A property valuation is a formal process where a certified valuer determines the market value of a property. This valuation is used for buying, selling, refinancing, taxation, and legal purposes.
Step 1: Booking a Valuation
- Contact a licensed property valuer and schedule an appointment
- Provide details about the property location, size, and purpose of the valuation
Step 2: Property Inspection
The valuer conducts a thorough on-site assessment, including:
- Exterior & Interior Condition – Checking structural integrity and features
- Size & Layout – Measuring land and building dimensions
- Improvements & Renovations – Evaluating upgrades that impact value
- Compliance & Zoning – Ensuring the property meets legal requirements
Step 3: Market Research & Analysis
- Reviewing recent sales data of comparable properties
- Analysing market trends, economic conditions, and future property demand
Step 4: Calculating the Property Value
The valuer will determine an accurate value based on:
- Direct Comparison – Analysing similar property sales in the area
- Income Method – Used for rental properties and investment assessments
- Cost Approach – Based on replacement costs and depreciation factors
Step 5: Valuation Report Preparation
- The valuer compiles a detailed valuation report
- The report includes property details, market analysis, valuation methodology, and the final market value
Conclusion
Understanding the property valuation process helps homeowners, investors, and buyers make informed decisions. If you need a professional valuation, consult with a certified property valuer to ensure accuracy and legal compliance.