Property valuations offer significant benefits when it comes to establishing a fair market value for your property.
A certified practising valuer can help you do exactly that by undertaking independent and impartial assessments to identify your property’s value.
But how does a certified practising valuer differ from property appraisers? And what qualification do property valuers need to become certified?
This blog post will explore why it's essential that you find an experienced and qualified expert who can guide you through the process of buying or selling your home.
The objective of a property valuation is to establish how much your property is worth, given the market conditions at a specific point in time.
There are numerous ways that a valuation can be conducted, including:
Make sure to check out our article that breaks down the difference between online valuations and independent property valuations.
To conduct a valuation, Certified Practising Valuers will generally consider the following factors:
They’ll then detail how they conducted the report, the calculations they used and your property’s approximate value in a valuation report.
A market appraisal (typically conducted by a real estate appraiser) is intended to be a guide your property could sell for. In comparison, a property valuation (typically completed by a certified practising valuer) is a legally enforceable report based on various factors, not just sales statistics.
A real estate professional generally offers property appraising services, free of charge, to help potential buyers estimate what they’ll end up spending or potential sellers to establish how much they could possibly sell their property for.
So, property appraisers can be helpful when you’re deciding whether it’s currently worth it to sell your property or be in the market to buy a property.
But they are not qualified valuers and can only provide a rough estimate using their knowledge of the local area and recent sale prices.
According to the Australian Property Institute, a certified valuer is someone who is qualified to produce valuations that are legally recognised because they have the necessary:
The combination of their education, rigorous on-the-job training and experience in the field equips them to offer property valuations and give clients relevant and impartial professional advice in a wide variety of areas.
For example, at Duo Tax, our Certified Practising Valuers (who are also members of the Australian Property Institute) offer a comprehensive suite of valuations, including:
Certified Practising Valuers go beyond knowledge of the area and previous sales statistics. Instead, they focus on providing valuations that are in line with well-established processes and standards.
What’s more, they have no vested interest in the sale or purchase of your property, so their reports are independent and legally enforceable.
Now that you know what Certified Practising Valuers are, how do you choose one for your next valuation?
Consider the following factors:
There are a lot of factors that go into buying the right property.
And, when you're investing as much money as you likely are, it's important to have an experienced and qualified expert help guide you through this process.
Certified Practising Valuers can provide valuable information about what properties are worth looking at based on location, price point, condition and more. They can also produce legally enforceable valuation reports as opposed to just a rough estimation.
At Duo Tax, our mission has always been to help property investors save money where they can. We provide a comprehensive suite of property valuation services across Australia designed to deliver reliable and affordable valuation reports for your property.
Get in touch with one of our friendly certified property valuers to discuss and organise your next property valuation today!