A property valuer can help in so many situations but surprisingly, a lot of Australians have never heard of such a professional. We have all heard of accountants, lawyers, and even real estate agents but it seems Sydney property valuers have been working behind the scenes, helping Australians without much notice.
We hope with this article, you can be more aware of how property valuers in Sydney can assist you so that when the time comes, you’ll know exactly who to call.
What is a property valuer?
A property valuer is a professional in finding the value of structures and land. Sounds simple enough, but it does involve a lot of thorough investigation. Unlike an appraisal from a real estate agent, the work of licensed property valuers must be based on hard evidence and market data. There is no room for guesswork. If a valuation does call for an assumption, it must be formed by objective information and disclosed in the final report.
To become a valuer, an individual must have attended university to study valuations. Most valuers, after gaining enough experience, apply to the Australian Property Institute (API) to become a Certified Practising Valuer (CPV). Only valuers that can prove their qualifications, ability and good character can receive this qualification. When you start looking for a valuer, check to see that they have been API-certified to ensure you hire a qualified professional.
How can a valuer help?
Valuers can offer more than just the value of an item. They can provide information and advice on a great variety of arenas. Some property valuers may even have a specialty for a specific service or property. This could be commercial, residential, industrial, rural and many others.
Some valuers can value more than property. These may be business valuers, asset valuers and plant & equipment valuers. Regardless of the type of valuer you need, here are a few examples of when a valuer could be a great ally.
Buying or selling
When it comes to buying or selling property, a pre-sale or pre-purchase valuation could be just the secret weapon you need to get the best price possible. The report can be an incredible tool for negotiations as it will provide, all crucial information on the property, and proof of its current market value. Don’t overpay or undersell with this report by your side.
Applying for loans and insurance
If you approach a bank or lender, they will generally tell you that a valuation is required. This may be insurance, home loans or mortgage property valuations. Depending on your provider, you could be assigned a valuer by the bank or may be asked to select from a list of recommended independent valuers. A good property valuer will remain objective while completing the report and not be influenced by the motivations of the lender.
Settlements
There are several stages for property settlements, and it will depend on the situation, and the parties involved. Each case requires a specific type of report that is appropriate for the level of Court in which the property settlement is being taken place. Always go for an independent property valuer with a good reputation.
Handling deceased estates
Death is not something most like to think about or even prepare for, but many do. If a person has named you as the executor of their will, then before you can begin your duties, you must first apply for a Grant of Probate. This will require a valuation. If there is no valid will and testament, then an application for letters of administration must be submitted. In both cases, a valuation provides proof of the estate’s value and helps in distributing any inheritances fairly.
Investments
If you have been thinking about investing in property or would like to expand your portfolio, consider consulting with a property valuer. Many property valuers in Sydney, provide more than just a report, some offer real estate consultancy and advice services. The report, along with the expertise of the valuer, can aid in determining whether a property is worth the investment.
When to call licensed property valuers in Sydney
Most Aussies will only call a valuer when it has been requested. For some, that could be the first time have heard of a valuer. While in many situations you will be asked by a legal, finance or realty professional to hire a valuer, there are times when a valuer’s services could be useful, and you will need to call on them of your own accord. This includes such things as compensation and pre-purchase advice.
Examine the situation, do some research, and seek advice from a relevant professional. You may find a property valuer is just what you need.