How To Evaluate The Value Of Property In Sydney?
Evaluating the value of a property in Sydney is not an easy task. In Sydney property valuers are hard to find and that too the good ones. But it is a smart step to hire a professional to correctly evaluate the value of your property to get the best and accurate sum for it. The correct property valuation comes with an array of benefits to the owner like renting the place, evaluating the correct tax, getting the correct selling price or even for mortgaging the property for loan.
So What Does Property Evaluation Mean?
The property valuers in Sydney use different methodologies and styles for evaluating the value of your property. They evaluate the property, take the correct measurements, take into account the surrounding area, analyse the commercial or residential aspect of the property and then decide on the value of the property.
Amenities like material used in the construction, the age of the building, parameters like room size, bathroom size, room ratio and quality of the design is also taken into consideration. After carefully collecting and calculating analyzes and also taking in the local market rates and trends the property valuers decide on the value of the property.
What Are The Different Methods Used To Evaluate The Property Value?
Basically the property valuers use different methods to calculate the value of the property, broadly they can be divided into 3 major parts:
This is an external only inspection method. The property valuer visits the site and only checks the property from the outside, they would not go inside and check. The property valuer in this method gathers information about the property from surroundings and neighborhood. The value is calculated on the basis of the development of the area in which the property is there.
Desktop Valuation Method:
In this type of valuation the property valuer would never visit the site of the property and would rather sit at the desktop and value the property on the basis of online data available on it. This does not involve any exterior or interior evaluation and not even one visit is done on the actual site.
Full Evaluation Method:
This is the most trusted and valued method of all three. In this method the property valuer checks the property fully from outside as well as from inside. They also check the online and offline data available of the property. They check the surroundings and neighborhood and also check the locality for its value and importance. They would take pictures of every aspect related to the property. They would also check the materials used to build the property and also the age of the property. They would also check the impact of the environment on the property. They would take measure of each nook and corner of the property and evaluate it. They would even check the previous sale deed and papers. Over all they would not let any stone remain unturned and then take the best value of the property.
The valuation done by this method is given the highest importance on Sydney real estate market and this method is mostly used by every agency or firm related to property valuation in and around Sydney.