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Understanding property valuations

What is a property valuation, who completes it, and why would you need one? We explain all that for you below.

A property valuation provides an in-depth review of the value of a property. Sellers’ use property valuations to be able to understand how much the property will sell for and a buyer would obtain this as it reduces the overall risk of not understanding key market value and analysis of issues that may pose a weakness regarding the property and its features.

Who completes a property valuation?

A registered property valuer certified by the Valuers Registration Board. Banks also have list of preferred valuers so get in touch with them before ordering your valuation.

Why do you need a property valuation?

A property valuation is an analysis and evaluation of the marketable value of a property. This will allow you to understand what the property is worth. It will be a valuable guide in establishing how much to offer on the specific property you are wanting to purchase.

The valuation takes into consideration information such as neighbouring properties sales information, the property market, council information, as well as land size, unique features, and conditions of the property itself. Once you have this in-depth analysis of the property, it will help you to be able to re-negotiate on price offered and in remedying any property concerns

What do property valuers look at?

They review all aspects of the house, including the outside of the property.

Rooms are measured and construction materials and types are confirmed. The overall condition of the house is inspected and rated. Items such as the flooring, unique features, ceilings, doors, lighting, ventilation, cladding, retaining walls and any points of concern for maintenance is commented on.

The report may also make note of the flooding and drainage and also provide some commentary on neighbouring properties, the street, ease of public transport and general comments about the local area noting all the positives and negatives.

The marketability based on their observations will be assessed and then provided in a written report.

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