Current Market Property Valuation
How often should you get your property valued? That’s probably a question that’s on your mind. Of course you should get it valued when you’re buying or selling the property so you know what the current market value is. NT Valuers is aware that knowing the property value when you’re not buying or selling can be helpful for many reasons such as:
Refinancing; Renovating; Being approved for a line of credit; Insurance purposes; Planning your estate; Litigation.
Most commonly however property owners get a current market value valuation when they are selling their property. This is so they know the maximum price they could get for it in the open market. The current market value is formally defined as the total amount the house could sell for in an open and free market with two informed parties (the buyer and the seller) who are exercising their free will without pressure and with a marketing campaign.
If you don’t have a current market valuation then you may list your property for less than it’s worth which could mean you’re short-changing yourself thousands of dollars. Or it could mean that you list the property for too much and as a result it takes longer to sell than if you’d listed it for the most accurate price.
On the other side of the equation, if you’re buying a property then a current market value valuation is important so that you know what the property is worth and don’t end up paying too much. A current market value valuation can also give you an indication of any future expenses related to the property purchase if you proceed. One of these expenses could be council rates. Some councils calculate rates based on the value of the property, so the highest the property value, the higher the rates you’ll have to pay.
A current market value valuation is required by a bank for mortgage security purposes. Buyers or sellers may want a pre-purchase or pre-sale valuation to ensure that the price is correct. Property owners on the other hand will want a property valuation so that they know how much equity they have in the property or how they can best manage their portfolio.
Other situations where you may want a current market valuation include:
Capital gains tax; Deceased estates; Family Law/Property settlements; Retrospective property valuations; Separation; Stamp duty; Superannuation funds.
What’s in a current market valuation report?
NT Valuers current market valuation report will either come as a short or long form report. Generally you’ll only need a short form valuation report which will contain a summary of what’s in a long form report. A long form valuation report will contain more detailed analysis and information. It is also worth more and often only required in legal matters, high value property or if a customer wants a more detailed valuation report.
To book an inspection with NT Valuers us a call on (08) 8911 1505 where you will speak to a friendly member of our team who will arrange a convenient time for a property valuer to come and inspect your property.