Frequently Asked Questions:
What happens when I order a Valuation?
Your valuation instructions are forwarded to a Registered Valuer who will contact either yourself or the person able to let the Valuer into the property (often a Real Estate Agent) to make an appointment and inspect the property.
How long will it take to complete the Valuation?
From the time of instruction until the completed report is ready, generally ranges from between 2 to 4 working days, depending on the availability of access into the property. Urgent valuation requests can be undertaken on a shorter time frame if required.
Why does the Valuer need to inspect the interior of the property?
The Valuer cannot ascertain the internal condition of the dwelling without an internal inspection. The internal condition of the dwelling is an important consideration when calculating Market Value.
Who does my Valuation need to be addressed to?
This is dependent on what the Valuation is required for:
Finance/Mortgage Purposes: addressed to the lender
(i.e. bank or financial institution).
Matrimonial Purposes: addressed to Solicitor.
Trust Purposes: addressed to the Trust or Solicitor.
Sale Purposes: addressed to the owner.
Tax Purposes: addressed to accountant.
How much will the Valuation cost?
Starting from $550 excl. GST and increasing dependent on the value of the property and the complexity of the report required.
What do I get for my money?
You will be provided with a 10 - 12 page report which will include: The current market value calculation; (broken into land value, improvements value and total value excluding and including chattels), comprehensive details of the property including photographs, comparable sales data (including a photo) from the surrounding locality, copy of the Certificate of Title and any other detail relevant to the valuation of the property.
What is the difference between a Current Market Valuation and a Valuation for Insurance Reinstatement purposes?
A Current Market Valuation reflects what a property would sell for on the open market. It is based on sales transactions of comparable properties in your locality.
A Valuation for Insurance Reinstatement in contrast is based on cost rather than value. It is an estimate of the cost to put you back in an equivalent position in the event of total destruction.