Commonly you hear people Melbourne Property Valuers discuss house valuation when they are planning buying a property, selling a property or going for lending institutions for financing the property. It is essential part of the home application loan process. For a property valuer to do the job, they have to visit the property, measure it, and note details on the building structure and its condition, any structural faults, rooms and layout and their presentation and fit outs, fixtures and fittings, and any improvements.
The valuation report includes photos of the property highlighting certain features. Council zonal and its relative location have to be visited for looking at the planning restrictions. Property valuer compares all these attributes to recent comparable sales in the surrounding area before coming up with the magic figure.
Lending institutions usually have a panel of valuers set up. A bank requires a valuation to keep its trust record strong. If anything happens and the mortgage is unpaid, the bank needs to be confident that it can recover any outstanding amount owning on the property if it had to re-sell it.
Investment in your property valuer is worthy – that is what the mortgage lender wants to make sure. Your lender wants to know that your property is worth at least for the amount you are lending. The valuation is not actually a survey. It is just a limited inspection. Sometimes, the report may not include what you as a property owner should know but it will include what the bank as a lender would care about.
A real valuer will give you’re a secured, full-fledged report you can utilize for the purpose of repairs, bank mortgages and institutional lending.