A market valuation report is an assessment of how much a property is worth in the market conditions that apply at the time it was produced. People that produce market valuation reports are required to follow specific guidelines to ensure that the value is calculated fairly. The reports are based on a property’s size, location and overall condition and often use the following criteria to produce a valuation:
• Size of the property and the land it is on
• Condition and defects of the property
• Availability of public transport
• Age of the property
• Quality of fixtures
• Parking availability
Property valuation reports are produced when a property is being sold to ensure the purchase price is fair, to negotiate a more favourable price when the property is considered undervalued and to determine whether a property has any hidden issues or defects which are not immediately apparent.