A home valuation is an important process that provides an estimate of the current market value of a property. Home valuations are required for a number of reasons, including refinancing, selling, family law and insurance purposes. So, how long does the process take?
Valuation Variables
The amount of time it takes to complete a home valuation can vary depending on a number of factors. These include the type of property, its location, the complexity of the valuation, and the availability of comparable sales data.
Most residential properties can be valued within 2-3 weeks. However, properties that are located in remote areas or that are difficult to access may take longer. Depending on the size, Commercial properties can also take longer to value as they are often more complex than residential properties.
Who Carries Out The Valuation?
Lenders and real estate agents both conduct property valuations, although the financial interest held in the property by those parties can provide inaccurate reporting.
A registered property valuation is conducted by independent property valuers. An independent valuer is a neutral party with no financial interest in the property. The function of these valuers is to decide on an unbiased, precise estimate for a property and land based on various factors such as size, location and physical condition.
What Happens After The Valuation Is Completed?
Once the valuation is complete, you will receive a report that outlines the appraised value of the property along with any relevant information that was used to reach this figure.
The report can then be used for loans or dividing assets through divorce settlements. Property Investors also benefit from regular valuations, to ensure their investments remain profitable over time.
Tips To Find A Good Property Valuer
Finding a good property valuer doesn’t have to be difficult. Here are a few of our tips which you might find helpful:
- Take the time to do your research into potential candidates and reading online reviews are two great ways to start
- Make sure you find out if the valuer is credible, qualified and experienced, as these factors can make a huge difference in the accuracy of their assessment
- Arrange for a consultation with the valuer so you can ask questions about their process and past experience. Doing so will provide valuable insight into their abilities and professionalism and help ensure that you feel confident in their ability to properly value your property
Peterson Property Valuations is an independent company that offers neutral, unbiased home valuations. We’ve been in business since the 80s and have a wealth of knowledge and experience to draw upon when evaluating your property. We always have your best interests at heart and strive to provide high-quality, reliable and honest service. Each report is constructed through research, to ensure we arrive at the fairest valuation for your home. Contact us today via our website to schedule an appointment with one of our experienced professionals or call us on 0411 514 228. We are always happy to answer any questions you may have about the home valuation process. Thank you for reading!
