Property valuation plays a vital role in real estate dealings. Whether you are planning to buy a new house or sell an existing one, the services of a property valuer are essential in many ways. However, the need for property valuers Melbourne is often not clear to many people. But there are those that understand the importance of property valuation. That said, here are some essential facts to know about the valuation process.
Valuation Figures Are Not Constant
Humans do property valuation. Thus, as much as the value of your home is arrived at after serious considerations, the final figure is often subjective. In the case of professional valuation, the value proposed by the valuer should not be very far from the actual value. The personal nature of property valuation explains why a valuer could be legally liable if they are enough grounds to confirm they did not act ethically or professionally.
It’s Not an Appraisal
Real estate agents are known to be bullish when appraising a home. They do this with their eyes set on hastening the sale, and they are well aware of the nature of completion they face in the property markets. It is possible to have them value your home upwards, to meet your expectations. Independent valuations, on the other hand, give you are the correct figure without any vested interests.
There are Different Types of Valuations
A fixed process does not govern all valuations. Property valuations are carried out differently depending on the objective of the assessment. For instance, the value proposed by a full valuation could significantly differ from that arrived at from a restricted valuation. But as a homeowner or an investor, it is imperative to be aware of how the assessment is carried out, and the influence it could have on the value of your property.
Comparable Sales Matter Here
Property valuation experts have to rely on comparable property sales in a particular neighborhood. These are mostly recent sales close to the property that are quite similar in terms of size and shape to your home. Thus, if there are not sales to benchmark, the valuer has to rely on their subjective interpretation and experience.
Property values are there for a reason. Thus, if you need to know the current value of your home, enlist the services of an independent property valuer. With professionals, you can be sure of an accurate or reasonable estimate.
