How much is your home worth?
Madhu Chaudhuri
I help Ex Pats, Migrants, families, small businesses transitioning to achieve their property and finance dreams -be Financially Independent | Finance Writer
Understanding the intricacies of the property market now.
"A valuer assesses the value of land, buildings, improvements and other factors that influence the current or past value of your property, a process that usually involves an external and internal inspection of the property. Valuers are independent with no vested interest in the properties they value." #mortgage #propertyvaluation
The risk ratings for valuation are based on the following 8 factors:
- location
- land
- environmental issues
- improvements
- expected reduced value in the next 2-3 years
- market for the area
- market segment conditions
- volatility of the property
What goes into a valuation report?
The valuer will visit the property, measure it and note details on the building structure and its condition.
The following features are noted
- any structural faults, rooms and layout
- room presentation and fitouts, fixtures and fittings
- additional improvements to stucture like a deck
- property’s vehicle access, garages, carports or out buildings
The purpose of a valuation report
A valuation report is a professional and legal assessment of the value of your property prepared for many different purposes:
- Mortgage/refinancing
- Before-You-Sell: price/reserve setting
- Before-You-Buy: to ensure you buy good value
- Insurance replacement cost
- Divorce or business dissolution
- Capital gains tax calculations
- Stamp duty calculations when transferring property ownership
- Estate/probate proceedings
- Rental determination
- Portfolio reviews
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