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Independent & Accurate Property Valuations

20 Points That a Property Valuation Report Must Contain

When applying for a home loan, property valuation would be an important part to consider. It is a must to do so, so that the determination on the security value for the said property can be made while a home loan is being offered. When you ask the bank to loan money to buy a home, a valuation would be carried out on the new property. The same would be the case when refinancing or equity access for your home is talked about.

Types of property valuation reports

There are two types of property valuation, residential and commercial. The factors to determine each type would be different, say experts. The property would be measured; details such as the type and number of rooms, fixtures in each room, fittings et al would be taken into account for valuation. Other unique attributes that would be considered are;

  • Property location
  • The condition of the building
  • The building structure, faults if any
  • Fit-out and the building’s presentation
  • Car parking and garage access
  • local council zoning and more

These are the attributes along with comparison of sales around the region, and the market conditions at the moment which would help in producing a valuation report.

Home Valuation

Reason for property valuation

Some of the reasons why clients get property valuation done are;

  • They get to understand the difference between value and price
  • They make better buying and selling or even investing decisions
  • An objective assessment of the asset can be done
  • No personal attachments clouding any decision making and judgments
  • Legal and binding valuation reports can help with selling when vendors and buyers come
  • When investment of the property is done, it is tax deductible
  • Financing shocks are prevented

What includes property valuation report?

A property valuation report would always have a summary and details of the property, such as;

  1. Address
  2. Title details
  3. Zoning
  4. Council
  5. Current ownerproperty Valuation checklist
  6. Brief description of the premises
  7. Characteristics of the property
  8. Location
  9. Neighborhood
  10. Description of the site
  11. Access details to the site
  12. Services available at the site and around it
  13. Construction standards of the building
  14. Accommodation type
  15. Building quality
  16. Condition and faults (if any)
  17. Ancillary improvements
  18. Recent and relevant sales proof or evidence
  19. Fully colored photographs of the property taken when inspection was done
  20. Locality map

The market is constantly changing and because of it’s nature, a property valuation report can be trusted for ninety days post inspection of the said property.

Once the valuation of the said property is done, and if ninety days post the inspection has finished, there would be a “letter of comfort”, “market change opinion” sort of intimidation sent to the property owner. This would be to inform the client if there have been any dramatic changes that may have happened in the past ninety days, which may or may not affect the valuation of the property.

To know more about the importance of property valuation, it would be best to check online for more information, speak with the professional experts. There are lots of professional agencies in Australia which provides property valuation services in Melbourne and other major cities in Australia.

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One comment on “20 Points That a Property Valuation Report Must Contain

  1. Valuations VIC
    February 2, 2015

    Great article, And also great design tips to increase articles.

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