How we proceed professional property valuations
Post date: Feb 1, 2017 5:43:46 AM
Here are some illustrations how a qualified experienced valuer at 888 Property Finders goes through to complete a full professional valuation.
1. Receiving valuation instructions
The following information is required upon instructions to assist valuations.
- Type of property and attributes such as a vacant land or a house/apartment/townhouse/villa; no. of the bedroom, bathroom and car space, etc.
- If it is commercial property, specify a type of property such as strata office/free stand building /industrial warehouse/factory/showroom, etc.
- Any supplementary information such as the copy of floor plan or strata plans if any.
- If a commercial property is tenanted, provide a copy of lease and outline of outgoings.
- If the commercial property is managed by an agent, provide a copy of a latest rental statement, which includes the details of the current rent and outgoings including agent’s management fees.
- Why you need a valuation.
2. Searches for valid information
- Check the correct legal descriptions of subject; previous sales and ownership records
- Check other factors which may affect property value such as town planning and zoning, any heritage issues, contamination, or if any issues with the council.
- Search comparable sales in recent months from the date of valuation.
3. Inspection arrangement to undertake property valuation
Why are inspections a necessary step for valuation?
- It is fair to say that 'you do not feel you know about property without seeing it on-site' but you also must observe many other aspects and parameters of valuation which are affecting its value, such as quality of improvements, any ancillary improvements, state of repairs, location, land attributes, views, neighborhood, proximity to amenities, list goes on.
- Through on-site inspections and all the legwork and running around and taking measurements, a professional valuer needs to fill out the field notes to collect all the valid information.
- Impartial and unbiased valuation only comes from taking all necessary valuation procedures.
4. Prepare a written and certified valuation report
Valuation is to support a client's various needs such as tax, legal, or even informed decisions to sell/buy/renovate, as well as other reasons.
- The valuer will put all relevant information into a written format to demonstrate how to conclude the market value as at the date of valuation bu adopting correct valuation methodologies.
- Any relevant photos and evidence will be presented to the report supported by valid information and on-site inspections and methodologies based on professional training, experience, and work ethic.