Determining the Advised Market Value of your property can assist in making important decisions, such as when to sell, and how much equity you can access in your property when renovating or investing. A property valuation is an essential part of the home loan application process. It is used to determine your property’s value that will act as security against your home loan. A valuation may also need to be carried out when you buy a new property, refinance, or want to access the equity in your home.
In order to assess a property’s value, a valuer will measure the property, record details on the number and type of rooms, along with fixtures, fittings and any improvements. A property’s unique attributes will also be taken into account, such as: