Property valuation is important for every home or property owner in making critical decisions and evaluating risks. This comprehensive report is legally enforceable and can be completed only by a qualified property valuer. This process varies in complexity depending on the uses of the valuation report to be completed, making it difficult to estimate the cost of getting this done.
It is easier to get the best quote for this service in Sydney and other major cities across Australia. Because of the numerous professionals ready to offer this service, unlike the rural areas. Professionals at https://www.sydneypropertyvaluation.com.au/ have provided us with different parameters that help us evaluate the cost of property valuation in this article. These factors will help you estimate how much valuers will charge to value your property.
Reasons For The Valuation
Property owners need a property valuation for lots of reasons which include; selling or buying a property, refinancing, mortgage, or any other reason. Depending on why you are looking for your property valuation, the methods used by the valuer will vary. Here is a description of how different reasons can affect the cost of valuation.
Free property valuation – It is also called Property appraisal, which is the best option when looking to sell, buy or refinance your property at a budget. Most realtors provide a free valuation to increase their chances of getting your business while saving you hassle and cash. Mortgage brokers also provide this service to their clients for the cut of the commission made once the client is approved for the mortgage loan.
Individual property valuation – While the valuation offered by real estate agents and mortgage brokers is free, it is mostly shallow or biased as they solely do it to get your business. Property owners will use third-party valuers to get a detailed and unbiased valuation report that can be legally enforced in case of any problems.
Bank valuation – When applying for mortgage loans or refinancing your property, some banks may require a property valuation completed by their in-house valuers. The cost of this type of valuation might be slightly higher compared to the others; hence, you should confirm with your bank before completing one.
The Property Size
The size of the property to be valued is a great determinant of how much valuers will charge. Smaller properties will usually have a lower quoted price than industrial property or commercial establishments. Property valuers will spend less time evaluating the small property and compiling the final report making it slightly affordable for small property owners to get them valued. In Sydney, the average property valuation costs between $300 to $500 and can shoot to thousands of dollars with the increase in the property size.
The Type Of Property
Property valuers will charge differently depending on the type of property in question. A single-family property requires less work from valuers to complete a report than industrial or commercial property. Property valuers will need you to disclose the type of property you have before they quote you their cost.
The Location Of The Property
Similar to the cost of property in Australia, the cost of property valuation is heavily affected by the location of the property. Property valuation in more developed parts of cities can be affordable compared to those far from city centers. This is usually because there are a lot more properties on the market, making it easier to compare value, unlike rural areas with fewer properties on the market. Similarly, there are uncountable valuers in the city competing for projects compared to the rural areas where there may not be one.
The Reputation Of The Valuer
The property valuation market is competitive, which is good for you as a property owner looking for this service as you are exposed to options. The best valuers with the most experience and expertise in the market will charge higher than a newly started firm in the same area. Also, a firm with extensive valuation technology or workmanship will usually charge higher than a less equipped firm.
Getting the best price while getting the best service will require some research from your side (you can do a simple Google search). After getting a list of well-reviewed valuers, take the time to call each of them to get a quote. Now you can compare among the quote prices for the best deal.
Property valuation is vital in establishing the value while allowing other parties to know more about your property. While you can get a free valuation, this can lead to a partial, biased and unreliable report. A third-party valuation is the best way to go when looking for a detailed valuation report that is legally recognized and useable.