![]() They are legally responsible for the information they provide and so must base their appraisal on facts. Licensed valuers, on the other hand, charge a fee for their service. Unlike valuations conducted by a qualified valuer, appraisals by real estate agents have no legal standing and should only be considered as a guide to pricing.Īgents will often offer an appraisal of your property when trying to win your custom. They base their informal valuation on recent sales in the area and their experience, and will offer the service free of charge. What is the difference between a property appraisal and a property valuation? Most property valuations will cost between $300 and $600. Most will then provide the customer with a standard three-page report of their findings within two or three days of their visit. Valuers will also visit the property in question, so that they can assess the condition of the building and make a note of any structural faults and nuances that might affect its market value. For example, commercial property requires more financial analysis and development sites can require more planning consultancy.” “However, o ther property types can require different approaches. “T he sales are analysed in terms of land attributes, improvements, location and planning controls… compared to the property being valued,” says Curtis. the aspect, topography and layout of the blockįirst, valuers use a handful of recent comparable sales to give them a ballpark figure for the property in question, and then they make adjustments to that figure based on any significant differences found between the above attributes of the properties. ![]() the property’s location and level of amenity. ![]()
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