Fully analyzing the value of a property is best done by experts who have in-depth knowledge of the area and its market fluctuations. Depending on what you are doing with a property, there will be varying reasons as to why you actually need a property valuation.
As families grow, they run out of room and rather than move to a new location they opt for the less stressful routine of renovating the family home for more living space. Unless there’s a rather large stash of unused money sitting in the bank, most families will be applying for an extension on the mortgage. The current value of the home will play a big part in determining the amount you will be able to borrow.
You may be wanting to sell, in which case you could apply for a real estate agent to do the evaluation. Using a real estate agent is not necessarily the best way to get an idea of the true value of your property as your interests may not necessarily be aligned; using an independent property valuation expert may be the best option.
As real estate agents have a financial interest in getting your property listed with their agency, their valuations can be quite biased and are rarely accurate. In every country there will always be professional property valuation experts who can give a more accurate representation of the true value of the property.
Real estate appraisal reports produced by a third party valuation expert are usually unbiased as they have no vested interest in the property, other than being paid to do the job. There isn’t much the home owner can do to change the average property values in a given area, but there are ways to prepare a property in order to get the best valuation possible.
Make some attempt to show the property in its best light. Consider it as if you were preparing the property to impress a potential buyer. Wash and fold the clothes, put the dishes away, clean the bathrooms, and get the kids to tidy their rooms. Make sure the garage is neat and tidy, mow the lawn and steam clean the carpets. Get the kitchen and the laundry areas sparkly clean.
If there are any major parts of the property that are damaged then it’s in your best interest to get them fixed. Everything that needs to be done to a property detracts from the final price, especially if major repairs are in the works. Large (and small) holes in the wall need to be repaired, and any broken windows should be replaced before the real estate appraisal for the best result possible.