Are you in the market for a new property? Whether you’re a first-time homebuyer or an experienced investor, it’s important to get the most out of your purchase. One way to do that is by getting a property valuation. A property valuation is an estimate of how much a property is worth. It takes into account many factors, such as the size, location, and condition of the property. In this blog post, we will discuss how to get the most out of your property valuation!
What is a property valuation?
A property valuation is the process of determining an estimate of the value of a property, based on many factors such as location, size, and condition. The property valuer will consider all of these factors when coming up with a property value estimate. If you’re looking to buy a property, it’s important to have an idea of how much it’s worth. A property valuation can give you that information.
Why get a property valuation?
There are many reasons why you might want to get a property valuation. If you’re thinking of selling your property, a property valuation can give you an idea of what it’s worth on the market.
Get an idea of a realistic, fair and accurate price. Getting a property valuation can help you set a realistic asking price and negotiate a fair price. It can also give you peace of mind, knowing that you’re paying a fair price for the property.
It is a legal document. Property valuations are legal and binding documents that adhere to various government requirements. They can only be provided by certified, unbiased professionals.
Supported by facts and market research. A valuation report from an independent property valuation firm guarantees that you will have all the information you need regarding the property.
What is the role of a property valuer?
A property valuer conducts detailed internal and external evaluations of the property;
#1 Assess the building and make detailed observations about any noteworthy changes.
#2 Examine the building closely and take note of any details or condition issues.
#3 Look for any large, noticeable issues with the structure.
#4 Assess and identify number or rooms (bedrooms, bathrooms, living spaces), the layout, how it is decorated and set up, what complementary improvements have been made (such as car accommodation, sheds, verandahs etc.), and finally any additions such as decking or landscaping.
Check the land’s contours, how it faces the street, the size and shape of its plot, what zoning restrictions apply to it, and finally where it is located.
Property valuation and property appraisal: What’s the difference?
A property valuation is different from an appraisal in that it determines the actual value of a property from an independent and unbiased point of view, and can be relied upon from a legal perspective. A property appraisal is simply an estimate or an opinion of a property’s current market worth, considering what the market is responding to and other factors. This is usually offered as a free service by real estate agencies.
How is the property valuation amount determined?
To estimate the value of a property, appraisers will research similar recent sales in terms of land attributes, building improvements, location and zoning regulations. They will also visit the property themselves to assess feature such as the following.
- Description of the property stating the land size and number of bedrooms available
- Hazard levels for dangers such as market risks and environmental hazards
- The property’s condition
- The furniture and accessories
- The building structure and condition
- The quality of the internal fit out and the property’s architectural style
- Planning restrictions set by the local council
- The shape, land and design of the block
- The location of the property and how close it is to desired amenities
- Any problems found during the inspection of the property or other research
Once the valuer has collected all necessary information, they will send the client a report in a few days.
In some instances, the appraisal value provided by a real estate agent may be higher than the valuation report because they don’t account for things like emotional attachment to a property, market trends or other motivating factors.
How to get the most out of the real estate property valuation?
When you’re getting a property valuation, there are a few things you can do to make sure you get the most out of it.
First, be sure to ask for a detailed report. This report should include information on the property’s size, location, and condition. It should also give you an estimated value range for the property. This range will give you an idea of how much the property is worth, and how much you should expect to pay for it.
Second, be sure to ask questions! If you’re not sure about something in the report, or if you want to know more about the property valuation process, don’t hesitate to ask the valuer. They will be happy to answer any of your questions.
Finally, remember that a property valuation is just an estimate. The actual value of the property may be higher or lower than the valuation. However, it’s a good starting point when you’re trying to determine how much to pay for a property.
If you’re looking to buy a property, getting a property valuation is a great way to learn more about the property you’re interested in. By following these tips, you can make sure you get the most out of your property valuation!
Strathfield Partners: Australia’s Leading Property Valuer
Get the most out of your property with Strathfield Partners! Meet Frank, our licensed valuer, giving you exceptional property valuation services from start to finish. Get in touch with Frank now and see the future of your property investment.
