Property prices can fluctuate up to 25% in a single year so anyone thinking of settling their property should consider getting a pre-sale property valuation. Although real estate agents offer free market appraisals as part of their service, they are not independent. A real estate agent has an incentive to give a high value appraisal because they want to sell the property for the highest price they can get for your property. Due to this bias, a real estate agent valuation might be inaccurate and not reflective of the current market conditions, especially if there is a downturn.
Before getting an agent to inspect your property it’s a good idea to get an independent pre-sale valuation. An independent valuation is completed by an independent valuer who has no interest in overvaluing your property like a real estate agent may.
An independent valuer will comply with the Australian Property Institute’s (API) property valuation guidelines and will inspect your property and research comparable property sales data to come up with a single figure on the phone. A pre-sale valuation can give you peace of mind before you sell your property and can give you an idea of how much equity you have in the property.
If you’ve found your dream home and want to make an offer it’s imperative to get a pre-purchase valuation. A pre-purchase property valuation is essential for two reasons:
1. It will give you an idea of the condition the property is in and what repairs you may need to complete after purchasing the property.2. It will give you an idea of what the property is worth before a bank valuer comes in and inspects the property, which can give you negotiating power when negotiating your mortgage terms.
A property valuation is necessary, especially when you’re dealing with a private property transaction. Getting a property valuation can give you satisfaction that you’re making the right decision and paying the right price for the property that you’re going to buy.
To arrange a property valuation inspection with Valuations ACT give our team a call on (02) 6189 2232.