How long does a valuation report take?

If you’re warming up to the idea of selling your house or buying a new one, determining the right price will be a key part of either decision. If you’re a seller, you will try to maximise the value of your house. And if you’re a buyer, you will be careful to pay just what the home is worth. 

A valuation helps solve this problem for both the seller and the buyer. It enables the seller to understand how to boost the value of the home, possibly through upgrades and repairs. The valuation also helps from a buyer’s perspective by narrowing down the price range and highlighting any potential flaws. Of course, timing is key when it comes to selling or buying a house, and it becomes important to get an idea about how long it takes to get a valuation. 

As a seller or buyer, you will start with your own research about market trends and property values around the area. A valuation will help you to confirm or correct your estimates about the property’s price. A lender who is authorised to issue a mortgage could also hire a valuer. When you hire the valuer, you are trusting them to be fair, objective and prompt with the valuation process. But it is important to remember that the timeline for completing a valuation is client and property specific. 

How long does the process take?

So, how long does a property valuation take? The process of undertaking the property inspection typically takes a day. After the inspection, it usually takes two days to complete a standard valuation report.

While completing their report, the valuer will treat the inspection date as the valuation date. The timeline may vary depending on the price, the type of property and the report format requested. Usually, the certified valuer will agree to a date of completion in writing before starting. 

Some valuers will only do a quick ‘kerbside valuation’. This is done just to confirm that an actual property is located at the address. A full valuation - from the visit to the report - is likely to take five to seven business days.

A full valuation includes a complete inspection of the interiors and the exteriors of the house. Factors like land, location, type of structure, improvements on the structure, views from the house, size, zoning restrictions, heritage value of the house, fittings and fixtures are taken into account. The time to complete a valuation report also depends on the valuer’s availability and how quickly they can gain access to the property.

Sometimes, the valuer is faced with an unavoidable problem, and this may cause a delay which may extend the time taken to complete a valuation report. When this happens, they are required to communicate it to their client, whether it is you, the other party or the lender.

How long is a property valuation valid for

Property valuations have limited validity, usually ninety days from the valuation date. A valuation report is a formal recording of the worth of a property, but this value cannot be frozen in time. This is because market factors and the nature of the property itself can affect its worth and price after a certain amount of time. 

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