As property owners, it makes sense that you would to know how much your property is worth. Whether this is simply out of curiosity, or it is vital to a greater purpose such as paying your taxes, reviewing a lease, or selling property, it is worth getting the right information you need.
But how exactly do you check the value of a property? Well, there are plenty of options, you just need to know what suits your exact situation. In most circumstances, the best thing to do is to order a property valuation in Brisbane. This is often the only option out there, but let’s first take a look at other avenues of finding out property values in Queensland.
Getting a free appraisal from a real estate agent
One of the first things that may come to mind, particularly if you are planning to sell your property, is to first seek out a market appraisal. This is offered by all realtors as a way of promoting their services and potentially gaining a commission from a sale.
How real estate agents appraise property
Realtors primarily use their personal experience in the industry to form an estimate of what your property could sell for in the current market. They first complete a quick scan of the property and mentally compare it to others they have seen in the area before discussing with you its potential in the market.
How you can use a free market appraisal
As a market appraisal is free, it is a good way to get a general idea of your property’s place in the current local market. However, the process is quite quick and not based on any objective data, so to such authorities as lenders, or any Queensland or Federal court, it is not valid proof of value.
Learning your property’s land value from the Queensland Government
In Queensland, the State Valuation Service (SVS) completes statutory land valuations. The responsible authority chooses which local government area should be valued, ensuring that all areas are valued regularly.
This is done for a number of reasons including calculating state land tax and local government rates. If you want to see the unimproved value of your property’s land according to the Queensland government, you can find this information by entering your address into their find your land valuation page.
NOTE: This is unimproved land value only. That means that the value of your house or any other structural improvements is not considered in this valuation.
Using an online valuation calculator
Searching online for information is very much a part of everyday life, so it is perfectly natural to first see how you can calculate property value without calling a service or hiring a professional. When you are just in the early stages of planning your property’s future or finances, then an online calculator is a great way to get an estimate quickly.
The keyword is estimate. When you begin your search, most calculators will mention that they provide estimates. As the data that their automated valuation models are quite limited, the best they can do is provide an approximate value based on the information they have access to.
The results are instant as there is no human involvement. However, that means that there is very little use for the value generated by a calculator. On the plus side, it is free and quick so it’s a good first step before diving into your real estate journey.
Hiring an independent property valuer
We finally come back to property valuations. This is very much the only way to find out your property’s current market value. A property valuer provides a comprehensive report that includes not only your property’s value but all information that has been used to complete their calculations. In other words, valuers show their work.
It can be quite expensive so it may not be the best option when you simply want a general estimate of your property’s value. However, many situations give you no choice in the matter and require an independent valuation report from a certified valuer. This includes such things as:
- Settling property in or outside of court
- Determining taxes such as CGT or stamp duty
- Insuring your home or investment property
- Assigning unit entitlement of strata properties
An independent valuer can also find out how much your property was worth in the past. Something that many of the above options cannot provide.
To learn more about property valuations or to find out the value of your property with the help of a local Brisbane property valuer, get in touch with our team today.