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A qualified valuer will undertake an inspection to determine the property’s current market value. Improvements are measured and comparable evidence is analysed. This is prescribed by strict criteria and standards set down by the API (Australian Property Institute). A property’s unique attributes will also be taken into account, such as:
The valuer will combine these aspects along with recent comparable sales in the surrounding area and prevailing market conditions to produce a valuation report. All lenders usually have a panel of valuers that they engage to conduct the valuations on the bank’s behalf.
It’s very important to ensure your valuation comes in at the highest value possible, so you want to make sure the property is looking its best for the valuation process. If you have lawns, have them mowed; if paint is coming off any walls, have it painted. Presenting your property in its most favourable light will give it the best opportunity of being be valued higher compared with a poorly presented property. To obtain a property valuation and get some comparable sales, this exercise is here for that purpose.
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