What does a valuer do? And why should I engage one?

Hot or cold? A valuer generates an historical report on the value of a property that gives you a good indication of the properties minimum worth.

What does a valuer do?

A valuer is a qualified, certified expert who constantly monitors the real estate market, and places a value on a property. They are engaged by buyers, sellers, property owners or financial institutions to establish the estimated value of a property.

Most financial institutions will engage a valuer to value a property before they will loan against the subject property to ensure that the purchaser is buying a sound asset for a sound price.

Valuers are an extremely important service supplier in the purchase and sales process. As they are a third party independent source of valuation and engaged by financial institutions to establish property value. They gauge the sales performance of other properties of similar type within the area, and then decide on a price dependent upon additional features or benefits of the subject property.

Valuers produce two types of valuations:

:: A short form valuation is as its name suggests a short valuation that gives you an indication on the price a property is worth, based on historical sales in the area.

:: A standard valuation is a long form valuation, which goes into extensive detail about the subject property. The detail includes the full particulars of the property, its location, market trends and photographs of the property.

A short form valuation is more common and less cost, but it provides an essential function in providing a price or value based on historically reasoned argument. Before selling your property you should engage a valuer as this allows you to set a firm price, by an independent third party professional.

Why should I engage a valuer?

Have you ever seen a property on the market at one price, which is greatly reduced over the following weeks because it was priced incorrectly? This is one of the main reasons that properties don't sell, as consumers think that there is something wrong with the property.

There have been some issues in the past where properties have been incorrectly marketed far in-excess of their value. This was highlighted by the Real Estate Institute of Victoria which monitors agent's practices. By engaging an independent valuer, you are ensuring that the minimum price you set for your property is one that a financial institution will lend to. It also establishes an un-emotional price to your property.

Price guide: Short form valuation $350 - $600, standard valuation approx $1500+. 

We recommend the use of a valuer in a property purchase or before selling. Below is a link to the Yellow Pages Valuers section for Albury-Wodonga.

Yellow Pages - Property Valuers - Albury-Wodonga

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