The government has tightened lending criteria regulations over the last few years. The reason for this is that they want to minimise the rate of defaults. What this means for home buyers is that before they get unconditional approval on a home loan they will need to get the property valued. It is common for lenders to appoint their own property valuer however bank valuers tend to provide conservative valuations. The reason for this is that they are working for the bank and want to protect their interests. If the property is used as security against the loan then the bank needs to confirm that they could recover the money lent if the property had to urgently be sold.
Why you should get an independent property valuation
It is for this reason that you should get an independent property valuation. An independent property valuer is not affiliated with any banks, real estate agents or other interested parties. Their sole purpose is to give an accurate value of what the property is worth by giving you a current market valuation. A current market valuation is an assessment of what the property could sell for on the free market between an informed buyer and seller who were not acting under duress.
An independent property valuation can give you negotiating power when you’re negotiating with the bank because it is created with total impartiality. An independent property valuation is based on thorough research into the property market combined with an inspection of your property. The inspection ill involve the property valuer going out to your property and physically inspecting it. They will look at the internal features including:
The size of the property;The usable space;The number of rooms;The number of bathrooms;The number of bedrooms;The age and condition of the property;The details of previous pest and building inspection results;Any renovations and modifications that have occurred since the last valuation.
Why choose Valuations ACT?
With an excellent track record, Valuations ACT is the best choice when you need a property valuation. We are committed to delivering the best possible customer service and whilst we cannot offer mortgage security valuations, we do offer current market valuations which you can present to a lender when you’re trying to secure your mortgage. We are registered with the leading industry body, the Australian Property Institute and all of our valuers have at least 20 years of property valuation experience.
If you would like to organise a time for one of our knowledgeable valuers to come and inspect your property then give us a call on (02) 6189 2232.