Current market valuations are required when buying or selling property. When you are selling your property, you want to get the best possible price that you can get for it on the open market.
If you’re selling your property then you would want a current market valuation so you know what the property could reasonably sell for in the open market. Market value is officially defined as the amount that the property could reasonably be sold for between a willing buyer and a willing seller who are acting without undue influence and with a marketing campaign.
Without a current market valuation, you may price your property incorrectly when selling. You could either price your property too high and not get sufficient interest when it’s listed on the market, or you could price it too low and lose out on a significant amount of money.
On the other hand, when you’re buying property, a current market valuation is useful so that you can make a decision on whether or not to purchase a particular home. Market valuation can also give you an indication of any future costs if you proceed with the purchase. Individual councils calculate rates differently, with some councils calculating their rates based on the value of the property including any land attached to it.
Why do I need a current market valuation report?
Quite often, market valuations are required by banks for mortgage security. Sometimes home buyers or sellers will seek a pre-purchase, pre-auction or pre-sale valuation. In other situations a property owner will need a current market valuation so that they know how much equity they have in their property. Knowing the amount of equity that you have can assist with making property decisions whether it’s buying or selling a property, or how to best manage your portfolio.
Although there is a great deal of information available on the internet, only a professional interpretation of the data is sufficient for making property decisions.
Valuations TAS completes current market valuations for a range of purposes including, but not limited to:
Capital gains tax;Stamp duty;Deceased estates;Family law/property settlements;Retrospective property valuations;Separation;Superannuation funds.
What is in a current market valuation report?
A current market valuation report will either be finalised as a short form or long form report. In most cases a short form report is acceptable. A long form report contains more detailed information and analysis. It will generally cost more and is often only necessary in litigation matters, high value property or when a customer wants more detailed information in their valuation report.