Property valuations vary in price so it is important to do your research before choosing someone to do your property valuation for you.
Although property valuations tend to range around $300-$600 in high density areas (such as capital cities) they can stretch out to over $1,000 in extremely rural areas.
Prices of valuations will also vary depending on how much detail is required. Valuations required for litigation or law suits will likely need to be in more detail than a valuation to provide to a potential lender. The more detailed the report the more cost is involved.
Different companies do their property valuations differently. In some areas valuations can be done simply using data that is available online, so it is not very labor intense. In other cases a drive by of the property is sufficient for the valuation to be done and in other cases a property inspection needs to be completed before an accurate valuation can be given.
Free Property Valuations
You can sometimes source free property valuations if you go through a mortgage broker. This is not available in all areas on all loans but it is definitely something worth looking at.
Often you can secure a free valuation when purchasing a property or you can get a free valuation because you are refinancing your loan through the mortgage broker.
Remember a mortgage broker is almost always paid commissions by the lender you sign up for. They aren’t going to want to give you a free property valuation unless you get your loan through them.
Individually Ordered Valuations
You can get in contact with one of the many individual property valuation companies out there.
The easiest way to find them is to do a Google search such as “property valuation Sydney” or “get a property valuation Sydney” but replace Sydney with wherever you live within Australia.
I could not find a single company who offered property valuation pricing and fees on their website. Almost all of them required you to submit your details for a quote
Why Don’t They Have Fixed Pricing
Every property is different and thus every valuation is different. Depending on the type of property, floor space, local area and many other factors the work needed to get a valuation completed varies…thus the price varies.
The best thing to do would be to get a few quotes and pick the one that you liked best.
Sometimes a bank or lender will not accept an independently done property valuation and will require their own bank valuation to be done.
Most of the time this is at the cost to the applicant and costs can vary.
Speak with your bank about whether or not they will accept a valuation done by a third party or if you have to go through them. Usually a 3rd party (individually ordered valuations) work out cheaper for you.
Speak with a mortgage broker about the costs and requirements of each lender when it comes to completing valuations. Maybe you can go with a lender where the valuation is free.
Rural valuations are harder to do. There is less property sales for the valuer to look at comparable data and there are less companies willing to do valuations in rural areas.
This means your choices of who can do your valuation are extremely limited and they will often cost more to get completed.
Try and source multiple quotes before proceeding.