A property valuation is an estimate of the market value of a property at a specific point in time. It is carried out by a qualified and licensed property valuer, who will consider a variety of factors, including the property’s location, condition, features, and recent sales in the area.
Why Should You Get a Property Valuation?
There are a number of reasons why you might want to get a property valuation, including:
- To sell your property: A property valuation can help you to set a realistic asking price for your property. It can also give you an idea of how long it might take to sell your property.
- To buy a property: A property valuation can help you to determine whether a property is worth the asking price. It can also help you to negotiate a better price with the seller.
- To refinance your mortgage: Lenders will typically require a property valuation before approving a mortgage refinance. This is to ensure that you are not borrowing more money than your property is worth.
- To get tax breaks: If you are considering making significant improvements to your property, a property valuation can help you to substantiate any claims for tax deductions.
- To settle a dispute: If you are involved in a dispute over the value of a property, a property valuation can be used to resolve the dispute.
Benefits of Getting a Property Valuation
There are a number of benefits to getting a property valuation, including:
- Peace of mind: Knowing the market value of your property can give you peace of mind. It can also help you to make informed decisions about your property.
- Accuracy: A property valuation is carried out by a qualified and licensed professional, so you can be confident that the valuation is accurate and reliable.
- Impartiality: A property valuer is an independent professional, so you can be confident that the valuation is impartial and unbiased.
- Support: A property valuation report can be used to support your claims to lenders, insurers, and other parties.
How to Get a Property Valuation
To get a property valuation, you will need to contact a qualified and licensed property valuer. You can find a list of valuers on the website of the Australian Property Institute (API).
The valuer will typically visit your property to inspect it and gather information about its condition, features, and location. They will also research recent sales of similar properties in the area.
Once the valuer has completed their research, they will produce a valuation report that outlines their findings. The report will include the valuer’s estimate of the market value of your property, as well as the factors that they considered when making their valuation.
Cost of a Property Valuation
The cost of a property valuation will vary depending on the size and complexity of the property, as well as the location of the property. However, you can expect to pay between $300 and $500 for a basic property valuation.
Getting a property valuation is a wise investment, regardless of whether you are buying, selling, or refinancing your property. A property valuation can give you peace of mind and help you to make informed decisions about your property.