The part property valuers play when buying your new home

If you’re house hunting and have finally found a home you’ve fallen in love with - you’ll probably be wondering, how much is this property actually worth? Property valuers can answer that question for you.

Here are few ways property valuers help in your home buying process:

Know what the market value of the house is

A property valuation report will outline what the market value of the house is. In simple terms, it’ll give you an estimated price you should be paying for the house - as determined by an expert valuer.

Your bank will request it

The most common reason to need a property valuation is because your bank has requested one as part of your mortgage application. Banks rely on registered valuations when lending money as it provides them with an expert and impartial opinion on the houses current market value. Registered valuations are a way for banks to work out how much money they are prepared to lend you.

Ensures you're not offering too much (or too little)

A property valuation will ensure you’re not paying too much for the house, as having a registered valuer inspect the property will determine whether it is in fact worth what you are offering for it.

Adding a property valuation as a condition

During your home buying process, you may find that your real estate agent may try to discourage you to add a registered valuation as a condition on the sale and purchase agreement for the house. This is because they think conditions are barriers to sale and just want to get on with selling you the house. Don’t let them discourage you!

A property valuation is always a beneficial procedure. Giving both you and your bank peace of mind.

For more tips to help guide you through your house hunt, check out The Summit Homes Blog.

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