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Melbourne Property Valuation, Australia, is a highly complex process. It requires the skills of an expert who knows various factors that can affect property values.
Besides, Property Valuation is a contentious topic in Melbourne. Many property valuation agents provide their services, and they do not always agree on the value of your property, which can be confusing. We will help you to understand how property valuations work in this article.
The Process of Property Valuation
The basic process for assessing the market price of a property includes viewing it from all angles considering existing fixtures, fittings, and features and its location within an area or suburb by comparing it with similar properties nearby.
Another way to assess whether a property has increased in value after renovations is through comparison with other recent sales completed around the same time frame – even if those properties have been sold at higher prices due to different qualities (location etc.).
The Value of A Property
A property’s value is not always what it says on the valuation certificate. There may be a discrepancy that you can only solve in many cases by talking to the valuer and going back through their process.
When you’re deciding whether or not your property has increased in value after renovations, it might also make sense to get an expert opinion from someone who knows about building costs – such as a quantity surveyor (QS). This will help you compare your property with similar ones sold at different times, so you have a better idea of its current market price.
The Council charges fees for assessing properties valued above $100 000 which are usually paid before work starts, but if it does start, then the prices are payable as a lump sum.
How Is Property Valuation Melbourne Done?
The valuer will visit the property to measure its external dimensions and take photos of any significant buildings or gardens. They’ll also interview you about your occupation, income, family details, etc., which helps them calculate how much housing is needed for different sized households.
When they come across something unusual with their assessment that doesn’t show up on Google Maps or Street View, they may need to make inquiries like contacting neighbors about parking arrangements at the front door.
Valuers can use other information sources during this process, including real estate agents’ websites and suburb profiles from groups like REAP (Real Estate Agents Association of Australia).
Who Requires Property Valuation?
You don’t have to be a homeowner to use property valuation. Many companies hire valuers when they’re buying or selling land and need information about the value of the land to make an informed decision.
Land surveyors (also known as cadastral engineers) are professionals who measure and map out boundaries for a particular property – this is what’s used by valuers when they go into your home so that they can accurately define its size on their inspection report.
How To Approach For Property Valuation?
The first step towards arranging a valuation is usually contacting someone you know at one of these agencies with something like, “Hi there, my name’s XYZ from ABC Company Pty Ltd – I’m looking for somebody to do some property evaluations.” They’ll then ask you for your company’s name and phone number, as well as the property address (or addresses) in question.
The next step is to find out what types of evaluations are available – this may be grouped into one or more categories such as:
- Property Valuation Cost
This type of valuation involves assessing a property’s value to see if it has increased after improvements have been made during its current ownership and occupation. It looks at whether any other comparable properties sold in that area within the last 12 months can show how much profit could be gained from selling your property.
- Market Value
If you’re thinking about buying a new house but don’t want to sell your old property, this type of valuation will let you know how much they are worth in the current housing market.
This type of valuation is used for rental properties and calculates the rent per square meter (or foot) based on an agreed schedule or a predetermined amount to cover all expenses such as repairs, taxes, insurance costs, and many more.
The Bottom Line
In summary, this blog post takes you through the basic process of Property Valuation and the types of information you require. Besides, it also talks about the ways you can approach any company for Property Valuation Melbourne.
So, whether you are a buyer, seller, homeowner, or an employee from a company looking to buy any property, this information will help you to get through the process of Property Valuation Melbourne or at least help you to get started with it.