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  • Writer's pictureVantage Valuation

Has my valuation been done right?

You don’t often need a property valuation and when you do its usually for an important reason. So, once you have a valuation how can you tell if it has been done properly? Here are some things that you can look for to give an indication of how well a valuation was done.

Has my valuation been done right?
  • Look for time and date stamped photos in the valuation

A valuation is essentially a comparative exercise, where the property being valued is compared to others that have recently sold. A valuation should contain time and date stamped photographs of each of these properties to show that the valuer has been to each one.

  • Look for comments describing how your property compared with others

There should be comments that explain the comparisons made in the valuation and to give details of how the attributes of other properties compared with your property. For example, these comments might compare size, location, accommodation, car accommodation and land size, to name a few.

  • Look to see if the properties being compared to yours have similar attributes

A valuation should compare your property with others that are similar, for example, if your property is a 4 bedroom house, comparisons should be with other 4 bedroom houses and not with 3 bedroom houses. It is normal to expect comparison with similar properties but if this was not possible, then the valuation should explain why.

  • Are recent property sales being used in the comparison with your property?

The property market often moves so it is important for the purposes of accuracy that a valuer uses the most recent and relevant property sales making comparison. For instance, property sales that took place 6 months ago may fail to reflect current market demand and where older property sales have been relied on a valuation should explain why it was necessary to do so.

  • Look to see if the valuation is signed by an accredited valuer

Anyone can call themselves a valuer so look for the ‘CPV’ (Certified Practicing Valuer) postnominals after the valuers name or the valuer's API (Australian Property Institute) registration number. You might also see a ‘RPV’ (Residential Property Valuer) which is a lesser accreditation that means the valuer can only value residential property where a Certified Practicing Valuer is overseeing their work.

  • Can you understand how the valuer reached their valuation conclusion?

A valuation should set out how the valuer went about calculating the value of your property. Unfortunately, we often see valuations that provide little clear explanation as to how a value was reached and this does little for customer confidence.

Overall, it is very important to thoroughly read your valuation report and seek clarification where things remain unclear or uncertain.


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