Pre property purchase real estate valuations Sydney and NSW
Most people get a pest inspection and building inspection before purchase which is fine and always recommended, but the most important thing, is the price, and does that price represent market value.
If you’ve finally found the property, house or unit you are really interested in, it’s in your best interest to get a fully independent pre-purchase valuation. Any asking price is just that, an asking price, vendors and agents often set asking prices to factor in offers. The vendor and agent know they can always lower the asking price, but it’s much harder to increase it.
The importance of obtaining an independent pre-purchase property valuation
Real Estate agents are advocates for the vendor and have a vested interest with a commission-based bias toward their client the vendor, their goal is to achieve the highest possible price.
Many believe, including vendors and agents, that price is market value, this is not the case, unless you are happy to believe that no one ever pays to much for a property or no one ever gets a great deal or pays under market value. If a property was really worth, what someone was willing to pay in the market place at any time, it would be a very different place, where no one would lose, finance would not be an issue and far fewer transactions would take place.
The main issues surrounding the fluctuations between fair market value, above market value or below market value, which can be extreme at times, relate to many factors such as the ever-present ‘supply and demand’, a purchaser’s specific circumstances or needs, financial factors and competition just to name a few.
The reality is, for everyone who sells a property at a price above market value, there is a person who has purchased that property above market value. Similarly, for everyone who sells a property at a price below market value, there is a person who has purchased that property below market value.
There is a third component, those who buy or sell at market value within a range considered fair market value by all, that’s the range most people assume they have purchased or sold in, very few will assume or accept the view, that they have purchased well above or sold well below market value, why would they want to?
Don’t let anyone tell you the price is in this range or below market value.
A bank or financial institution may conduct a compliance report. This is not an independent valuation. Courts, the Office of State Revenue and the ATO will not accept or recognise these reports, nor should you. These compliance reports are often contracted and the vested interest/advocate component is often evident.
A pre-purchase valuation can inform you as the client, the property is well under market value or well above market value, to which the report can still be used as a great negotiation tool.
This is what we provide, an independent expert valuation unbiased and well-supported assessment of value-based independent research on your particular property.
Quadrant Valuations Sydney
Quadrant Valuations are Sydney valuers specialising in valuations for the residential, strata, industrial and commercial property markets. We offer independent valuations and property assessments for all situations. We provide real estate value consultancy services for all property types along with a range of easy-to-read and interpret valuation reports tailored to the client’s individual needs. Importantly, we are members of the Australian Property Institute (A.P.I) and bound by a strict code of ethics.
Established in 1980 and with a head office in Sydney, our highly experienced valuers covers the entire Sydney metropolitan area including the Sydney CBD, Northern Beaches, Upper and Lower North Shore, Eastern Suburbs, Western Sydney and NSW wide on specific request.
We provide valuations and property reports for all clients including private property owners, investors, business owners, legal and accountancy firms, surveyors and Government departments.
We are qualified in expert evidence for legal matters requiring a single party reports or the services of an expert witness in litigation, family law and probate matters with over 30 years of experience to draw on.
We are active Associate Members of the governing body the A.P.I (Australian Property Institute) and bound by a strict code of ethics.