Property valuation is a process by which the market value of a property can be estimated. The property could be a land, a building or anything that can be counted as a real estate asset. This value estimation takes into account multiple factors such as the location, size, condition, market trends, demand and amenities of that property. The valuation is typically performed by a certified professional such as an evaluator. The evaluator physically examines the property and researches the comparable sales and market data before delivering a formal valuation report.
In this blog, we will share practical tips to help you increase your property value before going for a valuation in Delhi.
Clean and Declutter Every Space
A clean property always makes a better and long-lasting impression on the evaluator. So, you should make sure that every part of your home is clean. You should do basic cleaning like dusting the windows, removing cobwebs, mopping the floors and cleaning the bathroom tiles. You should also get rid of unnecessary items lying around the property. That is because the cluttered spaces make the house look smaller and less attractive. If you have storage areas like cupboards or garages, arrange them neatly to make them look presentable.
Improve the Front View (Kerb Appeal)
You should keep one thing in your mind that the front view of your house is the first thing that an evaluator will notice. That is why the front view and entrance of your house should look clean and attractive. You can clean it by washing the porch, polishing the main gate and removing dust or dry leaves. Moreover, trimming the plants, fixing the broken tiles adding small touches like flower pots or a new doormat can also make a difference. A clean and pleasant front view gives a positive signal to the evaluators even before they step inside the house.
Repair Any Visible Damage
If your house has visible damage, it can reduce the value of your property. That is why fixing the cracked walls, broken door handles, leaky taps and loose switches is essential. These small repairs show that your home is well looked after because even minor issues can leave a bad impression (if ignored). A well-maintained property saves the buyer or lender future expenses which makes it more valuable.
Paint Walls with Neutral Shades
If your house is not painted or the paint has faded, then fresh paint can make your home look newer and brighter. You can use light and neutral shades like cream, beige or soft grey. These colours make rooms look bigger and allow buyers or evaluators to imagine the space in their own way. It is highly advisable to avoid bold colours, as they may not suit everyone’s taste.
Upgrade Basic Utilities
You might not feel like it is important but the electrical and plumbing systems of your house have to be in good condition. You should make sure that all the lights, fans, switches, taps and flush systems are working properly and replace the old wires or pipes (if needed). These upgrades show that the property is good and ready to use because it has good electrical and plumbing systems. The evaluators will always consider the condition of these basic utilities while deciding the price.
Add Smart Local Touches
Also, adding useful local features increases the comfort and value of your house. For example, installing ceiling fans, water purifiers or inverter connections can impress the buyers in Delhi and nearby areas. These things improve the usefulness of the home and reduce the future setup work. Even simple upgrades like curtains, curtain rods, or extra plug points can make your home feel more complete.
Highlight Extra Features Clearly
It is recommended to make sure to point out things that add value, like an extra balcony, a modular kitchen, water storage, solar panels or a covered parking area. These features are often not noticed at first glance but they impact the overall value of your house in Delhi. If the evaluator misses them, your property might be under-priced and vice-versa. So, you should keep such areas clean, unlocked and easy to see during the valuation of your property.
Bonus Tip: Know Local Rates and Trends
You should check the current market rate in your area and learn what nearby properties are selling for. Also, you should know about upcoming local developments like the new roads, metro lines or malls in your area. This knowledge helps you to understand the right value of your property in Delhi. You can also share this information with the evaluator while talking, so they don’t miss important local advantages.
Research Nearby Property Prices
Before getting a valuation of your house, you must know how much similar homes nearby are selling for. You can collect information by asking brokers, visiting real estate websites or talking to the neighbours. This gives you an idea of your property’s worth in the current market. It also helps you compare and understand what affects the property prices in your area, so you can set better expectations during the valuation.
Stay Updated About Upcoming Developments
You should keep a track of new projects like metro stations, highways, schools, malls or parks coming near your property as we have discussed above. These things can increase the value of your home in the future. Also, do not forget to tell the evaluator about these plans during the visit. That is because the buyers are willing to pay more for homes in growing and well-connected areas, so these updates can strongly influence the final price.
Use Your Knowledge During Valuation
You know your locality the best so you should use your knowledge to highlight the perks that the buyer can get by buying your property. You can mention good roads, safe neighbourhoods, nearby markets, schools and hospitals while talking to the evaluator. This shows them that your home is in a convenient and desirable place which ultimately adds more to the property’s market value and can positively impact the valuation outcome.
Common methods used for property valuation
Whether it’s a business valuation or property valuation, understanding how valuers determine value can help you prepare more effectively. These are some commonly used methods:
Sales Comparison Method
This method basically compares your property to the similar ones that have recently sold nearby. Some factors like size, age, design and condition are studied. A fair market value is estimated according to the current demand in your area based on these details.
Cost Method
This method calculates how much it would cost to rebuild your home today. Then, the depreciation is subtracted depending on the age of the property. It is mainly used for new or special-use buildings where the sales data is limited.
Income Method
This method is very unique as it checks how much regular income (like rent) the property can generate. It is mostly used to estimate the value of rental or commercial properties in Delhi. In simple words, a higher income (rent) means the value of the property is also high. It helps the investor judge how profitable the property can be in future.
Guideline Value or Circle Rate Method
The circle rate or guideline value is the price that has been fixed by the government for properties in a particular area. It helps to calculate the base value for official purposes like stamp duty or loan processing.
Final Thoughts
It is not necessary to spend a huge amount of money in order to increase the value of your property before the valuation. It can be done by incorporating some small but smart efforts, like cleaning, repairing and painting. Also, you just have to gather some quality information about your locality, share those useful local details with the evaluator and keep your house ready during their visit. These simple steps can help you to present your property in the best possible way, so it gets the right value that it truly deserves.
