The valuation of property is a specialised area, and as licensed property valuers Melbourne Property Valuation can give you a few insight into the processes we use to value a property.
Whatever the type of property, the first thing is to confirm with the client the type or property to be valued, the reason for the valuation, the date the property is to be valued at (retrospective valuations are not unusual), who to address the report to, who to invoice and who to send the completed report to.
Once this information has been received an inspection is arranged and the valuation of property can start.
At the inspection the valuer will take notes whilst walking inside the dwelling and also outside, measure the improvements and take a number of photos.
Once the inspection has been undertaken then the valuer will look at the comparable sales that have occured in the area recently, and also historically.
They will then, depending on the property type, directly compare the subject property to those that have been sold and use this as the basis for determining a market value of the property.
In some instances there are a number of recent very similar sales, and other times very few or sometimes none at all. The valuer uses their local knowledge and skills to assess the best way to undertake the valuation and the valuation report will contain a number of comparable sales.
The completed valuation report will be emailed to the client or clients directly, and once received the client always has the option to contact the valuer directly to discuss the report and its findings.
A house valuation, or any other valuation such as commercial or industrial valuations all have a similar process. It is the report format and how the market valuation is best assessed that is variable.
Melbourne Property Valuation have conducted over 10,000 valuations and have the experience to conduct high quality valuations for clients throughout Melbourne.