If you are looking to get a property valuation, you may have noticed it’s hard to get a clear idea of what it will cost you. There are a few reasons for this, mainly that a valuation from an independent property valuation service will be tailored to your specific circumstances.
As the service provided can vary, so too can the costs. Because of this, it is hard to put a specific number on exactly how much a property valuation will set you back.
The cost of a property valuation can range from
Method of Valuation
There are a few different methods that can be used to determine the value of your property.
The most common type of valuation is an internal valuation, which involves a comprehensive inspection of the property.
The valuer will inspect the land, buildings and any additional features of your property. They use the information gathered during the inspection, as well as additional market research to determine the value of the property.
In some cases, an internal valuation cannot be carried out, or is not needed. This is when an external valuation will be conducted. In this method, the valuer will not inspect the property in person but rather rely on images, site plans, council documentation and other data to determine the value.
As an external valuation does not require travel or the time taken during an in person inspection, this method will typically be cheaper. However, if sufficient information isn’t provided or available in the databases used, the valuer will not be able to use this method.
Details of Property
Many aspects of your property itself can impact how much a valuation will cost. These include the location, size, and type of property you have.
Residential, commercial, and industrial properties all have different requirements in terms of research and time involved to calculate value.
The size of the building affects the cost of the valuation as well. This is because the larger the building, the longer an inspection will take, and the more information there is to consider in the final report.
Location can also play a role in the final cost of the valuation, as the more remote or inaccessible the property is, the higher fee the valuer will ask to compensate for travel expenses.
Purpose for Valuation
This is one of the major things which can change the fees set for a property valuation. The reason for requiring valuation will also determine what goes into the report. This can impact the length of the report, the specific requirements involved, and the difficulty of research.
Because of this, the price for valuation can also change based on your reason for needed a valuation. The more detail required in the report, the more you can expect to pay.
For example, if you require a property valuation for legal reasons such as for Family Law Court, the report will be significantly longer than the standard valuation report. It will also include additional information to ensure it meets the requirements to be used in court.
Our valuers can tailor the report to any circumstances, and ensure they fulfill the standards to be used for legal, taxation, or government purposes.
With property valuations you pay for what you get. If you find extremely low prices, they may be too good to be true.
Your property is an important asset, and to ensure you are making the right choices it is worth choosing expert valuers.
Make sure you find a valuation service that is independent, provides you with good service, and has qualified valuers.
Here at Melbourne Property Valuers, all our valuers have a minimum of 20 years’ experience and are trained and certified with the Australian Property Institute. The service we provide is accurate, honest and performed with integrity.
If you would like to find out exactly how much your property valuation will cost, reach out to our team to receive a free quote tailored to your specific needs. We endeavour to provide the highest quality service at competitive prices. Contact us today!