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Understanding the true value of a property will help you avoid paying too much. It is important to do your own research and always use a valuer independent to the seller or their agent.
For help estimating the market price of houses, use the Department of Environment and Resource Management's SmartMap service. SmartMap provides the latest property information including sales prices, dates and property dimensions for most Queensland houses, units and townhouses.
Choosing a valuer
It is a good idea to get the property valued by an independent valuer before you sign a contract. A valuation takes into consideration past sale prices, trends and forecasts. It also looks into upcoming projects in the area that may affect the value of the property. Real estate agents can give you figures on past sales in the area.
It is in your best interests to find your own valuer and not use someone referred to you by the seller or the seller´s agent. However, if you do choose to use a referred valuer, make sure you are aware of the relationship between the valuer and the seller.
If you decide to use your own valuer, make sure that they are registered by checking with the Valuers Registration Board or the Australian Property Institute.
Instructing the valuer
Your instructions to your valuer should include:
- your name and contact details
- on whose behalf the valuer is to act (in most cases this will be you)
- the type of property (for example, vacant land, house and land, unit, townhouse)
- property address and legal description of the property (if known)
- what you´re going to use the valuation for (for example, to help you decide whether to buy the property)
- who the valuer should contact to access the property
- that the basis of the valuation is to be market value (unless you specifically want it to be based on some other value)
- an agreed fee and payment method
- the seller´s asking or contract price and a copy of the contract
- the date you want the property valued and when you want the valuation report by
- whether you want the report sent to you by fax, email, post or courier
- who else can access or view the report.
The valuer´s report
The valuer´s report should contain all the information you´ve asked for, and may also include:
- valuation summary
- land and title
- location and map
- certificate of title
- site description and services
- town planning
- photographs
- improvements
- environmental matters
- comments on the property
- basis of valuation, including valuation rationale and sales evidence
- market review or summary
- valuation
- qualifications and disclaimers.
Fees
There is no set fee for the provision of valuation advice. You should negotiate a fee with your chosen valuer before the valuation proceeds.
Last reviewed 22/11/2011 |
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