Professionals Burleigh 
If you’re buying a new home or you already own one, getting a property valuation can be helpful. It can give you a general idea of the market value of the property so you can understand what you should (and should not) be prepared to spend to secure somewhere new.
For existing property owners, it can show you how the value of your home has changed since you first purchased it, which in turn can give you a good idea of your equity position.
There are a few types of property valuations, including:
- Automated price estimates
- Appraisals and privately booked valuations
- Bank valuations
Automated price estimates
Ever seen the house value calculator on realestate.com.au? This generates an automated price estimate which as the name suggests is a property’s estimated market price. It can be beneficial when you start to consider buying property or to get an idea of what your current home is worth.
Appraisals and privately booked valuations
Homeowners and sellers have the opportunity to approach real estate agents for an appraisal, or a valuer for a privately ordered valuation of their property at any time. Privately booked valuations are not used by banks when making lending decisions, but can provide a guide to the estimated market value.
A valuer will look at things including:
- Size of the property
- Number of rooms and room types
- Fixtures and fittings
- Areas for improvement
- Location
- Building structure and condition (plus any faults)
- Standard of presentation and fit-out
- Ease of access, good vehicle access and a garage
- Planning and restrictions and local council zoning
- Recent sales in the area plus other market conditions
Bank valuations
Bank valuations are used to determine the loan to value ratio in an application for a home loan and will impact the amount a bank is willing to lend. Bank valuations are for mortgage purposes only, they shouldn’t be used for any other purpose.
DISCLAIMER – The information provided is for guidance and informational purposes only and does not replace independent business, legal and financial advice which we strongly recommend. Whilst the information is considered true and correct at the date of publication, changes in circumstances after the time of publication may impact the accuracy of the information provided. Professionals Burleigh will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.
