A property valuer determines the value of a property and its improvements. In Australia, this is usually done using comparative data from sales in the area or by a cost-of-doing-business survey. I’ve got ten things you might need to learn about property valuers! These tips will help you understand how strong a professional opinion can be in determining your home’s worth.
- If a property doesn’t have a recent comparable sale near it, the value will be arrived at using a market appraisal. The deal is usually expressed as a range of values. Sometimes there may be no comparable sales, but in this case, the valuer may use information such as rates, taxes and other levies combined with their understanding of the property to estimate its value.
- A property valuer will visit your home and do an inspection, checking factors such as age, location and condition to determine how much it might be worth.
- Most Valuers take into account six different factors when determining a property’s valuation:
- Buyers and sellers must agree on a valuation before they go through the closing process. If they can’t agree on a value, the property may be returned to the market for sale.
- A property value’s estimate of the value is based on how many comparable sales there have been in a similar area within the last three years. Both buyers and sellers use these estimates to determine if an offer will be accepted or a property will be re-offered for sale.
- While Valuers are independent, it’s implausible that you will find two different Valuers who will come up with the same amount.
- It may be illegal for a person to advertise their services as a property valuer if they have yet to undertake training and be accredited by a professional body such as the Institute of Valuers.
- If you’re trying to sell your home, some potential buyers may refuse to look at the property if there has been an accident in the area or a high incidence of crime. This can mean that the valuation may have to be reduced to obtain an acceptable offer price.
- If you’re buying a home, you must ask the seller what the property is worth. Knowing this may help you to shop around for the best price.
- Buyers and sellers should let a valuer inspect their properties before making an offer so there is no doubt about the work being done to check them out.
That’s ten things you might need to learn about property Valuers! They provide essential information that is far from easy to determine. Even when a Property Condition Assessment
valuation is agreed upon, it doesn’t mean that the sale will progress smoothly. If you’re looking to buy or sell your home, consider using an experienced agent who can advise you on whether or not a property is worth its asking price.