Frequently Asked Questions
1. What is a Valuer?
A Certified Practising Valuer is a person who, by education, training and experience, is qualified to perform a valuation / independent assessment of the value of real property. In Victoria, Certified Practising Valuer certification involves the completion of a three-year Bachelor of Business degree, two years full time valuation work experience and the successful completion of a formal oral examination (Viva Voce) before a board of assessors.
2. Who are Patel Dore Valuers?
Patel Dore Valuers are specialists in property valuation and consultancy offering valuation services across a broad range of property types and to a vast range of clients.
Our staff are Certified Practising Valuers (CPV) and Associates of the Australian Property Institute (API). Through the API, our staff regularly undertake continuing professional development programs designed specifically for Valuers including but not limited to webinars, workshops, discussion groups, access to Technical Information Papers, daily industry updates and alerts to ensure we are able to practice at the highest standard.
3. Is a valuation different to an estate agent’s appraisal?
Yes. A valuation by a Certified Practising Valuer is a legal value and document. A sworn valuation may be relied upon by financiers to advance loan funds and can also be challenged in a court of law and for this reason must be evidenced and substantiated if called into question. Valuers must adhere to a code of ethical and professional conduct as determined by the Board of the Australian Property Institute and stipulated in the Code of Professional Conduct to ensure an objective, independent assessment is provided, and no conflict of interest exists.
In contrast, a real estate agent’s appraisal is an estimation / indication of the expected selling price for a property based on local market knowledge and will not hold up in a court of law or be relied upon for the advance of loan funds.
4. What is the expected timing and process involved?
The expected timing of each job will vary depending on the nature of the job. Patel Dore Valuers work on an average turnaround time of 3-10 working days from receipt of instructions to completion of provision of a full valuation report. In terms of process, an appointment will be made for the Valuer to inspect the property to confirm land and building measurements and take detailed notes on construction, condition, efficiency of floorplan, location and any other relevant factors. The market is analysed, comparable sales considered, and the report is completed. The physical inspection of the property takes around 30 minutes for an average size residential dwelling.
5. What does a typical valuation report provide?
A typical valuation report generally includes such details as the purpose of the valuation, a legal description of the property including details of any encumbrances, the site dimensions, description of location, details of relevant town planning matters including any relevant environmental issues, a description of improvements including construction, accommodation, condition, features and relevant services. The report will also detail a list of relevant comparable sales, market commentary and valuation calculations together with the estimate of value at the relevant date and Valuer’s certification in addition to any qualifying and limiting conditions and photographs of the subject property.
6. How long is a valuation current?
Generally, a valuation is valid for a period of up to three months. However, this may vary in a changing market as values may change significantly and unexpectedly over a relatively short period of time.
7. How much does a valuation cost?
Our valuation cost involves a qualified Valuer undertaking a full property inspection, researching and analysing comparable sales evidence and providing a detailed valuation report. The cost of a valuation will vary depending on the specifics of the property to be valued, its location and the particular requirements of the type of valuation required. Once details of the valuation request are provided, we can arrange a quote for each specific job based on individual requirements.
8. Can you provide an historic valuation of my property?
Patel Dore Valuers can provide retrospective valuations of your property if required. These are often undertaken for capital gains tax assessments, financial reporting purposes or estate settlement. Given the additional work involved in investigating and assessing sales from historic markets and the need to consider any changes made to the property being valued at this point in time, the cost of these valuations can be slightly higher than that of a standard valuation.
To request a quote, call us now on 03 9824 6151 or use our online quotation form.
“Liability limited by a scheme approved under Professional Standards Legislation.”