A property valuation in Melbourne is usually needed before making a large financial decision or during a stressful time. Whether you’re applying for a mortgage, doing your taxes, settling assets, or doing anything that requires a valuation, hiring the right property valuer is crucial. A good property valuer can make all the difference and might even save you money in the long run.
Before you begin searching for a property valuer in Melbourne, here are 5 things to consider so that you can secure the best possible outcome from your valuation report.
1. The Type of Property Valuer
There are many different types of Melbourne property valuers. When choosing valuers, the first step is to find a valuer that specialises in the type of properties you’re looking to value. Here are the top two most common valuers:
Commercial Property Valuer
Commercial properties are large investments that may require a steep upfront cost. Of course, when done right and with a bit of luck, this investment could lead to a big gain. To get the most from your investment, a skilled commercial property valuer can be a great ally. They can help you weigh possible investment properties, review the rent of current properties and more.
Residential Property Valuer
Very much the most common property owned by the average Australian would be residential. This may be a home or an investment property and includes such properties as granny flats, apartment complexes, townhouses, duplexes, houses, and any other sort of dwelling. Many situations call for residential property valuations and each would be of great importance to the owner or soon-to-be title owner.
2. The Valuer’s Qualifications
To become a valuing professional, one must complete a university degree in property valuations and/or have undertaken an accredited course. The very best valuers will be certified by the Australian Property Institute (API). Any API certified property valuer in Melbourne would be known as a Certified Practising Valuer (CPV) and to receive this certification an individual must be able to pass the application process which includes having a 2-year experience journal and completing a professional interview process.
There are several other memberships a valuer might have which could mean an increase in the quality of their work. This may include membership with the Royal Institution of Chartered Surveyors (RICS). In general, an API certification is enough to guarantee a quality product meeting a high standard.
3. Their Property Valuing Experience
When dealing with a situation of great concern, such as compulsory acquisitions, the last thing you want is a valuer with little to no experience on the subject. Every valuation is significantly important and as such, you would want a knowledgeable professional working on your report.
Make sure the professional you hire to determine your Melbourne property value has a good number of years of experience. An experienced valuer is unlikely to make mistakes or miss important data and would create their report far more efficiently than someone who has only been working a few years.
For greater accuracy, a valuer would not only have a lot of experience in a certain type of valuation but should also specialise in it.
4: Where the Valuer is Based
There are valuers throughout Victoria of varying experience and qualifications. While those two qualities are vital, location can be just as important. Depending on the location of the property, choosing a local valuer could be far more affordable than a property valuer in Melbourne CBD. With less travel time, the cost of the valuation decreases.
Another advantage to a local valuer is their expertise. Local valuers would be more familiar with location-specific variables affecting property value in Melbourne. These variables may be the local economy, council rates and regulations, future development plans and schools.
5: Is the Valuer Independent?
Not all valuers are independent. Some valuers work under contract for a bank, financial institution, Government agency or real estate company. The issue that comes with these types of valuers is that they may skew their final report so that it works in favour of these agencies. They may even share your information with them for other purposes.
With an independent professional, your report would be objective without any influence from a separate entity. You can also rest assured your information is kept private. All this is especially important when needing a valuation for tax or Court purposes.
Keep these things in mind when searching up property valuers in Melbourne and you’ll likely find the best one for your valuation.