A property valuer evaluates the condition of the land surrounding a property and makes comparisons with surrounding properties to determine the value. A property valuer also looks at the size and shape of the property, its topography, and other factors that could affect its value. A property valuer also considers the proximity of the property to lifestyle amenities like public transport and schools.
A property valuer may be a member of the NASMV, a professional association of valuers and appraisers in the United States. Members of the association are typically real property valuers, but they may also specialize in other fields, such as business appraisal. A property valuer must be certified in order to practice in a certain state, and the NASMV requires valuers to go through a state-administered attestation process. If you wish to learn more about this, visit house valuation
An appraisal is based on a variety of methods, including the summation approach and the cost approach. The cost approach, formerly known as the summation approach, involves adding up the land value and the depreciated value of improvements. This method of valuing a property uses the RCNLD method, which stands for reproduction/replacement cost new less depreciation. The replacement cost is the cost to build a similar property of the same utility with modern design and workmanship. A property valuer will also deduct a factor for functional dis-utility that arises with age.
As a property valuer, you need to have the right motivation and skills. You will need to be able to work independently and within a team. You must have good interpersonal skills and a willingness to work with others. A property valuer may have to travel for their job and work under unpredictable conditions. In addition to these qualities, a property valuer must have a strong desire to work in a field that requires dedication and perseverance.
The valuation profession is undergoing a massive restructuring process. The valuation market has suffered a number of changes over the past century. The Australian Property Institute, or API, is the body that regulates property valuers in Australia. The institute is responsible for ensuring the integrity of the profession by promoting the development of ethical and professional standards.