03/06/2023
4 Essential Reasons You Need a Certified Property Valuation
North Star Valuations
Firstly, for mortgages. The bank, or lender, will normally retain a Valuer to report the current market value for your property.
Secondly, Taxation. For example stamp duty, or capital gains tax. In some circumstances the government can require a valuers assessment to determine how much you must pay in taxes.
Thirdly, Legal. During the course of our lives things change. Valuations are often a necessary part of the legal process when families transition for example in deceased estates, probate, divorce, and blended families.
Last but not least, Private reasons. People often have a valuation for private transactions - let's say you are buying or selling property amongst related parties. Or if you’re involved in an estate where family members don’t agree on property value, usually a valuer will establish the current market value.
So there you have it - the 4 key reasons why you might need a certified valuation.
There are other circumstances that your solicitor, accountant, financial adviser, or government may require a valuation. Taxation, Asset tests, Government grants, Strata unit entitlement, Rent reviews, Easements, Purchasing a portion of a neighbour’s property, etc.
