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JDMA Valuers provide independent
property valuations and advice to help our clients make wise property
decisions when buying, selling or renovating residential real estate in Brisbane.
If we have not answered your question below, please call us on (07) 3252 2725 or email and we will be happy to assist. Q.1. Why should I order a valuation? 1. Why should I order a valuation?There are many times when you may require a valuation. A solicitor may advise a valuation is required for determining the value of a deceased estate or for a family or matrimonial settlement. A valuation may be required when having land resumed or acquired or if you are undertaking a subdivision. A tax agent often requires a valuation (and sometimes a retrospective valuation) for determining the Capital Gains Tax to be paid on an investment property or for calculating stamp duty. In today’s market many property investors are choosing to order a valuation report by a registered valuer prior to buying or selling a property. An independent, professional opinion on the value of the subject property can save thousands of dollars. Our clients feel confident that they have not paid too much for, or undersold, their property. A valuation may also be required if properties are owned within your superannuation fund to accurately report the value of the fund. Check with your particular super fund about how often this are required. It may be annually or every three years. When applying for a temporary or permanent residency visa, you may require a valuation on the property you currently own to satisfy the requirements of the Department of Immigration and Citizenship. 2. Why should I use JDMA Property Consulting and Valuations?JDMA Property Consulting and Valuations provides the personal service, competitive fees and ongoing advice that larger, national firms cannot. In addition to providing our clients with an independent, well researched and accurate report, we continue our service with the most up to date information on the state of the property market. Our clients feel confident that they are buying and selling well. Our service doesn’t stop with a valuation report. Our follow up advice is an important part of our service. It’s what sets us apart. At JDMA, we do not buy or sell property. We provide independent property valuations and advice for an agreed fee. Our advice is impartial and unbiased. We ensure total confidentiality. All valuers at JDMA are Certified Practising Valuers, are registered with the Valuers Registration Board of Queensland and Associates of the Australian Property Institute. 3. Why does the Real Estate Institute of Queensland Contract of Sale recommend “Independent Valuation Advice”When purchasing a property in Brisbane’s growing market it is easy to lose sight of the property’s true market value. Many parties involved in the sale of a property have a vested interest in that property being sold. Agents represent the seller’s interests and actively try to get the best price for the seller (at the purchaser’s expense). Financial planners, brokers and other advisers often work on a commission basis. The government has recently intervened to address two tiered marketing, which aims to exploit non-local purchasers. However some marketers continue to practise this form of marketing to interstate and overseas buyers. A property valuer provides an independent, well researched valuation report which is unbiased and factual, based on comparative sales analysis. A valuer has no vested interest in the property being bought or sold. For the cost of a valuation (starting at $385 for properties under $500,000) , consumers can save thousands of dollars. 4. What does the valuer take into consideration when completing a valuation?The valuer is required to physically inspect the interior of the property, taking into consideration the construction, fixtures and fittings, and the condition of the property. The valuer takes into consideration the floor area and is required to measure the improvements (home/unit etc) if plans are not available. Ancillary improvements are also important including fencing, landscaping, swimming pools and car parking facilities. The valuer also takes into consideration the shape and access of the allotment as well as it’s topography. The location of the property, current sales of similar properties in the area and the state of the market also affect the value of a property. Return to questions 5. Why is a real estate agent’s appraisal often higher than a property valuer’s figure?Real estate agents are aiming to get the best price they can for their client (the seller). This is their job. Their appraisal often represents what they hope to achieve for the property if the right buyer comes along at the right time. A real estate agent is not required to defend their appraisal of a property’s value in a court of law, as are registered valuers. 6. What information is included in a valuation report?A valuation report provides a general description of the property and improvements (house, unit etc), ancillary improvements (landscaping, fencing, pools etc), a valuation summary, lot and registered plan number, site description and services, locality information, rental assessment, insurance assessment, map, photographs, aerial photo (where available), state of the property market in that locality, assessment of recent sales in the area and the valuation figure. 7. Why does the bank require a valuation?It is bank/lending institution policy to confirm the value of a property prior to lending against it. This protects the purchaser’s as well as the institution’s interests. 8. Why can't the valuer give me a figure when doing the inspection for a valuation?The final figure of the valuation is usually decided after significant research and comparison with sales data of similar properties in the locality. Often, the valuer is not in a position to discuss the value of the property until after inspection of the subject property and sales evidence in the area. 9. If I am paying for the bank’s valuation (directly or indirectly), why can’t I receive the figure?Valuers are legally bound by privacy laws to provide the information requested directly to the instructing party (which is the lender). Each financial institution has a differing policy on providing the valuation figure to the borrower. Please speak to your bank directly if you wish to receive the valuation figure. Unfortunately we are unable to reproduce the report provided to the lending institution. However, if you would like us to conduct a separate valuation of your property for your own purposes we would be happy to do so at a discounted rate. Please contact us directly on (07) 3252 2725 if you would like JDMA to provide you with a valuation report at your own cost. 10. What is a kerbside or restricted access valuation?A kerbside valuation is where a valuer is not required to enter the property but instead makes an assessment of value based on an external inspection and information derived from a number of databases. This type of valuation is sometimes used by lending institutions for low risk loans. This type of valuation returns a range of values, not a single figure and is considerably less accurate than a full valuation. Return to questions 11. What can I do to prepare for a valuation?Have the property in a good condition and reasonably tidy. However valuers are well aware this is not always possible, particularly with tenanted properties. The valuer takes into consideration the total living area and is required to measure the dwelling or unit. If a copy of the building plans with measurements is available please have a copy available for the valuer to take. These can be posted back to you if a spare copy is not available. 12. How can I assist the valuer?The valuer needs to conduct considerable research prior to the valuation eg. finding properties sold in the area in the same price range. In order to search for comparable sales in your area, the valuer will ask if you have a reasonable idea as to the value of the property. The details of properties recently sold in an area, are often not available on the various databases until a few months after the sale. If you are aware of any recent sales in your area of a comparable nature, please have a copy of these for the valuer to investigate further. The valuer takes into consideration the total living area and is required to measure the dwelling or unit. If a copy of the building plans with measurements is available please have a copy available for the valuer to take. These can be posted back to you if a spare copy is not available. Plus, tie up the dog! Return to questions 13. How much does a valuation cost?The cost of a valuation starts at $385 for a property that values less than $500,000. This investment can give you the peace of mind that you have not paid too much or undersold your property. An indication of our full schedule of fees is listed on our “Fees” page. Please call us for a quote before deciding on what may be your largest investment. 14. How long does it take for a valuation to be completed?A valuation is usually completed within three working days of the day of inspection. As the Rental Tenancies Authority requires that tenants are given 24 hours written notice (via a form 9 Entry Notice arranged by the managing agent or owner) of intention to enter the property, this can sometimes delay the process. An electronic copy of the report is emailed three business days from the date of inspection and a bound original report can be forwarded on request. Our team will keep you up to date with the progress of the valuation. We are happy to accommodate urgent requests where immediate access to the property can be granted. 15. Why is prepayment of the valuation required?It is industry standard that all valuations be prepaid at the time the booking is made. At JDMA we request payment on the day of inspection (or prior to the report being released). 16. How can I make payment?At JDMA we can accept payment by internet transfer, credit card (Visa and Mastercard only), as well as cash or cheque. If paying by credit card please call our office between 9am and 5pm with your credit card details. If paying by internet transfer you will find the relevant bank account details on your invoice. Alternatively, please make cheques payable to J D Millar & Assoc Pty Ltd and forward to PO Box 99 Kelvin Grove DC Qld 4059. Last updated 10 January 2010 |
Tel (07) 3252 2725 (International callers +617+3252 2725) Email admin@jdma.com.au PO Box 99,
Kelvin Grove DC, J D Millar & Associates Pty Ltd
trading as
JDMA Property Consulting and Valuations Members of:
DISCLAIMER: All information provided throughout this web site should be regarded as “general” information and should not be regarded as a substitute for obtaining professional advice pertinent to specific individual’s queries and JDMA accepts no responsibility for any person or corporation relying on the information contained within this web site or acting on such information. © Copyright JDMA 2007-2010 | Webmaster Email John Leach or visit web site |
