There are many answers to this question and all depend on the type of property. A residential homeowner might require a property valuation when buying another one, selling to downsize, splitting their assets, securing a collateral based loan or remortgaging. A commercial property owner might require a property valuation to secure a bank loan, establish sale value, or determine the amount of capital gains tax or stamp duty. There are other legal, statutory, financial, and practical reasons to consider a property valuation, but in short, if you own a property of any kind it should have an up-to-date, independent valuation.
A property valuation must be undertaken by a Certified Practicing Valuer (CPV) from the Institute of Property Valuers.
The cost of a property valuation depends on many factors and the purpose of the valuation will inform the amount of depth and detail required which will affect the overall cost. McLaughlin Property Services is proud to offer extremely competitive rates to its customers. To find out how much a property valuation for your property would cost, feel free to contact us and we will advise the cost for your circumstances.
In some circumstances, property valuation fees are tax deductive however every personal and business situation is different, so we recommend seeking advice from your tax accountant. As a general guide, if the property is for business or investment purposes, the property valuation fee may be tax deductible. For home owners who are wanting to buy or sell a principle place of residence and obtain a property valuation for these purposes, then the property valuation fee may not be tax deductible.
A residential homeowner might require a property valuation when buying another one, selling to downsize, splitting its assets, securing a collateral based loan or remortgaging. A commercial property owner might require a property valuation to secure a bank loan, establish sale value, or determine the amount of capital gains tax or stamp duty. There are other legal, statutory, financial, and practical reasons to consider a property valuation, but in short, if you own a property of any kind it should have an up-to-date, independent valuation.
Another important fact to consider is that property valuations can be requested by a bank, lender, judge, or other authority depending on circumstances. By engaging a property valuer on your own behalf, you can protect your interests by having an independent report undertaken.
A property valuation report is what the property valuer will give to you after their complete valuation of your property. This report explains the valuer’s concluded amount based on their methods, research and discovered facts. This is a certified document which is admissible in court should you require it to be.
Certified Property Valuers are independent and guided by the rules and regulations of the Australia Property Institute of which they should be a member and have received their certification. The integrity of their valuation rests on their autonomy and integrity. McLaughlin Property Services is a wholly independent certified property valuation company.
The worth of your property depends on many factors. For instance, when valuing a residential property, a property, a valuer will take into consideration: the location of the property, its structure, size and condition, current market value of similar properties in your neighbourhood, council planning restrictions in place, amongst other things. Some of these same factors also apply when valuing commercial and industrial properties but there are additional factors and formulas used in the valuation of these types of properties. In short, establishing the value of a property requires a complicated process that should only be undertaken by an experienced professional property valuer.
One of the things we pride ourselves on at McLaughlin Property Services is our ability to respond immediately to our clients and to work quickly for them. If you contact us today, we will have a certified property valuer to your property within 24 hours for residential properties and ideally the same for commercial properties as long as access can be arranged. Of course, if you are a business client with numerous properties to be valued, we will work with you to prioritise which ones require our immediate attention.