For anyone who has a stake or interest in a subject property, understanding its market value is a key starting point for any negotiation or transaction. The real estate market is an ever-changing one, and you will need the opinion of a qualified expert to get an accurate assessment of value.
Getting an independent property valuation from an API-registered Certified Practising Valuer (CPV) is the most reliable way of finding the market value of a property.
There is a wide range of property valuation services in Victoria that can be an incredibly useful tool for many. Finding the right service from trusted professionals is key.
Ideally, it’s best to get help from an experienced CPV who is well-versed in the particular service you require. A valuation report from a registered expert serves as legally-accepted proof of market value.
Where can I find a property valuation?
If you’re on the property valuation search, the first step is to find a firm that has CPVs registered with the Australian Property Institute (API). A quick exploration of the internet can help you identify a few options.
Going through the following considerations can help you make a decision on which firm to use for your valuation needs:
Outline the type of valuation report that you need
As there are many different types of property valuation services, you first need to ensure you know what you need. For example; a pre-purchase valuation report for a commercial property will look much different to a machinery valuation for asset management purposes.
Next, make sure that the firm you are considering actually offers the service that you require. If not, you can quickly start looking elsewhere.
Read reviews and testimonials
As a general rule, always read reviews and testimonials from previous clients before working with a company. This can provide you with some clarity on the type of service you’re likely to receive.
A barrage of negative reviews and comments may be enough to persuade you to consider a different organisation.
Ask about credentials
Always make sure that the valuers at the firm have the necessary qualifications needed to prepare legally-accepted reports.
Valuers must be well-versed in the relevant regulatory and legislative standards of valuation reports. They must also be members of the API committed to meeting International Valuation Standards (IVS).
Request a quote and compare costs
Of course, you need to ensure that you have the budget for the valuation service you end up purchasing. The costs of valuations can vary, and it’s best to request a quote from the companies you are considering to get a good idea of the probable price.
Value for money is most important and cheaper isn’t always necessarily the better option, but it’s important to know just how much money you may end up spending to avoid any mishaps.
Where do I get a copy of my property valuation?
Once a property inspection has been completed by the CPV, you will need to wait a few days to get your report. The expert who assisted you will let you know when and where you can collect your property valuation report.
The time it takes for your valuation report to be ready can range from 1-10 days. Some of the factors affecting this include:
- The type of property being examined.
- The type of valuation service.
- The amount of detail included.
Once you have your report, it will serve as definitive proof of value for around three months. If you lose your report, you can generally request another copy from the organisation that gave you the initial document.
A valuation can be performed on residential, commercial, industrial and rural properties.
Your property valuation records are not publicly available for anyone to access. As you have paid for the service, it is provided to you and not uploaded onto any sort of public database.
What information is included in a property valuation report?
The information included in a valuation report is dependent on its purpose. Valuers are careful to cover every piece of relevant detail to ensure the documents provide clients with what they need.
In general, reports may include:
- A comprehensive description of the property including measurements, number of rooms, and land size.
- Photographs of the property including both inside and outside sections
- Information regarding the condition of the property and building.
- Any relevant issues or faults uncovered in the inspection of the property.
- Information regarding market conditions such as comparable sales in the area.
Valuers will consider a number of key factors when preparing reports such as:
- Size and space
- Location
- Building age and condition
- Street appeal
- Upgrades and renovations
- Market conditions
Conclusion
Getting a property valuation is the most trusted method of finding the market value of a property. CPVs can prepare precise and detailed valuation reports for people and organisations in need.
Finding the right company can be tricky, but taking the right steps can help you make an informed decision. With the help of a qualified valuer, you can get a valuation report suited to your exact needs.
Once the valuation process has been completed, you will need to wait a few days before your report is ready. The expert assigned to assist will let you know when and where you can find your property valuation report.
The information included in a report will generally depend on the reason for the report. Valuers are careful to meet the needs of every client.
For more information on how to check on property valuation, don’t hesitate to reach out. As leaders of the industry, we're happy to assist.