Property Valuation & Natural Disasters

Sarah Banner, Director - Residential Operations

Bringing comfort & clarity in times of loss

Losing your property due to unforeseen events can be a traumatic experience for homeowners. During these difficult times, property valuers play a critical role in bringing comfort and clarity to affected families.

In this FAQ interview, we speak with Sarah Banner and delve into how valuers approach valuations with care and sensitivity, how they assist families with buyback programs, and what factors they consider when conducting valuations for insurance purposes. We also explore common misconceptions about property valuations during times of loss and how Acumentis addresses them.

What is the role of a property valuer during times of natural disasters?

The role of a property valuer during times of natural disasters is to assess the damage caused to properties, identify risks to the property; which could be physical or market driven  and, ultimately determine the market value of a property in line with the requirements of our instructions. At times, Valuers may assist relevant authorities with buyback or acquisition programs or insurance companies.

How do Acumentis property valuers ensure they approach valuations with care and sensitivity during times of hardship and loss?

Acumentis property valuers approach their work with care and sensitivity, recognising the emotional impact their clients are experiencing. We put ourselves in the property owners’ shoes, treating them with care and respect. We listen to all concerns and take the time to explain the valuation process in a clear and concise manner. Our team is mindful of the language they use in reports and interactions to ensure the content is both sensitive and accurate. We are respectful of the property owner’s privacy, and ensure all information shared and utilised in the valuation is treated confidentially.

How can property valuations assist families who have lost their homes to start anew?

After a natural disaster, there is much uncertainty that families must face, and a property valuation will support land owners in gaining confidence about the market value of their property.

In some instances, authorities may acquire properties or offer buyback programs which involve purchasing damaged properties after seeking property valuation advice from an independent valuer. Our valuers at Acumentis take comfort in helping people move on after a Natural Disaster and secure their future with the support of an independent property valuation.

How do you determine the market value of a property being considered for acquisition or buyback?

Determining the market value of a property in line with instructions from land owners or relevant authorities involves a number of critical aspects and requirements. A physical inspection of the property is required, along with in depth research of comparable sales and market conditions, analysis of legal considerations, and application of appropriate valuation methodology.

What factors do property valuers consider when conducting valuations for insurance purposes?

A valuation for insurance purposes is used to calculate the accurate replacement costs associated with covering a residential or commercial building. A number of factors are considered by the valuers in order to arrive at an adequate valuation for insurance purposes, including (but not limited to) construction materials, size and floor plan along with locational and economic factors.

What are some common misconceptions about property valuations during times of loss?

During times of loss, there can be several misconceptions about property valuations. For instance, some may assume that insurance companies will automatically provide a fair valuation for their property. Accurate independent property advice is so important and Insurance companies may not always provide a fair or accurate valuation for a property.

Another misconception is that a property valuation after a loss is unnecessary because the property has been valued in the past. A property valuation after a loss is essential to determine the correct replacement cost of the property as the value of a property after a loss is not always lower than its pre-loss value.

At Acumentis, we understand the challenges that homeowners face during times of loss. Our team of valuers approaches their work with sensitivity, care, and professionalism to ensure that clients receive accurate and unbiased valuations. We take pride in assisting families and communities during difficult times, providing them with the clarity and comfort they need to make decisions with certainty and move forward.

Sarah Banner
State Director - Residential Operations, QLD
— Brisbane Property Valuers
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