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Well, have you ever appraised your property by a real estate agent and got excited with their selling estimate until your valuation report returned because it is lower than the agent’s appraisal. Then after, did you have thoughts like - what is my property’s actual worth.
Many of the real estate agents face on an ongoing basis because many people still do not know that there is a difference between a simple appraisal and a detailed property valuation.
Market appraisals are meant merely as a reference and can be actioned by real estate professionals. Appraisals are evaluated by facts of the local area and current sale prices, so they should be treated as a rough approximation price only.
If you decide sell your existing house or your investment property, an appraisal from qualified real estate agents can furnish you with a hint of your property's value and what you will possibly realise upon selling your property.
You will need to ensure contacting real estate agents who actually know your suburb inside out. It’s because a real estate agent who normally works in an altogether different region might not be aware of the local micro-market thoroughly and thus, they may give you an appraisal report that is much lower or higher than the market can logically back.
Real estate agents may be confident about the value that is being attained because they are hoping to win you as a customer. Thus, it’s an excellent idea to have a few appraisals done by more than one real estate agent to get an idea of property’s actual value. Usually, appraisals don’t involve a fee but to avert a surprise, confirm with the real estate agent in advance to know if they charge.
A qualified valuer with requisite education and training in this specific field can only perform a formal property valuation. This is to assure that they consider all of the issues and features pertaining to a particular property. Remember, a property valuation is a complicated job, which will require some time to complete. A professional valuation performed by a registered valuer will consider various applicable property features including:
A property valuation is performed looking at recent sales during the last six months of the same type of properties in the same suburb. By looking at these and comparing the differences to the actual property in question, the market value is fixed. A property valuation is purely based on past sales, which is a conventional approach that banks often demand. For a fee, you’ll obtain a detailed written report mentioning property’s value with descriptions of how and why this property value is achieved.
A property valuation will be essential in various situations such as getting finance from a lending institution or bank, ascertaining the value of a deceased estate or property settlement. In all such circumstances, a clear value is very important. Moreover, as part of the procedure for resolving a conflict, a Court may order to get the valuation done and to obtain property’s value.