What is Property Valuation?
Property Valuation is a professional occupation like law or accountancy. A property valuer advises on residential, rural, commercial & industrial property. This involves inspecting properties, checking zoning & planning regulations to assess how this might affect the property & analyzing other properties for comparability. Property valuers make qualified assessments as to the value of properties to enable informed decisions to be made by relevant people or professions.
Who is a Registered Valuer?
A registered valuer is registered under the Valuers Act 1948 enabling them to complete Property Valuations which can be relied upon for various professional purposes. They must have a university degree relating to Property Valuation, have undertaken 3 years practical experience in order to become registered and hold an annual Practicing Certificate.
What is a Valuation Report?
An assessment of current market value supported by a concise written report, photographs, certificate of title and other relevant documentation. Where possible there will be comparable relevant sales information and a market commentary explaining the current market situation in relation to the specific property.
What is the difference between a Rating Valuation and Registered Valuation?
The assessment is used principally by local authorities to calculate rates. Unlike a registered valuation it does not respect the uniqueness and individuality of each property, or have regard to such factors such as aesthetic appeal and quality etc.