In Canberra the average property price is a considerable amount of money. Therefore people are increasingly likely to purchase property with a family member, partner or spouse, or a friend because pooling financial resources together increases the amount that you can borrow. There can however be pitfalls if your situation changes or the relationship with your friends; or spouse or partner breaks down.
That could lead to a situation where the property is sold or one party decides to buy out another party. Before you agree to purchase a portion of the property or to sell your share of the property you should get an independent market valuation so you know that the price you’re buying or selling for is a true reflection of what the property is worth.
In the majority of situations where there has been a relationship breakdown leading to the purchase or sale of the property, there is emotional pressure because of the surrounding circumstances. This could lead to a rushed transaction that is unfair for one of the parties for example, the seller ends up selling for an amount that is significant under the true market value, or on the other hand because it’s a rushed sale you end up paying more than it’s worth.
It’s better to get the property valued before you finalise the property transaction so you can be assured that you’re buying or selling for a fair price.
In other cases, there may be a dispute over what the property is worth causing a stalemate. Getting an independent property valuer to inspect your property can give you and the other party certainty over what the property is worth. When you have certainty over the property’s value, you can confidently progress with the property transaction.
Valuations ACT property settlement valuers are Certified Practising Valuers who are registered with the Australian Property Institute (API) and they have access to all the latest and historical property information. That access to property data and information increases the accuracy of their property valuations because they can measure the value of your property with comparable properties in your area.
Call Valuations ACT on (02) 6189 2232 to organise an independent property settlement valuation.