Understanding the intricacies of the property market now.

Property valuation.

"A valuer assesses the value of land, buildings, improvements and other factors that influence the current or past value of your property, a process that usually involves an external and internal inspection of the property. Valuers are independent with no vested interest in the properties they value."

There are  risk ratings that a valuer must assess and classify from low to high risk (rating 1-5).

The risk ratings are based on the following 8 factors:

1. location
2. land
3. environmental issues
4. improvements
5. expected reduced value in the next 2-3 years
6. market for the area
7. market segment conditions
8. volatility of the property

 What goes into a valuation report

The valuer will visit the property, measure it and note details on the building structure and its condition.

The following features are noted

1. any structural faults, rooms and layout
2. room presentation and fitouts, fixtures and fittings
3. additional improvements to stucture like a deck
4. property’s vehicle access, garages, carports or out buildings

The purpose of a valuation report

A valuation report is a professional and legal assessment of the value of your property prepared for many different purposes:

1. Mortgage/refinancing
2. Before-You-Sell: price/reserve setting
3. Before-You-Buy: to ensure you buy good value
4. Insurance replacement cost
5. Divorce or business dissolution
6. Capital gains tax calculations
7. Stamp duty calculations when transferring property ownership
8. Estate/probate proceedings
9. Rental determination
10. Portfolio reviews

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