Do I need a valuation?
A property valuation will provide you with a current assessment of the value of your property, also known as ‘fair market value’. Your need for a valuation may vary from ‘absolutely necessary’ to ‘helpful to have’ as you make various personal and/or business decisions. Learn more about personal and business-related valuations.
More of us are choosing independent associates without agenda to represent them in the property process. Professional advice helps you avoid the stumbling blocks you can encounter while buying, selling, or investing in property. The property market is brimming with opportunity and expert advice can give you the edge to get great returns.
The process is easy and begins with a request for quote via an online form or by calling 1300 302 581.
A WBP representative will discuss your requirements with you in detail and provide a quote. You can accept the quote on the spot and lock in your order, or you can call back within 30 days to accept the quote.
Factors that influence the cost of your valuation include the purpose, property type, land size, location and type of report required. The WBP representative quoting you can explain this in the context of your specific requirements. Remember, the cost of the valuation can be tax-deductible for businesses or if the subject property is held for investment purposes.
Yes, please! It’s standard practice in the industry to pre-pay for your valuation at the time of booking. You can pay by EFT or credit card (Visa and MasterCard).
A valuation report is a professional and legal assessment of the value of your property.
A valuer assesses the value of the land and improvements, considering a myriad of factors including building layout, number of rooms, general condition, orientation and land topography, together with analysis of recent sales of comparable properties. This process usually involves an external and internal inspection of the property. When the field work and analysis is complete the valuer compiles the report, which incorporates a final valuation figure or range.
The short answer is, no.
They are two documents created for different purposes. A real estate agent uses expert local market knowledge to determine a price tag for selling a property. An independent valuation carried out by a certified practising valuer can be for a wide range of clients to satisfy a wide range of purposes, including mortgage and refinancing, financial reporting, family law matters, renovation and development feasibility and more.
A rating valuation is prepared for the purpose of assessing rates and land tax of a property. It does not usually involve an internal inspection and is prepared at a particular date. The relevant date of valuation on your rates notice can vary depending upon where you live. This valuation cycle can be 12 months and up to 4 years in some cities.
With no financial ties to the properties we value, WBP Group valuers provide clients with a qualified, professional and impartial assessment of a property’s value.
Congratulations on getting out into the market. The Australian property market is becoming increasingly complex and difficult to navigate. Regardless of whether you’re a first home buyer, upsizer, downsizer or investor, an independent professional valuation can help you make a well-informed decision about how much to pay.
If you’re keen to have a professional on your side when it comes to searching, analysing and negotiating on a property, talk to a PropertyDuo associate to explore your options.
There are myriad reasons for wanting or needing to sell your property. And the process of selling can be a stressful and complex one. An independent professional valuation is a useful tool to have up your sleeve when selecting your selling agent and when negotiating with potential buyers – valuable information that will keep you on the front-foot.
If you’re keen to have a professional on your selling team, someone who will keep your best interests front and centre at no additional cost, talk to a PropertyDuo associate about vendor advocacy services that will save you stress and help ensure the best sale outcome.
Many Australians are choosing to renovate over moving house to better meet their changing needs. Renovating is a great way to improve the value of your property, but it doesn’t come without risk. There is no guarantee that the amount you spend on renovations will translate to the same or more increase in your property’s value.
A qualified valuer can ascertain current market value and estimate the post-renovated value based on your plans and specifications. Armed with this information you can make a well-informed decision after comparing your estimated costs with the estimated post-renovation value and help you avoid overcapitalising.
I’ve booked a valuation.
A valuation of a residential property in a standard report format is usually completed within three working days from the day of inspection. For commercial property, specialised and family law valuations, report turnaround is usually five to ten business days.
WBP Group provides clients with regular status updates on your valuation’s progress.
The physical inspection of a property can take anywhere from 10 minutes to an hour or more depending on the property size and type.
During an inspection, your valuer will inspect the exterior and interior of your property, taking into consideration the construction, floor plan, fixtures and fittings and general condition of the property. The valuer is required to confirm land size, shape and topography, and to measure the area dimensions of buildings/improvements. Ancillary improvements are also noted, such as fencing, landscaping, swimming pools and car parking facilities.
It’s beneficial to have your property in a neat and tidy condition. If you’re able to provide a hard or electronic copy of the building plans with measurements, this is very helpful. A list of hard-to-see features and addresses of any recent comparable property sales is also very helpful to ensure the most accurate valuation of your property.
In most cases, a valuation is a valid assessment of your property for 90 days from the date of inspection.
No, the valuer will still have some work to do after the physical inspection, including analysis of comparable sales evidence, which often includes a drive-by of similar properties in the local vicinity. When the field work and analysis is complete the valuer compiles the report, which incorporates a final valuation figure or range.
Banks need to protect their interests by ensuring the parties they lend money to are able to pay it back. The bank orders an independent valuation as part of their risk management process to ensure that if a loan customer defaults and the property needs to be sold, they can recoup the cost of the loan.
Valuers are legally bound by privacy laws to provide the information requested directly to the instructing party, which in this case is your lending institution. Policies relating to providing the valuation figure to the loan applicant vary from bank to bank. Speak to your bank directly if you wish to receive the valuation figure.
Valuers are unable reproduce reports provided to lending institutions. However, if you would like us to conduct a separate valuation of your property for your own purposes we would be happy to do so at a discounted rate.