What Are Pre-Purchase & Pre-Sale Valuations?
Pre-purchase and pre-sale valuations identify the approximate value that the market suggests the property is worth at a particular time.
Whether you’re in the market to buy a property or whether you’re looking to sell your current home, having a broad idea of the property’s value will help you establish:
- what you should be prepared to spend on the new property (pre-purchase); or
- How your current property’s value has changed since you purchased it (pre-sale).
The home buyer and seller can use the market value as a foundation to negotiate a price they’re willing to accept.
Pre-purchase valuations for buyers can help reduce the risk of buying a property for more than it’s worth in terms of its market value.
And pre-sale valuations for sellers can provide an idea of a potential selling price. If you know what you could potentially earn from your property’s sale, you can decide on the best time to sell it.
For fair and accurate values, you’ll need an experienced Certified Practising Valuer to perform the property valuation in each of the above-mentioned circumstances.
While obtaining a pre-purchase or pre-sale appraisal from a real estate agent is possible, it’s usually a general estimation and is not legally enforceable.
Only Certified Practising Valuers, accredited by the Australian Property Institute, can offer accurate pre-purchase and pre-sale valuations.
How Do We Perform Pre-Purchase and Pre-Sale Valuations?
To provide accurate, fair market value pre-purchase and pre-sale valuations, our Duo Tax Property Valuers need to consider the property attributes, such as:
- the type of property being bought or sold;
- size and build of the property – how many bedrooms does it have, for example?
- location; and
- surrounding amenities such as nearby schools, public transport and shopping
Once the property attributes are considered, our Property Valuers will generally consider the recent sales evidence of similar properties to gauge an indication of a similar market value.
We’ll then produce an accurate valuation report that you use to negotiate the highest price that the buyer would be willing to pay and the seller would be willing to accept.
Why Choose Duo Tax Property Valuers?
Our mission at Duo Tax has always been to help property investors save money where they can.
Pre-purchase and pre-sale valuations are an essential part of the buying and selling process.