A bank will take into account things like flood and environmental issues plus maket conditions and then price. This is a common consideration for most lenders during the approval process.Ī valuation helps ensure a property makes good security for a loan. Suncorp Bank may get an independent valuation on a property before offering final approval of a home loan. recent improvements such as renovations, landscaped gardens, or solar panels.A valuer will conduct their assessment based on a wide range of criteria, including: “A kerbside valuation would be a combination of a desktop valuation and looking at street appeal and what’s in the surrounding areas.įor a full valuation, the valuer is going into the property to see the nuts and bolts,” says Luke. ![]() Two types of independent valuations you can get from a professional are a: It may cost more than doing your own estimate, but accuracy is important when it comes to valuations. If you'd like a more precise idea of your home's value, consider getting in touch with a professional valuer. Just remember to get a valuation from multiple sources, as not all agents use the same methods, and some may estimate more conservatively. If buyers are looking at comparable sales figures from an agent in a hot market, they should have a buffer set aside in case there’s potential for a lower valuation.” There can be a big difference between what a real estate agent says a property is worth and the figure a formal valuation will come up with, though. ![]() “Further research can be done by meeting with the agent during the inspection to get an idea on market prices,” says Luke. Speak to a real estate agentĭealing with a lot of property sales and access to recent sales figures makes real estate agents a great source of information when it comes to valuations. “A desktop valuation is based on the numbers and web searches – that’s it,” adds Luke. And since no two houses are alike, comparing properties will only ever offer a rough guide to price. These can range from minor aesthetic details, such as tile choice, to planning decisions, such as orientation of windows.
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