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The top 5 property valuation misconceptions

If you believe that more rooms equal higher value or that a pool has none, you should read this article and find out more about common property valuation myths.

  1. Swimming pool adds no value

This generalisation should not be applied to all properties. I some localisations there may be evidence that buyers are ready to pay more for a pool. However, in other areas, this may not be the case.

Don’t forget to consider the potential target market for your real estate. Pools can provide an opportunity for leisure with family and friends and encourage an active lifestyle, what is very popular nowadays. Just keep it well maintained to maximise the value.

  1. Banks’ valuers are conservative

Banks normally use external valuers to adjust property value. Valuers are independent and their work can not be affected by any side.

A valuation report can be challenged in court so it has to be backed by market data and evidence of comparable sales in the certain area.

  1. My home presentation doesn’t reflect the valuation

Most of the potential buyers have a very personal approach when it comes to interior design. It’s common for homeowners to spend a lot of money on painting, hoping to increase the property value.

While the owner may love his/her new colour scheme, buyers may not share their enthusiasm. That’s why the easiest way to avoid this sort of issues is to keep yours in neutral colours. Also, exotic furnishing seems to be too subjective to add to the property value.

  1. Property prices never go backwards

This statement is the most popular among young investors who have only experienced good market conditions.

Most of Australia was quite fortunate during the 2000’s with the property prices boom that seemed to never end. In the long run property markets tend to go forward due to increasing population or land scarcity. However, economic factors can have a fast and damaging impact on local property markets.

  1. It’s riskier to invest in commercial property than residential one

This is a broad generalisation, which shouldn’t be a guide for potential buyers. A well-located retail outlet with a long rental contract could be a very good investment. While the plot may not see an increase in value, the long term lease will bring reasonable returns.

On the other hand, the developers in an inner city area may claim to offer a risk-free investment. However, a large amount of units built in the same area can lead to oversupply.

Both commercial and residential plots should be evaluated on their own merits.

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