Pre-Purchase & Pre-Sale Valuations

A Pre-Purchase Valuation is an independent valuation of a property you are considering buying, usually on an "As Is" Market Value basis of valuation. Combined with advice on the property's potential, a Pre-Purchase Property Valuation will ensure that you know what you are purchasing and whether you are paying a fair market price, or better still below market value.

A Pre-Sale Valuation will help you set a suitable asking price for your property when selling. Pricing it too low has an obvious cost. But pricing it too high can also be costly. An overpriced property could be left unsold for many months or even years. An independent property valuation report could also be used as an influencing aid in your negotiations with the listing agent or potential buyers (if selling on your own).

Read the story about Jack's $30,000 mistake

Jack L wanted to surprise his future wife with a beautiful two bedroom apartment he had 'found' on a real estate website.

In his eagerness he believed the real estate agent's rationale for why this property will be snapped up at $350,000. Jack even thought that he was being cautious by calling another agent for a second opinion. Six months later after buying this unit, he discovered that several other similar two bedroom apartments in his block and in another apartment complex in the next street had been sold for between $300,000 to $320,000 at about the same time when he purchased his unit.

Jack realised that he had overpaid by at least $30,000  for his unit!! If only he had obtained independent advice from an expert property valuer from ValuConsult, who because of his / her training, experience and knowledge of the market would have valued Jack's beautiful two bedroom apartment at close to $300,000 to $320,000! This amount would be what Jack should have offered for the property.

How the Wongs' missed out on an extra $50,000

Now that their three children no longer lived with them Mr and Mrs K M Wong had decided to downsize from their two storey, four bedroom home in Doncaster, Victoria to a low maintenance two bedroom unit in the same suburb.

Mr Wong was sure about the asking price he wanted for the family home. So he decided to be a FSBO ("For Sale By Owner"). With the help of his youngest daughter he advertised the property in the local newspapers and several real estate websites. His asking price was $800,000.

Within three days of his first advertisement appearing (and even before his advertisement in the local newspaper advertisement commenced), he received four phone calls followed by four appointments for inspections. The first middle age couple who walked through the property made an immediate offer of $750,000. Mr Wong took down their contact details and thanked them. Within an hour after that the second family who inspected the property agreed to his asking price of $800,000. They gave the impression that they will be inspecting two other properties that afternoon and hence will require an immediate decision from Mr Wong. 

Not wanting to risk missing this offer (FOMO) which afterall meets his asking price, Mr Wong accepted a deposit and issued a receipt for the amount.

Out of curiousity, Mr Wong did not cancel the third and fourth appointments. The couple with their teenage son in the third appointment could not contain their excitement and offerred $850,000. Whilst fuming with regret Mr Wong got a phone call from the last person who requested to postpone the appointment to the next day.

If only he had obtained independent advice from an expert valuer from ValuConsult, who because of his/her training, experience and knowledge of the market would have provided an indication of what Mr Wong could have asked for his family home, which in all likelihood would have been closer to $850,000 or higher.