A property valuation is a detailed report developed to ascertain a property’s market value at the date of inspection. It details key features such as property size, condition, other comparable sales and more. A property valuation is a legally binding report prepared by a Certified Practicing Valuer who has completed a university-level degree and relevant training, in addition to being accredited by the Australian Property Institute.
Market Value is defined by the International Valuation Standard Council as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.
A property valuation is used for numerous reasons including determining the fair market value of a property pre-purchase or pre-sale. It is also used when applying for a mortgage to purchase a property or refinancing a loan, to ensure the security value of the property adequately covers the loan amount. A valuation may also be used in family and partnership settlements, insurance claims, or for financial reporting.
A property valuation is undertaken by a Certified Practicing Valuer who has completed a university-level degree, in addition to being accredited by the Australian Property Institute.
A property valuation is a report completed after a detailed inspection is undertaken on a property. A property valuation will take into account features including;
A property valuation is a formal written report prepared by a qualified and registered property valuer detailing the property’s market value at a specific date. A property valuation is a legally binding document supported with substantiative comparable sales and property market data. A property appraisal is typically provided by a real estate agent. It is an opinion or estimated market value of a property as of a specific date.
A property valuation is required when a property is being purchased, sold, refinanced, transferred, or for financial reporting on property assets. Valuation for the purchase and sale of a property is used to ensure that the security value of a property adequately covers the amount being loaned.
The cost of a property valuation will vary depending on the property type, size, and valuation type. A standard residential property market value valuation report is likely to cost from $400 + GST.
The time it takes to complete a physical property inspection will vary depending on the layout, size, and features of a property and the documentation that has been supplied. A residential property inspection is generally completed within 30 minutes, with commercial and agribusiness requiring longer timeframes. A valuation report is generally supplied within 5 working days of instruction and supply of all required documentation.
Once your inspection has been booked, at a mutually convenient time for the valuer and yourself you should start to prepare for the valuation to occur. Here are a few tips.
Supply relevant documentation
Highlight the property’s special features
While the valuer is a property expert, there are certain features at a property that are not visible. Do you have an underground water tank? Solar panels on the roof? Underfloor heating? Point these things out to the valuer. Every detail counts towards the overall property value.
A valuer will need access to the whole property. Where possible, to speed up the valuation process the homeowner can open side and rear gates, garages, pool fences, and internal and entry doors. An essential part of the valuation inspection process is to measure the house. So, providing full access to the property makes the valuer’s life a lot easier!
Clean, declutter, and repair
You only get one chance to make a first impression. A clean, well-presented house will show your property’s full potential. A valuer will take notes of everything visible, so those unfinished renovations would ideally be completed, and the house presented in its best condition to get the most out of your valuation.
Take COVID precautions
At Acumentis we operate within COVID safety protocols. If you would like the valuer to wear a mask during the inspection, please don’t hesitate to ask when speaking with our friendly staff to confirm the inspection time. Also, opening doors, and windows and turning on any lights where rooms are dark will facilitate a contactless inspection.
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