All Your Property Valuation Questions Answered
All property valuers are not the same, and depending on the type of organisation, they do not all provide the same services or level of detail in their property valuation reports.
Below you will find answers to the most common questions asked about property valuations along with a short video that will answer your property valuation questions.
Want to know more about our property valuations?
We are always happy to assist with additional information. If your enquiry is not answered in full below, please e-mail us and we will be happy to assist.
What is a property valuation?
A valuation is an informed expert opinion of the value of a property. The valuers expert opinion is formed after the valuer has obtained all relevant facts and information about the property.
A valuer interprets the market to assess the value of a property. Three basic methods are used to estimate value:
- Sales comparison: involves analysis of recent market transactions (past property sales) and compares the similarities of those transactions to the property being valued, and then a determination of the value is made.
- Cost method (summation): is based on the depreciated replacement cost of improvements on the property and is added to the land value. In simple language; what it would cost to rebuild what is already there.
- Income method (capitalisation of the net rentals): is based on the potential rental income of the property.
The valuer will use the most appropriate of these methods, often using more than one as a check against the principal method.
Why should I have my property valued?
Whether you are buying, selling, leasing, dissolving a partnership, involved in a family, de-facto or marriage settlement, executor of a deceased estate, having land resumed or acquired, undertaking a subdivision, appealing against a statutory assessment, undergoing a rent review, building units or a commercial or industrial complex or seeking finance for any reason, you need to know the true value of your property.
National Property Valuers will provide you with an accurate, independent market value, supported by well researched sales and/or rental evidence.
What will a valuation cost?
For our standard, short-form valuation report on a residential property worth $500,000 or less, an investment of a few hundred dollars is nominal compared with the thousands of dollars you will spend in taxes and charges alone.
The peace of mind that comes from knowing you have not paid too much or that you have not undersold your property, is priceless. Please contact us for a fixed price quote before you proceed with what may be your largest investment.
How long does it take to have my property valued?
Our extensive network of valuers means that no matter how remote or urgent your valuation request is, we can usually complete your residential valuation within 3-5 working days and your commercial/industrial valuation within 7-14 working days.
When accepting your valuation instructions, National Property Valuers will provide an estimated turn around time, so you will know when to expect your report.
Do I need to go on a cleaning frenzy before my valuation?
The simple answer is no. Although cleaning your home, styling it well, and maintaining your garden will absolutely make your home easier to sell and will most likely result in a slightly higher sale price if that is what you are looking at doing.
A professional valuation is more concerned with the overall quality and features of your home, and not how long it has been since you took a toothbrush to the skirting boards.
Your property valuation inspection is not a rent inspection. So, a few breakfast dishes in the sink, or a bit of mess in the backyard is not going to make a difference.
That being said, a dirty home can be a reflection of a poorly maintained home, and poor home maintenance will certainly affect the value of your property in a negative way.
Why should I use National Property Valuers?
National Property Valuers’ network of senior, qualified property valuers will ensure that you receive an accurate, well researched, professional valuation report, wherever you or your property may be located and our valuations are regularly accepted by Australia’s top financial institutions.
Our ongoing research, sales analysis and interaction with the main players in the markets throughout Australia ensures we remain in touch with current market trends.