An Owners Corporation Property Valuation may engage a valuer to determine the value of the property for a number of reasons, such as :
– to provide information for financial reporting purposes
– to calculate levies
– to facilitate the sale or purchase of units in the owner’s corporation
– to assist in the insurance of the property.
The value of an Owners Corporation Property Valuation is generally determined by reference to the sale prices of similar properties in the same area.
However, there are a number of other factors that may be taken into account, such as :
– the size, age and condition of the property
– the location of the property
– the amenities and services available to residents
– the demand for units in the owner’s corporation.
An Owners Corporation Property Valuation should consider engaging a valuer if it needs to obtain an accurate estimate of the value of its property.