Pre-Purchase and Pre-Sale Valuations
Real estate agents do offer property appraisals as a component of their service but they are likely to be higher than what the true value is because the real estate agent wants to sell the property for the highest price they can possibly get. The effect of this bias is that the valuation may be out of sync with the current market climate, especially if there is an economic downturn.
Before allowing an agent to inspect your property, it would be smart to get an independent pre-sale valuation. The valuation will be handled by an independent valuer whose sole focus is to give you information on what the true value of the property is, rather than potentially valuing the property higher than what it is worth like a real estate agent might do.
Why get an independent valuation?
NT Valuers are members of the Australian Property Institute and comply with the body’s guidelines so you can be assured that you are receiving a legitimate property valuation. They will arrive at the final valuation figure after inspecting the property and studying comparable property sales information to determine a final figure on the telephone. An independent pre-sale valuation will give you peace of mind before selling your property and also let you know how much equity you hold in the property.
If you’ve found the perfect property and want to make an offer it’s vital that you get a pre-purchase valuation for many reasons including: You’ll find out exactly what condition the property is in and if you need to carry out any repairs so you’ll be able to factor those costs into the overall cost of the property. You will have an idea of the value of the property before it is assessed before a bank value. That will give you power will negotiating your mortgage terms.
A property valuation is essential when you’re in the midst of a property valuation and will give you confirmation that you are making the right decision about the price you’re paying for a property.