A property valuation is meant to provide an accurate market value, but several factors can result in incorrect assessments. To ensure you get a fair valuation, avoid these common mistakes.
Not Hiring a Certified Property Valuer
- Always choose a valuer licensed by the Australian Property Institute (API)
- Unqualified valuers may provide biased or inaccurate reports
Failing to Provide Full Property Details
- Be transparent about renovations, property issues, and recent upgrades
- Incomplete information can lead to under or over-valuation
Not Preparing the Property Before the Inspection
- First impressions count – cleaning, maintenance, and minor fixes can impact value
- Ensure accessible documentation (title deeds, renovation records) is available
Ignoring Market Trends & Comparative Sales
- Property values fluctuate based on recent sales in your area
- Comparing outdated or unrelated properties may skew the valuation outcome
Misunderstanding the Purpose of the Valuation
- Selling? Ensure the valuation reflects market conditions and buyer demand
- Refinancing? The report must meet lender requirements
- Investment? Consider rental income and capital growth projections
How to Ensure an Accurate Valuation
- Hire a qualified and independent property valuer
- Provide all relevant property documents and details
- Research recent property sales in your area
- Understand how valuation factors impact your property’s market value
Conclusion
A property valuation is a key step in real estate, investment, and financial planning. Avoiding these common mistakes will ensure you receive a fair, accurate, and beneficial property assessment in NT.
