Most people are familiar with the term Strata Valuer in relation to property. A valuation is an estimate of the worth of a property, usually carried out by a professional valuer. The purpose of a Strata Valuer is to provide an independent and objective opinion on the value of a property.
A Strata Valuer is a specific type of valuation that is undertaken on properties that are part of a strata scheme. A Strata Valuer scheme is a group of properties (usually apartments or units) that are jointly owned.
The owners of each individual property in the scheme jointly own the common areas of the development, such as the lobby, corridors, gardens and swimming pool.
Undertaking a Strata Valuer is important for a number of reasons. Firstly, it provides owners with an indication of the value of their property. This is important information to have, particularly if you are considering selling your property. It can also be helpful if you are looking to refinance your mortgage.
Secondly, a Strata Valuer can be used to help resolve disputes between owners. If there is a disagreement over the value of a property, or how money from the sale of a property should be divided up, a strata valuation can provide an objective opinion that can help to reach a resolution.
Thirdly, a Strata Valuer can be used to help set insurance premiums. Insuring a strata property is different to insuring a standalone property, as the owners are jointly responsible for insuring the common areas as well as their own individual properties. A Strata Valuer can help to determine the correct level of insurance cover to take out.
Finally, a Strata Valuer can be used to help with the management of a strata scheme. The valuer will assess the condition of the common areas and identify any repairs or maintenance that may be required.
This information can then be used by the Strata Valuer manager to develop a long-term maintenance plan for the scheme.