How often should you have your Inner West property valued?
Whether it’s your own home or an investment property, it’s important to have your Inner West property valued regularly. This is especially vital in today’s property market as values are constantly changing.
What is an Inner West property valuation?
A valuation of your Inner West property will provide you with a detailed report on what the current market value is for your property. Of course, you’ll require a valuation when you want to purchase a property but you’ll also need one if you want to borrow for renovations.
You also need a valuation if you want to sell your property and, if it’s an investment property, you might need one when it comes to lodging your taxes. A valuation also helps to determine how much capital gains tax you might have to pay when you sell the property.
For investment properties, it’s also a good way to determine what rent you can expect to receive when compared to similar value properties in the area.
What types of property valuations can you get for your Inner West home?
There are a number of different types of valuations that you can get depending on what you need the valuation for. Some of the more common ones include:
- An automated valuation. This is normally a computer-generated estimate of what your property is worth based on its location and similar properties in the area.
- A desktop valuation. This is a quick valuation carried out by a valuer from his or her office and is based on online property data.
- A kerbside valuation. For this type of valuation, the valuer determines the market value of your property from the outside only.
- Full valuation. This is the most comprehensive type of valuation and is what any lender will require if you want to borrow money to purchase a property.
How is a property valuation calculated?
For a property valuer to come up with a value for your property, there are a number of factors he or she must take into account. These include:
- The actual size of your property
- The number of bedrooms in the home
- What the main structure of the home is (brick or weatherboard)
- Any additions such as a garage or swimming pool
- Where the property is located and the surrounding amenities
- The recent sales of similar properties in the area
- The demand of properties such as yours in the current market
Consider an Inner West property appraisal
If you’re not purchasing or thinking of selling your property right now, you can easily get a property appraisal rather than a full or partial valuation. This will save you time and money and give you a good idea of what your property is worth today.
A property appraisal is offered by a real estate agent generally free of charge. At Vogue Property, we can give you an appraisal based on recent sales statistics of similar properties in the area.
This means that you’ll know what your property could sell for, should you wish to sell, or will let you determine how much you should spend to make your property ready for sale.
It can also give you a good idea of the amount of equity you currently have in your property should you wish to borrow against it to purchase another property whether for yourself or as an investment.
How to get help with an appraisal or a property valuation
Can we help with your Inner West investment property valuation?
Let the property management experts here at Vogue Property manage your Inner West investment property with the care it deserves.
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