If you’re keen to find out how much your property is worth prior to listing, then getting the property valued is one sure-fire way of knowing. You’ll need to engage the services of a qualified valuer such as the team at Property Point. Independent valuers will assess your property in order to come up with an estimate price. Before we get started, let’s look at how to determine the value of the real estate.
Things that property valuers consider
It’s good to know what exactly is being considered when the property is being valued. You would be well within your rights to ask what are the parameters you put into real estate valuation? In a nutshell:
- Topography, layout and land aspect
- Condition of the property
- The Architectural style of the house
- Property location and proximity to public transport, amenities, schools, and shops
- Design of the house and layout – i.e. bathrooms, bedrooms, and kitchen
- Upgrades and renovation projects carried out recently
The methods used in property valuation
So, now that we’re aware of what exactly is being looked at during this process, another consideration would be what is the best method to use for the valuation of property?
There exist a variety of methods, but the two most commonly used are direct comparison and summation.
Direct comparison is a method whereby the property valuer gathers information on the sales of properties similar to yours done in the last six months. It is their responsibility to compare your property using these recently purchased properties as a guide for valuation.
In the summation method, all the refurbishments and improvements made to the property and land are factored in to give a dynamic and comprehensive value of the home. The valuer will also take into consideration the location of the property and any local amenities that can boost the market perception of your property.
Things to know about property valuations
Property valuations cost money and the more complex the valuation the more you can expect to pay. Before a report can be written it is typical for the valuer to make an in-person visit in order to assess both the internal and external conditions of the property. Post-inspection, it may take two to three days for a report to be prepared. Fees for valuation vary depending on the type of property, the location and also the purpose of the report. Our qualified valuers can give you a quotation before you start.
Do you need to discuss property valuations in person? Get in touch with one of our friendly members of staff.
Disclaimer: Any information provided in this blog is not intended to replace legal, financial or taxation advice given by qualified professionals.