Independent & Accurate Property Valuations
The most important thing to look for in a property valuation report is the price range. This information tells you how much a property may be worth. A property valuation report is short-lived. It is valid for only a short period of time because of market fluctuations.
When reading such a report, check the date first. The closer the date is to the time of assessment, the more accurate the report.
While this number is the ultimate goal, professional property valuers in Brisbane will provide additional information as to how they arrived at a certain figure or what led them to that conclusion.
This article describes the main chapters one can expect to find in any professional property valuation report.
Property Overview and Legalities
Each official property evaluation should include the following information:
Description of Relevant Improvements
If there are any significant improvements done on the property, they will be mentioned in the valuation report.
Such improvements include but aren’t limited to double glazing windows, metallic doors or hardwood floors.
Small improvements that don’t add value to the property aren’t mentioned in the report, unless they are part of a major renovation work that raises this value.
Description of the Evaluation Method Employed
Property Valuers in Brisbane may choose from three methods of property valuation. They may choose one or another depending on the purpose of the report.
The three possible methods of valuation are
Recent sales of property comparable to the object of the valuation report will also be listed. However, they may not influence the market value that much.
A much better indicator is the state of the market.
Real estate markets may see significant movement in as short as 6 months’ time. This is an important point of the valuation report.
Each professional has his own way of assessing the real estate market. Valuation reports of the same property may vary significantly, because this assessment is speculative rather than based on hard facts.
Having all this information in the report is useful for both parties. If the property truly satisfies all conditions stated in the report, then there is no doubt it is worth the valued amount.
If the buyer wants it, he can be sure he’s going to get exactly what he pays for. If a valuation report is missing some important chapters, the buyer may request additional information from the property valuers in Brisbane until things become clear.