Your Simple Guide to Property Valuation Services
Property valuations are the essential service that doesn’t get as much attention or recognition as it should. It is a service that is required in so many situations. If you want to learn about property valuations in Perth and greater Western Australia, you have come to the right place. This simple guide will provide all you need to know about this important service.
What are property valuation services?
Property valuation services are a way of finding out the official market value of your property. What makes this so official is the valuation report. It is a legal document that you can use in many situations, including compensation, tax purposes and settling property.
A valuation is completely based on evidence and is an objective assessment of property value. All information that the value has been based on is included in this sworn valuation report.
Who provides these services?
All real estate valuation services are provided by qualified valuers. All valuers would be highly trained and educated. This includes having a university degree and completing added training courses, usually, from the Australian Property Institute (API).
The most reliable valuers will have accreditation from the API as Certified Practising Valuers (CPV). To gain this certification, real estate valuers must:
- Have at least 2 years of active valuing experience
- Have completed an API-accredited course and pre-requisite training
- Have passed the application process which includes an interview and report review
Many valuers have other professional memberships from other well-known and respected bodies such as the Royal Institution of Chartered Surveyors (RICS).
What property valuation services are available in Perth?
There are many different kinds of real estate valuation services. Each one is specifically made for a particular purpose as well as property type. When it comes to residential properties, here are a few examples of Perth property valuation services:
Pre-purchase/pre-sale
Buying and selling real estate is not a simple everyday transaction. It is a huge investment and for sellers, it is the sale of a huge asset. To make sure you have the best outcome in an arm’s length property sale, a valuation is recommended. It can ensure that the property is not under or overpriced and will provide crucial information for both parties.
Property Settlement
This is a service that has a lot of variation and consideration. There are many types of property settlements as they can vary in property type, Court, and involved parties. Depending on each case, a property valuation for settlements may need to be delivered as a short-form or long-form report. This is a standard that has been set by the Australian Courts and thus all certified valuers will ensure that the reports are produced correctly.
Expert Witness Reports
Sometimes when it comes to litigation, divorce settlements, property disputes etc. an expert witness is required to provide an official valuation. These are known as expert witness reports and require the services of an independent property valuer. This valuer will have a respectable amount of relevant experience. Courts may specify that only one expert is hired. This may also be referred to as a single expert witness.
Valuation for Tax purposes
Tax and property ownership go hand in hand. Whether it is the transfer of property between family members, friends, or spouses. This could trigger what is known as stamp duty (transfer duty). This is a state tax that is paid to the WA government. There are concessions and exemptions available to persons and properties that are eligible. This also applies to capital gains tax, which may be a part of your income tax if you have profited from selling an asset.
Building Insurance
Whether it is your home or an investment, you should have insurance to protect yourself from possible financial strife. Disastrous events can happen unexpectedly. If anything were to happen, the security that an adequate insurance policy provides can save you money and added grief. In the case of strata properties, it is a legal requirement. Valuers offer a comprehensive valuation that determines the full replacement cost of the building in question to ensure the best possible coverage.
How to start a property valuation service?
To start a property valuation service, your first step is to know why you need a valuation and what you want to achieve with the report. This helps determine which service you need
What else do you need? Well before you reach out to a valuer there’s some information you should be prepared to provide:
- Reason for the valuation: as stated above, this determines the service required. It also determines the kind of report you will need and the price
- Full address of the site: this allows the valuer to prepare a quote and to see what data is available
- A rough estimate of the current value: this may seem silly as finding out how much your property is worth is likely why you want a valuation in the first place. By stating how much your property is roughly worth, you can be provided with a more precise quote for the valuation, which means less of a surprise later when you receive the final invoice.
As for contacting a local property valuer, this is a way of not only saving money but also getting the most out of your valuation. Locals are the experts of any location; this goes double when it comes to a valuer. Property valuers who have local expertise will provide more accurate reports and information. They come with the advantage of not needing to travel a great distance to value a property. Local valuers charge less for travel fees as there is less travelling to be done.
If you would like to enquire about property valuation services in Western Australia, contact our team today. We can help you get in touch with an expert local valuer