Need a property valuation, but are too overwhelmed by your choices? Do not stress, there may be a lot of services available but hopefully, this article can be of some assistance in helping you find the right service for your situation.
The easiest way to determine what service you need is to know why you need the valuation and what you hope to achieve with your report. Here are some of the most popular property valuation services available in Sydney and how they can be useful. This should give you a better idea as to what to ask for when enquiring about a service.
- Pre-purchase valuation: Before you finalise the purchase of a property, getting a valuation could save you some money and perhaps save you from a risky investment. A report details everything important about a property, its many benefits, features, and issues that may be of concern. Be informed before you commit to a sale and if you decide a certain house is perfect for you, then the report can aid in negotiations.
- Mortgage property valuation: If this is the service you need, you would likely already know it. When applying to a bank or lender for a home loan, they will inform you that a valuation is needed. This is what determines whether they would approve of your loan and how much they would be willing to give you. Depending on the lender you may have the option to seek the assistance of an independent valuer. This will allow for a valuation report that is more objective and not geared to the interests of the bank. Ask your lender about your valuer options.
- Property settlement valuation: When divorcing or separating from a partner, shared assets such as property will need to be settled fairly between the two parties. A valuation is key to just that. There are many ways property may be dealt with which includes, transferring property from one party to another and buying out the owner so that you are the sole owner. A valuation ensures that the full value of the property is known during the settlement and can aid with any resulting taxes that might apply.
- Family Law property valuations: This may be different to a property settlement valuation as settlements are usually resolved through mediation. When mediation has failed, or the situation has escalated to Family Law Court then you will need to ask for this specific valuation. A report for Court must meet certain requirements and be written as a long-form report. If a valuation report is not to the Court’s standards, then it could be seen as invalid and thus rejected causing, delays, stress or a negative result.
- Compensation valuation: Unfortunately, there are times when your property is either lost or may lose value due to something that is outside of your control. In these situations, you may be entitled to compensation and a valuation can help you prove how much your property is worth and how much you need to be compensated. One such situation is compulsory acquisition, where a governing body such as your local transport authority wants a portion of your property to make way for a new motorway. This has occurred to many residents of NSW, and if this is what you are going through, then a compensation valuation can ensure you are paid correctly.
Seek advice from a specialist
There are too many services to discuss in a single article, and we understand that we may not have fully touched on the service you need specifically. So that you get the right service for you, it is best to speak with a valuation specialist directly. They can assist you and help you find the best service for your situation. Before seeking advice, here are some questions you should be prepared to answer:
- What sort of property is it? (Rural, residential, commercial etc.)
- Why do you need this report?
- What is the address?
- What date do you want the valuation to be made for? (eg. is it today’s value or a value back in another time such as June 30, 2018)
All this information can help you as well as the valuer, to determine the right service for your needs. Speak with an expert today about having a property valuation.