If you're a property owner, hiring the expert services of a real estate valuation company in South Australia will work in your favour. Their experience and know-how in assessing real estate across the board can be incredibly helpful in many situations.
Whether you’re interested in buying or selling property, need to file taxes or want to take out an insurance policy, you’ll need an accurate real estate assessment. This assessment, otherwise known as a property valuation, can be completed on all forms of real estate. This includes:
- Residential: houses or apartment buildings
- Industrial: production plants or factories
- Commercial: business and retail property
- Land: agricultural or vacant plots of land
Regardless of the type of property or the purpose for the valuation, accuracy is key. Here are a few examples on how precise accuracy can help:
- it will help property owners establish a good starting price for a sale or auction
- you could take out adequate insurance
- the correct amount of capital gain tax would be paid
- negotiate faster settlements, and more.
What makes a real estate valuation accurate?
The accuracy of your real estate inspection and assessment depends on who completes it. If you seek advice from a Certified Practicing Valuer (CPV) and make use of their expertise, you will get an accurate report.
CPVs are known for providing services of a high standard and have a knack for delivering real estate assessment reports speedily. They are also certified by the API and RICS. These are regulatory bodies that set valuation standards. These standards are met by providing valuers with all-inclusive education and training. Local and international standards for valuation are also there to make sure that all property inspections are performed the same. If they are all performed the same, it will ensure that market data is fair and comparable. This ensures that an accurate and fair assessment is conducted.
If your property assessment report includes your CPV’s qualifications, its accuracy will be guaranteed.
Online vs in-person valuations
Both online and in-person property reviews have their benefits, but distinct differences set them apart. Let’s look at each of them in more detail.
Online valuation services
Thanks to the internet, current and aspiring property owners can now find the estimated value of properties online. Some online property review services are even free. While this is a great and easily accessible tool, there are some downsides. There are a few instances in which the value acquired online will not hold any credibility, for example, when settling a divorce, or sharing inherited property amongst its beneficiaries. You’ll also need a legitimate report for tax and insurance reasons, and when selling your property.
If you’re just browsing the real estate market and want to get a general idea of how much properties cost, then there’s no harm in using online valuation tools.
In-person real estate valuation services
When you get a valuation service that is carried out by a Certified Practicing Valuer (CPV), you will get the most accurate calculation of how much your property is worth. CPVs:
- Undergo extensive education and training and have lots of experience.
- Are registered with regulatory bodies (the API and RICS).
- Ensure each assessment report undergoes a compliance check before it is issued.
An in-person valuation can be seen as an investment before your actual investment in real estate. The fee you pay for an in-person analysis will definitely be worth it if it means getting an authentic and comprehensive report.
Are a valuation and an appraisal the same thing?
A valuation and an appraisal are not the same. The methods used for both are similar, but there are still distinct differences between them. Let’s have a look at the different services and how they differ from each other.
What is a valuation?
A valuation is an assessment of your property. The outcome of the assessment will determine how much your property is worth.
If you want an objective report on the value of your real estate, you can depend on an independent valuation. Certified Practicing Valuers are formally educated and trained on how to carry out valuation services. The process involves a thorough investigation into your property. After that, market research is conducted to find out how much similar properties are valued.
What is an appraisal?
A property appraisal gives you a rough estimate of how much your property is worth. While appraisals claim to be accurate, no in-depth assessment is made of the property. Appraisers also don’t have the same education and training as CPVs and don't have the same certification status. An appraiser course ranges between 6 to 300 hours. Compared to the years of higher education training that CPVs undergo, the levels of education are worlds apart.
If you’re looking for an indisputable report on how much your property is worth, a valuation service will be better than an appraisal.
Summary
There are quite a few benefits to getting an accurate real estate valuation. One of the reasons is that it can be presented as evidence in court or be used for other important matters like a sale, taxes and insurance.
An appraisal and a valuation are not the same. A valuation is more accurate and reliable to use for the reasons mentioned previously. If you’re looking to get an accurate real estate valuation, it would be in your best interest to consult a Certified Practicing Valuer. They are trained experts in the field of property valuation.
At Vals SA, we have a team of independent valuers who are equipped to undertake the task of finding the value of your real estate. Contact us today to get an accurate valuation service that you can trust.