What to Expect During a Valuation Inspection
The Vanguard Valuations team is highly regarded as an industry leader when it comes to providing homeowners and investors with valuation inspection reports. As independent certified property valuers, we’re here to help you with all your property inspection needs.
There may be many reasons you would need an inspection valuation, from buying and selling a home and house valuations for capitl gains tax purposes to family law valuation and property litigation requirements.
In this post, you’ll discover why a property valuation is necessary, what happens during a valuation inspection, how to prepare for a valuation inspection, the cost implications and how you can book a property valuation with our credible team at Vanguard Valuations.
Why is a Property Valuation Necessary?
There are a few reasons why you may request a property inspection to understand your property’s value fully.
A property valuation inspection is necessary when:
- Buying a home – A lender will arrange to value your property to check that the asking price (or the price you’ve agreed to pay) matches the market value. They do this as your home is often used as security for your mortgage, so they need to have an accurate valuation.
- Selling a home – A property valuation offers you a true insight into the value of your home. It can help set your expectation of a sale price and gives buyers a transparent perspective of your property.
- Investment properties – A property valuation is an essential tool to help property investors calculate capital gains tax. If this is overlooked, property investors risk paying too much tax.
- Legal disputes – A property valuation is often needed in the case of family law, inheritance or boundary disputes. A property valuation from an independent certified valuer acts as transparent, well-supported evidence to help in property litigation proceedings.
What Happens During a Valuation Inspection?
A valuation inspection can either be a physical or a ‘desktop’ inspection. Most people prefer a physical property inspection as it’s more comprehensive and gives the valuer a more accurate view of the property’s condition and improvements.
Once you’ve contacted Vanguard Valuations, we’ll arrange a time for one of our highly experienced property valuers to attend your premises.
During a physical valuation inspection, our valuer will:
- Determine the condition of the property
- Make note of any visual aspects which may indicate structural issues (vital when you’re buying a home)
- Determine the property (for e.g. room size) if an accurate floorplan has not been provided
- Look for any structural or pest issues that may be present
- See if all the stated attributes of the property are correct (e.g. not just sales gimmicks)
- Give an insight into the neighbourhood and surrounding areas
While a physical property inspection provides a valuer with a better picture of the property, a desktop inspection will give a ballpark value of the property. Mortgage lenders often use these as they’re only looking for an idea of your property’s value for the loan.
If you’re unsure what option is best for your situation, ask our friendly team at Vanguard Valuations.
How to Prepare for a Valuation Inspection?
The first thing you’ll need to do to prepare for a valuation inspection is to ensure you can provide access to the property at the set time and date. Each room, garage, etc., will need to be open so the valuer can complete an accurate property inspection.
Remember, if you have any pets, keep them restrained so your valuer doesn’t accidentally let them out.
If you have a copy of the building plan, floor plan and so on, sending these to your valuer prior to the valuation inspection will speed up the process for you.
Although your property doesn’t need to be spotless, clean and tidy spaces present your home in the best possible light. It’s recommended that you clear any clutter, repair any damage or finish any renovations to display your house in its best condition.
Your valuer will take photos of your home, in particular the front and rear yards, kitchen, bathrooms, bedrooms and living rooms, as part of their valuation evidence collection.
While your valuer is on-site with you, you can also disclose any extra things you’ve done to the property that would have improved its value (renovations, etc.). And, if you’ve got any local knowledge of sales of similar properties, let your valuer know to help them with their investigation.
Cost Implications: How Much Does a House Valuation Cost in Australia?
If you’re deciding on whether to get an evaluation done, you’re probably wondering how much does a house valuation cost in Australia.
The cost of house valuations for a standard residential property in metropolitan cities in Australia generally ranges from $200 to $600.
If you’re applying for a home loan, your lender is likely to include this as a ‘valuation fee’, or some lenders do this free of charge (it’ll likely be a desktop valuation).
However, it’s worth investing in a physical property inspection if you need a property valuation for litigation reasons, determining capital gains tax, or peace of mind when buying or selling a home.
Your house valuation cost in Australia may vary due to reasons such as:
- Your location (rural or metro)
- The amount of information you can provide before the inspection (floorplans, council plans, etc.)
- The size of your property
How to Get a Property Valuation with Vanguard Valuations
If you need an accurate valuation of your home or investment from industry leaders, here’s how to get a property valuation with Vanguard Valuations.
- Please request a quote, email us or call us on 1300 359 886
- A certified professional property valuer will be in touch to arrange an inspection of your asset at a time that suits you
- Along with inspecting your property, your valuer will research your property and the surrounding area
- A thorough and accurate report will be prepared and emailed to you
- Our team will be on hand to answer any questions you have
Our team of property valuation inspection experts can help you with the following:
- When you’re buying or selling a home
- With a tax depreciation report
- When you need a family law valuation
- With property litigation reporting
Contact Vanguard Valuations for All Your Property Valuation Needs
No matter your reason for needing a property valuation (tax, legal or personal), you can trust our highly regarded team at Vanguard Valuations to provide you with a reliable and accurate property inspection. Contact our team today and rest easy knowing you’ll receive a thorough valuation report to help you make informed decisions.