Valuation Services
Valuation Services
Commercial
First Valuation Group has over 15 years experience within the valuation of suburban commercial office buildings within the greater Melbourne Metropolitan area. Our advice and valuations have been primarily undertaken for mortgage funding in addition to rent review purposes. Within this sector, properties range within the sub $10M range and vary from small office suites to multi storey office developments. Our valuation advice also being in the form of advisory to either landlord or tenant in relation to pending or forthcoming rent reviews and/or determinations. Advisory also covering negotiations, market research, incentives and best advice.
Retail
First Valuation Group has over recent times developed a specific expertise within this market segment, especially, within the neighbourhood retail strip shopping centres of Metropolitan Melbourne. Advisory services include providing assistance with rental and lease negotiations, market evidence, trends, feasibility studies and market rental determinations and submissions to determining valuers.
Industrial
First Valuation Group has extensive experience in this area with numerous valuations of industrial property having been undertaken. From subdivided units to larger industrial holdings and for a variety of purposes including mortgage funding, feasibility and rent review purposes.
Residential
The company has had a vast amount of experience in this segment from apartments to prestige residences.
The purposes are numerous including mortgage funding, family / matrimonial settlements, asset valuations and taxation purposes. Basis of value also varying from vacant land to “as is”, to “upon completion” and feasibility studies.
Our formats for all types of properties can vary from detailed and extensive to concise and brief.
Medical and Associated Premises
The company, and in particular Mark Ruttner, Manager Director, has over the last few years undertaken due diligence within the medical industry and associated real estate premises from all facets of the property spectrum. Accordingly, we are deemed as a specialist as to current market value, rental determination and associated advisory within this specific and specialist area of real estate.
Purpose of Valuations
While property valuations are undertaken for a multitude of purposes, First Valuation Group provides a range of services which are summarised as follows:
Market Valuations
Rental determinations and submission on behalf of lessor/ lessee
Mortgage/Refinancing Valuations
Before-You-Buy Valuations
Before-You-Renovate Valuations
Portfolio Valuations
Self-Managed Superannuation Valuations
Family Law Valuations
Owners Corporation/Insurance Valuations
Capital Gains Tax Valuations
Goods and Services Tax Valuations
Acquisition and disposal of real estate property
Stamp Duty Valuations
Estate/Probate Valuations
Rating and Tax Valuations
Litigation and Dispute Valuations
Sale purposes
Why Use FVG
Real estate maybe considered as an evolving market, a market not dissimilar to that of the stock market. An ever changing market that is constantly affected by traditional and non traditional market forces. With today’s technology, not only must you have the implicit data, but importantly you must be able to analyse, dissect, formulate and arrive at a value that will encompass all market forces. In saying this, it is not enough just to collate data and hopefully be near where the value is, you need experienced professionals, not only in the sense of longevity of varying market cycles, but in being able to fully summarise and arrive at value taking all factors into account.
First Valuation Group, led by its Managing Director, Mark Ruttner and experienced team allow our clients with not only the standard return, but, with a depth of real value to interpretation, analysis and summation of value from all sides of the methodology, to a value of what one would expect with the open market at the date of value. It is not enough today, just to be cognisant with data, you also have to be well versed with what is actually happening in the market place.
Our business plan allows us to be the professional without compromise, giving our clients the comfort that the years of experience enables First Valuation Group to be at the forefront of the valuation profession in Melbourne, Victoria. After all, we have been actively valuing for a variety of purposes, with the majority of assignments having been for mortgage purposes for the last twenty years or so.
We are challenged every day in the market place by computerised makeshift programs and those in the profession that have not witnessed declining markets, but due to our longevity we are able to report to our clients in a manner that takes all factors into account.
Above all, First Valuation Group is committed to providing service without compromise and being at the forefront of the profession as it meets the substantial challenges of the market at any given time, inclusive of the global financial crisis, post sub prime crisis and beyond.
FAQ’s
What information do you obtain within the valuation report itself?
Terms of reference
Locational commentary, attributes, linkages, detrimental factors
Relevant date of value
Legal description
Land details; information of the valuer’s physical on-site measurements
Building area; information of the valuer’s physical on-site measurements
Services applicable
Planning zoning
Environmental Statement
Improvements Statement
Comparable sales evidence; an extract of the most comparable and fitting sales
General comments (if applicable)
Any value assessment that you, our client, requests
How do you the client, benefit?
Once you have received the valuation, you are an informed person, when you speak to anyone relating to your property you will, at that given point of time, be fully aware of the market, its market forces and your property’s value. If you are contemplating selling your property, you will be in control of the sale process, as well as the fact that you now have a legal document, and have received independent professional advice, with that entity having no vested interest. A valuation report is a professional and legal assessment of the value of your property.
What’s my property worth?
It is common for the instructing party to ask the valuer this question as soon as the valuer has inspected the subject property.
The truth is at that time the valuer doesn’t know what the property is worth. The inspection is the first step of many that the valuer must go through before a value is determined.
What does the valuer consider in determining the value of my property?
The valuer measures the land size and improvements from the outside of the external walls to determine square metre size of the improvements. The external measurement is standard throughout the industry. Usually no interior measurements are required. The valuer takes notes concerning the features of your home such as room layout, number of bedrooms, baths, etc. The valuer also makes a determination of the general condition, appeal, and functional layout of your home. All of these items are taken into consideration in the valuation report. Additionally, the valuer has consideration to the marketability, local economy aspect, market dynamics and market segments.
Does the valuer do a whole building inspection?
No. The valuer is not a whole house inspector. An Engineer, Architect, Electrician, Plumber, etc. are deemed to have expertise in their areas. The valuer walks through the house to get an ideal of the general condition and accommodation. A valuation is not a guarantee of condition. You are encouraged to seek the advice of experts if you have any questions about the structural aspects.
How long does a valuation take?
The physical inspection of a typical property takes between ten and fifteen minutes. Sometimes an inspection can take longer if the dwelling is difficult to measure or has some unique features that require additional investigation by the valuer.
After the initial on site inspection of your home, the valuer inspects comparable sales of similar type properties within the immediate vicinity. The purpose of this inspection is to search for other properties that are similar to the property being valued that have sold within the last three to six month period. When the field work is completed, the valuer completes the report and rationale and reports to you under the terms of reference of the Australian Property Institute.
What qualification does a valuer have?
A valuer must complete relevant tertiary level qualifications and be licensed or registered by the appropriate state body to practice as a Certified Practising Valuer. Only Certified Practising Valuers are recognised by courts of law as expert interpreters of the property market.
How much does a valuation cost?
The cost of a valuation can vary according to property type, location and size, as well as the purpose of the valuation and length of report required. Valuation fees are usually tax deductible if the property is held for investment purposes. The cost of this professional advice is relatively small compared with your investment and the potential savings and peace of mid it can provide you.
If the valuer is not from my area, how can they properly value my property?
Certainly a valuer should be familiar with specific areas or neighbourhood to value a property. The misconception is that only someone who lives “close by” would know the area. At First Valuation Group we value throughout Melbourne, and our valuers have completed thousands of valuations. We have valued in all neighbourhoods in our service area.
Is a valuation different from a council rates notice?
Yes. A rating valuation is prepared for the purpose of assessing rates and land tax of a property. It does not usually involve an internal inspection and is prepared at a particular date. The relevant date of valuation on your rates notice can vary depending upon where you live. This valuation cycle can be 12 months and up to 4 years in some cities.
An independent valuation and real estate agent’s appraisal are documents that are created for different purposes. An agent uses his expert local market knowledge to arrive at a selling figure which the property should be placed on the market. A valuation is carried out by a qualified property valuer for a variety of clients including banks, solicitors and individual property owners for a wide range of purposes.
I am buying a property, do I need a valuation?
A valuation before you buy a property can provide you with an independent opinion of its value. This can help you negotiate the right price and save you money. Valuers will check the property’s title and zoning as well as provide a risk analysis which highlights any potential opportunities or threats.
I am selling my property, do I need a valuation?
Before you sell your property, a valuation can provide you with an independent assessment of current value before placing your property on the market. This figure may be different from what a real strata agent says your property is worth. The valuation report is a document that can be used as a negotiation instrument to ensure you do not sell a property for less than it is actually worth. A valuer can also provide you with tips on how to add value to your property.
