Knowing the value of your property is an important part of owning real estate. With conclusive proof of the true market value, owners can make well-informed decisions going forward.
The best way to get an accurate valuation of property in NSW is to purchase an independent property valuation from a trusted firm. They will assign a registered expert to prepare a meticulously calculated valuation report.
These experts, also known as Certified Practising Valuers, are registered with the Australian Property Institute (API). Each report is written in line with rigorous international valuation standards to guarantee a reliable standard of quality.
Valuers are uniquely qualified in the art of assessing property and apply specialised insight across every report written. By considering a wide range of factors, valuers can prepare reports that represent the exact value of the property.
The housing market is one that goes through regular change. This means that conditions never stay the same, and up-to-date valuations are needed to reflect the true value of a property.
How long do property valuation reports stay valid?
A valuation report will not necessarily contain an expiry date, but this doesn’t mean it lasts forever. The nature of the real estate market means that now and then a new report is needed to reflect the existing value.
In general, you can expect a property valuation report to stay good for around three months. Of course, if you have made changes to the property or there has been a sudden and unexpected shift in the housing market, you will need a new valuation report to reflect its existing worth.
While most valuation reports are made to reflect the existing value, some cases call for a retrospective property valuation. This is to determine the worth of a property at a specified date in the past. Valuers apply their unique understanding of the market to calculate the retrospective value.
What do I do if my valuation has expired?
Do not stress if your valuation report has expired, you will merely need to purchase a re-evaluation. You can use the same organisation and request the same valuer if you were happy with the service the first time.
You’ll want to maximise the value of your home during the re-evaluation, and this may involve taking a few key steps. A few of the main ways you can prepare for a new evaluation are:
Thoroughly clean
It’s always a good idea to keep the inside and outside areas of your property clean. You do not want your valuer to be distracted by piles of rubble or overwhelming dirt. Keeping everything clean can help the valuer focus on properly assessing the property.
Take care of repairs
Any and all issues should be taken care of before an inspection. Broken pipes, faulty wiring, and/or damaged walls and doors can all result in a low valuation.
Upgrade the rooms
Not all renovations will boost a property’s value, but upgrading the kitchen and bathroom will most likely lead to a significant increase in value. These rooms are often referred to as the most important parts of the property.
Gather necessary documents
To make sure the process is a smooth one, it’s a good idea to get all the necessary documents ready. The title deed or rental agreements as well as any land and building blueprints may be helpful to the valuer.
How long do valuations take?
The time it takes for a valuation to be completed will vary from case to case. Some of the factors affecting how long it may take include:
- The purpose of the report.
- The type of property being assessed.
- The size of the property.
- The organisation being used.
- The experience of the valuer.
There are short-form and long-form reports. Naturally, a short-form report will be ready sooner than a long-form report as it does not require the same level of detail.
Residential valuations generally take around 2-3 days while commercial property valuations may take at least 5 days.
If you’re worried about the time it’s taking to get your report back, reach out to your valuer and request clarity on when you will receive it.
Summary
The significance of property valuation reports is clear. For anyone with an interest in a property, a valuation is the best way to find out its true worth.
Valuation reports need to be relevant to the existing conditions, and this means reports won’t last forever. In general, a property valuation report will stay valid for around three months. After that, it’s probably time to get a re-evaluation.
Before the re-evaluation, it’s a good idea to review the property and make sure you’re set for a good valuation. Cleaning up, doing some repairs, and even upgrading some rooms may be a smart move if you’re looking for an increased value.
The whole process will take around 2-5 days depending on the type of property and level of detail required in the reports.
If you’d like to know more about how long property valuations stay good, feel free to give us a call. As experienced experts, we’re always ready to assist.
