Frequently Asked Questions
1. Why should I use ValueIt Property Valuers?+
The ValueIt Property Valuers team are the specialists in property valuation and consultancy. We offer valuation services across a wide range of property types and to a diverse range of clients.
We are quality assured to ISO 9001:2008 and all our valuers are Certified Practising Valuers (CPV) and Fellows or Associates of the Australian Property Institute. They regularly undertake continuing professional development programs designed specifically for valuers. This ensures that we are fully cognisant of the most recent trends and developments in the property industry
2. What is a valuer?+
A Certified Practising Valuer (CPV) is a professional who has been educated and trained to provide an independent assessment of the value of property. They can also provide expert advice on property related matters.
In Victoria, the current requirements to become a Certified Practising Valuer involves the completion of a 4 year Bachelor of Business degree, 2 years full time valuation work experience and finally a formal oral examination before a board of assessors.
3. What will a valuation cost?+
A full valuation involves an internal and external inspection of the subject property. The cost of a full residential valuation report starts at $800 (GST exclusive) and can vary depending on the specifics of your property.
4. How long does it take to have my property valued?+
ValueIt Property Valuers work on an average turnaround time of two weeks from receipt of instructions for a full valuation report. During this time, an appointment is made for the valuer to inspect the property, an external and internal inspection of the property is undertaken, the market is analysed, comparable sales are considered and the report is completed. The physical inspection of the property takes around 30 minutes for an average sized residential dwelling.
5. How long is a valuation figure "valid for"?+
A valuation is valid for a period of up to three months. However, this may vary in a changing market.
6. How does a valuer's valuation differ from an estate agent appraisal?+
A valuation by a Certified Practising Valuer is a legal document which can be challenged in a court of law and for this reason must be evidenced and be reproducible if called into question.
Valuers are bound by a code of ethical conduct which ensures objectivity and independence in the assessment of the value of a property. This code of conduct requires valuers to be independent and have no conflict of interest with a valuation they undertake.
A real estate agent's assessment is only an estimation of price, it is not a professional valuation prepared by a formally qualified, experienced and independent property valuer.
7. What information is provided in the valuation report?+
A standard valuation report generally includes the following information:
- The estimate of value at the relevant date
- The purpose of the valuation
- Title details for the property
- Location, town planning and available services
- Dimensions of land
- Comparable sales with photographs where appropriate
- Valuation calculations
- Repairs or renovations needed where appropriate
- Any relevant environmental aspects
- Maps, plans and photographs of the subject property.
8. Can you provide a valuation of my property at an earlier date?+
ValueIt Property Valuers can provide retrospective valuations of your property if required. These are often undertaken for capital gains tax assessments. The cost of these valuations is slightly higher than a standard valuation due to the additional work involved in assessing sales from earlier markets and taking into account any changes made to the property being valued.
To request a quote, call us now on 03 9670 2116 or use our online quotation form.
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