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The cost of a valuation is very small compared to other expenses involved in a property transaction. Yet, the advice provided is very important.
The procedure involved in carrying out a typical residential valuation involves: receiving instructions and establishing the purpose of the valuation; obtaining a Title search, checking the Town Planning and zoning controls, checking the location, carrying out appropriate sales research, inspecting the property, noting construction, quality of fit-out, condition, measuring and calculating floor areas, inspecting and making comparisons with sales of other properties, assessing the valuation and preparing a written report.
Report formats are in accordance with standard requirements and as preferred by banks and other lending institutions.
Fees are charged on a time and expenses basis. In general, larger more expensive houses incur a higher fee. Some examples are:
- Values up to $340,000.00 Minimum fee $450.00 including GST.
- Value around $500,000.00 Fee $540.00 including GST.
- Value around $750,000.00 Fee $680.00 including GST.
- Value around $1 million Fee $820.00 including GST.
For commercial and industrial properties, the minimum fee for a new job is normally $800.00 plus GST.
A discount normally applies to an update of a previous valuation carried out by Somervilles.
A charge of $45.00 including GST is made for reprinted reports for existing client.
Verbal fee estimates or firm written quotations can be provided on request.
Fees are payable within 7 working days of receipt of invoice, unless otherwise agreed with Somervilles Valuers Ltd.
The report remains the property of Somervilles Valuers Ltd until the account is fully paid.
Payment is accepted by personal cheque, bank cheque, direct debit, Visa card or Mastercard or in cash.
A Cancellation Fee of $100 (incl. GST) will be charged for inspections cancelled less than 24 hrs before arranged appointment. This is to cover preliminary research and administration conducted prior to valuation. Overdue Accounts: The client shall be liable to pay all costs and expenses of debt recovery and/or legal costs incurred.
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