs, improving street appeal, keeping up regular maintenance, implementing energy-efficient aspects and adding new amenities can all improve value. Taking the necessary steps can do wonders for the final value.
Going through the home valuation process can help owners get a clearer understanding of what exactly they need to do to guarantee a satisfactory valuation report. CPVs will consider a multitude of internal and external factors for accurate valuation reports.
For more information on what owners can do to improve the value of a home, give us a call today. As industry leaders, we would be happy to assist.