Disputes after statutory valuations- Know about this Service

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• October 22, 2021
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When it comes to buying and selling a property, a statutory valuation is an integral part of the process. Likewise, existing homeowners may come across situations that require a property appraisal. After all, it is essential to know how much a specific good is worth. Thus, a fair value can be guaranteed for all parties. If you will face any Disputes after completing statutory valuations in Melbourne, contact the best property valuation service that will work on the requirement.

Several methods lend themselves to evaluating properties and their prices. They are influenced by numerous issues, such as property size, location, values of other similar properties, and differentials that the real estate piece offers.

Below, learn about the main types of methods that assess the value of real estate. With this, ensure that the value you apply to a purchase is fair and that a sale will not be giving rise to financial losses.

What is a statutory valuations?

Statutory valuation is an important part of buying a property! This is a value assessment made by a surveyor based on a specific purpose (such as buying and selling, leasing, etc.). Banks will use statutory valuation as a risk management measure in providing mortgage services. The valuation can determine how much mortgage loan a customer can apply for from the bank. Statutory valuation is the process of determining the selling price, or current market value of a property. There are several reasons for getting a value property in Melbourne, which includes:

• Statutory Valuation: Conducted for purposes such as grading, stamp duty and compensation.
• Non-statutory valuations: Used in buying and selling, as well as in the fire insurance and home loan application processes.

The importance of statutory valuations :

Before entering this segment properly, it is necessary to highlight: estimating the value of this type of good is essential in some acts of everyday life, such as the sale of a house or apartment. Also, it is essential to know how much your property is worth if you decide to lease your piece of land for an ethanol, sugar and cane plant. Rural and housing financing are also examples of how financial institutions require technical knowledge from the appraiser.

The contracting of insurance also requires such expertise to stipulate the value of the premium to be paid. Finally, it is possible to mention the importance of the procedure at the corporate level for updating accounting data based on the estimated equity of the company.

How do you get statutory valuations service?

Customers can obtain statutory valuations through channels such as mortgage brokers, bank staff, the Internet, and surveyor firms. It is most convenient to check with a mortgage broker because they can obtain valuations from different banks for their customers in one go. Clients may be required to pay a fee to obtain a valuation report directly from the surveyor’s firm.

If you find some Disputes after statutory valuations from these channels in Melbourne, contact the best property appraisal firm to carry out the whole valuation process professionally.

Call a real estate agency for property valuations :

Now, you have a concrete idea about statutory valuation. Therefore, do you think of selling a property and don’t know where to start? The real estate valuation of your property is an essential first step. This valuation will provide you with valuable information that will help you make your sale in the best possible conditions: comparative market analysis, assessment of the property’s potential, and rigorous and justified definition of the selling price. A real estate agent determines the price of your apartment or house using his in-depth knowledge of the real estate market.

what are the advantages of an estimate made by a real estate agent?  

 

1. Highlighting the assets of the property :

The intrinsic qualities of the property, such as its geographical position and its direct environment are essential elements taken into account from the start of the property valuation. If favorable, the location of your apartment or house will be an incomparable asset that a real estate agent will be able to highlight. This includes the quality of life in the neighborhood in which the property is located, the surrounding green spaces, the age of the building, the view offered by the accommodation, the absence of noise pollution or the proximity to the city center.

2. Estimate the property’s potential :

When visiting your apartment or house, a real estate agent will be able to identify and point out the strengths and weaknesses of the property, like Size and distribution of rooms, quality of finishes, electrical installation, and plumbing. A real estate expert will easily identify elements to enhance, such as decorative moldings or period solid wood floors. Conversely, a bathroom that hasn’t been updated since the 80s will be considered outdated and will require renovation.

3. Establish the value of the property on the market :

The essential point of the professional estimate: the evaluation of the real value of the property on the current real estate market. To do this, the real estate agency carries out a comparative study of the market in your town or district. Many owners tend to overvalue their property, which can drive away potential buyers. On the other hand, a property whose price is appropriate for the market will quickly find a buyer. By taking into account recent sales in the area as well as the distinctive elements of your home, a real estate agent can set or update the sale price.

4. Get advice on when to sell :

Finally, your agent can advise you on the timing of the sale, always following market trends. They could potentially recommend that you wait for the right time to sell your property. If the market is at a standstill and supply greatly exceeds demand, it may be in your best interest to wait a few weeks or even months before putting your property up for sale.

Delorenzo Property Group, your agency for the statutory valuation! Would you like to know the average price per square meter of an apartment or a villa in Melbourne? Whether it is your main or secondary residence, we value your property based on market price. Do you need an expert eye on your project? Call us and get support from a specialist in the Melbourne market.