How do valuers assess your property

It normally takes around 48 hours for a standard three-page report to be produced, and these vary in price, depending on the property type and the report format requested.

The second, the summation method , comprises adding the value of the land to the value of the improvements on the land, which include things like the house, pool, garage and pergola. Professional valuers such as WBP Property Group generally use a combination of these two methods to determine a valuation range, and then use their skills and experience to come up with their valuation figure.

This article was originally written in November and was updated for clarity and formatting June You're almost finished - want help finding the right home loan? Presenting the property to the valuer in its best form will help you get a better result.

A valuer will need to inspect your property in person to review the asset in detail. The valuer will identify the location of the block, the size both dimension and area , the facing aspect and the position. The valuer will weigh the positives against the negatives. An example of a negative criteria would be if a block was to close to power lines.

This often causes a decline in property valuation. The valuer will assess the property on what a buyer would want when walking into the home. For example, an open floor plan offers great natural light and is better suited to families. This can be viewed favorably by the valuer. The valuer may also measure the rooms as part of the assessment.

If the rooms are to small to fit a double bed, this can potentially reduce the property valuation. Many site improvements will capture positive attention by the valuer. There are many types of improvements that will reflect in a positive property valuation. Once the valuer has assessed the property, the next step is to compare it with other properties available within the area.

They have access to various databases that help compare and review your property. It should be noted comparable sale evidence can negatively influence your property valuation. This does seem unfair, but valuers do not take note of the basis behind lower sales unless the property was inferior to yours. Valuers will also rely on data from various other sources around town planning and location.

Once a valuer has completed their findings, they produce a property valuation report for the bank. In the report, it will outline the risks associated to the property, the security of the market and confirm its property valuation. The process is generally conducted similarly between valuers, but its not uncommon that different valuers present a different property valuation figure.

If you do happen to encounter a negative property valuation, talk to your mortgage broker. They can find out why it was negatively valued and if it is worth getting another property valuation. The valuer will also need to measure the property. Following the COVID pandemic, and with increased awareness of surface transfer, our valuers prefer a zero-contact inspection where possible to prevent transmission of viral or bacterial infection.

Please turn the lights on and open all internal doors just before the inspection to assist in making the inspection process safer for both the valuer and the home occupants. If you have a copy of your building plans — print or digital — you may submit a copy to your valuer prior to the valuation.

Valuers are required to measure and sketch the floor plans, so having council-approved plans to give to the valuer will speed up the process. The certified valuer is an expert in the area and makes evidence-based decisions. It helps to have a realistic expectation of valuation outcomes, based on evidence. Let the valuer know if you are aware of any recent sales transactions for nearby and similar properties.

If your property has any features that are difficult to see, be sure to let the valuer know so they can take those into consideration. This might also include advising the valuer of any recent renovations and the approximate cost of those renovations. A list of such features is always helpful for the valuer to take with them. Remember to ensure your animals are also prepared for the appointment, and safely tether or isolate them. Our valuers recommend you allow up to half an hour for most properties.