There are various types of valuations available and each can be beneficial at different times when buying, selling, renovating or wanting a better understanding of the local market.
The three main valuation types are Rating Valuation, E-Valuer and Full Market Valuation. Each will give you a value for your property but are established using different methods. Which valuation you choose will depend on where you are at in the buying and selling process, and the level of reliance you wish to have on the valuation.
A Rating Valuation is:
- only updated every three years for the purpose of your local council
- established using a mass appraisal process
- often used when buying and selling as an indicative price.
An E-Valuer is:
- an instant, online estimate of the current market value for a property
- based on recent, nearby comparable sales
- often used for establishing the current value when making an offer or wanting to sell your property.
A Full Market Valuation is:
- completed by a Registered Valuer
- based upon a full inspection of your property as well as related sales in the area being analysed
- typically used for a variety of reasons, including securing finance when buying.
When applying for finance, your bank may require a valuation to be completed. The type of valuation needed is dependent on many factors, including the loan amount, the property characteristics, and the bank’s lending criteria. It is best to talk to your bank before deciding on which valuation you will need. In the meantime, you can purchase our online property information to get the support and information you need before making your next move.