Do you know how much your property is worth? A professional valuer can help establish your home’s value.
With housing prices fluctuating continuously, a home’s value is not as easy to determine as we’d like it to be. Knowing how to price your property is crucial to maximising your profit and ensuring that you don't overspend on your next property
To help work out the dollar value of a property, you can either get a property appraisal from a real estate professional (this is an estimated market value based on trends) or, if you want or need an independent third party, you can engage the services of a professional valuer.
What is a professional valuer?
A property valuer is a trained and qualified professional who does a thorough inspection of a property and provides an independent and customised valuation report on its market value. A valuer is an independent third party with no financial interest in the property, and may be recommended by a mortgage provider or real estate agent.
What is a property valuation?
A property valuation is the report prepared by a professional valuer. A valuation report can be used for legal matters such as mortgage applications, establishing estate values and tax liabilities. A property appraisal, on the other hand, is conducted by a real estate professional to establish a market value for your property, but it is not legally binding.
What exactly does a professional valuer assess?
According to leading Yahoo! Finance columnist Peter Boehm, the key attributes reviewed in a valuation report are:
- Land size
- Location and proximity to amenities
- Architectural style and condition
- Aspect (that is, what direction your property faces), topography (the shape of the land formation), and layout of the block
- Size and layout of the property itself
- Number of rooms including bedrooms, bathrooms, and the size of the kitchen
- Renovation and/or development potential
After gathering this information, the valuer will then sum up all of these attributes and research properties comparable to yours sold within the previous 180 days. From there, a comparative market analysis will be done and the average price established will serve as the baseline for how much your property is worth.
How can I get my property assessed by a professional valuer?
If you need to have your property valued, it’s best to ask the advice of your mortgage provider or solicitor, who will usually have contacts with professional property valuers.
There is usually a $300-$500 fee associated with property valuations, and these are determined by the type of property, size, and the format of the report requested.
If you’re looking to buy or sell your property, start by getting a free property value estimate from Upside today. This report will give you a rough idea of your home's worth based on comprehensive sales data from your area. Upside offers a low flat fee, inclusive of advertising and an experienced property agent to sell your home.