Property valuations impact buying decisions, financing, taxation, and legal proceedings. However, many homeowners and investors make critical mistakes that can result in incorrect property assessments.
Mistake #1: Hiring an Unlicensed or Inexperienced Valuer
- Always choose a valuer certified by the Australian Property Institute (API)
- Unlicensed valuers may provide inaccurate or biased reports
Mistake #2: Not Preparing Your Property for the Inspection
- A well-maintained property gives a better impression to valuers
- Ensure the property is clean, repaired, and easily accessible for an accurate assessment
Mistake #3: Relying on Online Property Estimates
- Online valuation tools provides a legalack accuracy and do not consider unique property features
- Only a professional, in-person valuationlly recognised report
Mistake #4: Failing to Provide Important Property Details
- Be transparent about renovations, property defects, and legal documents
- Withholding information can lead to under- or over-valuation
Mistake #5: Misunderstanding the Purpose of the Valuation
Different valuations serve different purposes:
- For selling? – Ensure the valuation reflects current market trends
- For refinancing? – Ensure the report meets lender requirements
- For tax purposes? – Ensure compliance with CGT and stamp duty regulations
How to Ensure an Accurate Property Valuation
- Hire a certified, independent property valuer
- Provide full property details and supporting documents
- Research recent sales in your area
- Understand what factors influence valuation outcomes
Conclusion
By avoiding these common mistakes, you can ensure a fair, accurate, and legally compliant property valuation. If you need expert valuation services, consult Kidman Pro Valuations today!