Here are the frequently asked questions related to the property valuation -
What is property valuation?
It is the process to estimate the actual market value of the property by keeping the market conditions and other influencing factors into consideration.
Who can evaluate the property value?
The registered and qualified property valuer can evaluate the property value.
Can I find the value of the property by myself?
Yes and No both can be an answer to this question. For tentative idea it is ‘yes’ through online property valuation you can find the value of the property.
No, to get the accurate property value. you cannot. Actually, the property valuation requires the experience, qualification, and registration in API (Australian property institute). And expert property valuer has the ability and skills to determine the right value of the property.
Why and when I need property to be evaluated?
To sell or buy the property, to keep the property on rent, to know the tax amount and monthly mortgage installments, to resolve the issues related to the property. The property valuation service is required.
What is property valuation report?
The report provided by the property valuer once the process of the valuation is completed that report is known as a property valuation report.
What valuation report contains?
The property valuation report contains the information related to the owner, reason of valuation, type, size, age, condition, the structure of the property, valuation figures and current picture of the property. It also contains advice given by the property valuer to increase the value of the property.
How to increase the value of the property?
Yes, one can increase the property value by making it more presentable. Some renovation and improvements can bring the difference in property value. Like - Painting the walls with light colour, mow the garden, remove the weed, discard the unwanted things, remove the scrap and waste, replace the old and deteriorated furniture, renovate the kitchen and bathroom can make the look and feel of the property attractive.
What is home appraisal?
The rough value of the property given by the real estate agent which is based on the property previous sales values and market knowledge. The estate agent is not the qualified professional. It is completely based on the mere judgement of the agent.
How is formal valuation different from a real estate agent’s appraiser?
Formal property valuation is done by the property valuer who is a qualified and registered professional. Whereas the appraiser is given by a real estate agent on the request of the vendor which is based on the opinion.
What is the process of property valuation?
First, the valuer inspects the whole property and then gather the data related to the subject property, finds the comparable and study the market condition, then calculate the property value based on the facts gathered.
What are the kinds of property valuation?
Basically, there are three types of valuation - Kerbside valuation, which involves only external inspection, data related to the local market and neighbourhood.
Full side valuation, which needs an external-internal minute inspection of the property, gathers all the data related to the property to find the property value.
Desktop valuation, which involves no inspect only based on data available and online property valuation tools available.