Depending on whether you need a residential or commercial property valued the process and timeframe will change. However, generally the process of valuing a standard residential property is as follows:
- The client contacts the valuer and provides the address of the property and the purpose of the valuation.
- The valuer will use our property information database to establish the property characteristics and use this to estimate the fee and time it will take to complete the work.
- A letter of engagement and scope of work document outlining all the details of the work to be completed, including timeframe and cost and our terms of trade is emailed to the client for approval.
- The valuer will arrange a time to inspect the property.
- The inspection of the property will include external measurement of the dwelling (and other improvements) and an internal inspection. For an average home this takes approximately 20 – 40 minutes.
- The valuer researches and inspects recent property sales – this includes driving by the properties that have sold, looking at marketing pictures, speaking to the selling agents and completing calculations to analyse the sale price.
- The valuer obtains a copy of the certificate of title, researches the zone and town planning requirements, location and other relevant information that will be included in the report.
- The valuation report is finalised, generally within 4-6 working days after the inspection, and emailed to the client.
This is an example process only. If you would like to discuss any other valuation types, or require an urgent valuation, please contact one of the Valuation Partners team.