Brisbane homeowners, at one stage or another, will need to know and report how much their property is worth. But how can you find out the fair market value? Whether you are about to sell your home, just curious, or need a professional report for an official purpose, your best bet is to seek out a house valuation in Brisbane.
What is a house valuation?
A house valuation is a comprehensive appraisal of a property. This is very different to the service of a realtor. House valuations are completed by sworn valuers which means the reports are suitable for many formal purposes including:
- Mortgage security
- Divorce settlements
- Tax reporting/determination
- And more
For most purposes, house valuations report on the home’s fair market value, which is a figure that is backed by objective data.
What is fair market value?
To put it simply, the fair market value of a house is the price a buyer is willing to pay in an open market and what the seller is willing to accept. In an open market, the buyer and seller would not know each other, and for the transaction to be fair, both would be well-informed and not under any pressure to buy or sell.
House valuers need to have a thorough understanding of the local market and have access to sales data to calculate fair market value accurately for their report.
How do I get a valuation report?
To get a valuation report of your Brisbane home, you first need to find a qualified house valuer.
A house valuer should be:
- Listed with the Valuers Registered Board of Queensland
- Regulated by such institutions as the API or RICS
- Local to your area
- Experienced with the purpose of the report for e.g. family law court or superannuation
- Knowledgeable of the various methods of valuation and their best uses
Once you have found a valuer or valuation company you are interested in hiring, you can then make an enquiry and receive a quote to compare to others in the area. When requesting a quote, be prepared to provide the following details:
- Your name
- The address of the property
- Your reason for a report
After choosing a valuer based on their experience, speciality, and qualifications they will then begin the process of preparing for the house valuation which can take up to 2-5 business days for a standard report. This depends on how the valuation will need to be completed.
How do valuers complete a house valuation?
When it comes to house valuations, valuers are likely to complete the valuation in one of two ways. This could be valuation with or without an inspection. These approaches are known as:
- Full inspection
- Desktop valuation
Because of the need to physically visit the property to complete a full inspection valuation, the report will be delayed till the inspection can be completed and the valuer has time to apply their findings to the report. Full inspection valuations and desktop valuations both involve in-depth research of recent sales data to be able to determine the fair market value. This is a core part of using the direct sales comparison method, the most accepted method of calculating fair market value.
Find out your house’s fair market value today
To begin the journey into finding your house’s fair market value, reach out to a local registered valuer today. Our team of valuers are accredited and experienced to tailor their reports to help with any official purpose for a valuation.