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Home Valuation Process in Australia 2023

Getting an accurate valuation of your property is crucial when buying, selling or refinancing a home in Australia. With property prices constantly fluctuating, it’s essential to understand the key steps involved in the home valuation process.

Choosing a Qualified Valuer

The first step is finding a reputable and certified valuer. Look for a valuer who is licensed and experienced in your local area. Ask friends or your real estate agent for recommendations. Review online profiles to confirm the valuer has proper credentials from organisations like the Australian Property Institute. Meet with potential valuers to assess their expertise.

Scheduling the Valuation Inspection

Once you’ve selected a valuer, contact their office to schedule an on-site inspection of the property. Most inspections take 30 minutes to an hour. The valuer will walk through the home, take photos, measure rooms and note property details. Make sure the home is accessible and decluttered for the visit. Provide renovation documents, surveys or other materials that may impact value.

Receiving and Reviewing the Valuation Report

After inspecting the property, the valuer will analyse sales of comparable properties and prepare a detailed valuation report. This typically takes 1-2 weeks. Carefully review the valuation figure and supporting methodology. Check that the report accurately describes the home’s size, features, condition and location. If applicable, verify major renovations or new additions are reflected.

Disputing the Valuation if Necessary

If you disagree with aspects of the valuation report, first discuss concerns directly with the valuer. Provide additional evidence supporting your perspective, like records of upgrades or neighbourhood sale prices. If you cannot reach an agreement, consider hiring a second valuer for another opinion. You may need to pay for another full valuation. Compare the reports and use these to negotiate a final property value.

Getting a property valuation does take time, effort and coordination. But careful attention to each step can give you confidence in an accurate appraised value for critical financial decisions. With the right valuer and process, you can ensure you know the true market value of your Australia property in the current market conditions.