Understanding property valuations

Property valuations are the ultimate test of honesty in the property market; they form the fundamental foundation upon which the sales agreements and other transactions are found upon.  Thus property valuations are crucial, and should always be done by a qualified and licensed valuer.

What do property valuations do?

Like the name suggests, a property valuation is an estimate done by a professional, detailing the monetary worth of your property. A valuer will come and view all your property, whether it is a house or parcel of land, and based on their professional training, give you the financial worth of that property.

What do valuers consider, when valuing a property?

Well, there are various factors that valuers consider when ranking or valuing your property. They are professionals who are trained to among other things, to ascertain the prospects for growth and development of that surrounding, the demographics and kind of businesses or industries coming up, before coming up with an estimate value for that property.

So, can I convince my valuer to value my property for more?

Unfortunately or fortunately, you cannot and should never attempt to influence a valuer to value your property for more. In any case, their final valuation report is admissible in a court of law, and they know all too well the risks of conniving with property owners to inflate the worth of their property. Often, Valuers are naturally neutral, fair, unbiased, and with a wealth of knowledge that will help you make sound investment decisions.

Can my advocate double up as a valuer?

Advocates are very different from property valuers; the former are just experts in matters law, while the latter are mandated to professionally access and establish the monetary worth of property by property valuers perth.

Conclusion

Whether buying or selling property, never underestimate the importance of having the property valued before any payments are made.