What is the difference between an Instant Valuation and a Detailed Valuation

What is the difference between an Instant Valuation and a Detailed Valuation

Instant Valuations 

An instant valuation are automatically system generated valuation reports for residential properties. 
The valuations method used for the instant valuation report is a Sales Comparable method. 
As a User you provide key information on the details and the features of your property including its plot number, plot size, location, number of rooms and types of each room in your property. 
Based on your inputs the system automatically finds properties with the same or similar features, within your specific locality. It prioritizes recent sales transactions between 6- 12 months, compared to those properties the system determines how much your property would sell for at the date of valuation. 

This valuation method application is inline with International Valuation Standards  click to learn more about them. 

Detailed Valuation 

A detailed valuation is a property valuation report that has been generated with the expertise of a qualified and registered valuation practioner, or valuer. 
All valuations are required to comply with international valuation standards, and property measurement standards

The process of getting a detailed valuation is as follows; 
1. Issue a valuation instruction to a valuer 
      Key information required in the instruction are 
      - Property identity ( Plot Number)
      - Location 
      - Purpose of the valuation 
      - When an inspection should be carried out.   
2.  The Valuer schedules an inspection depending on the availability and accessibility of the property 
3.  During the inspection the valuer logs features, measurements, characteristics, rooms and their observations on the state of the property 
4. At the end of the inspection  valuer submits their observations of the property, on to the gosmartvalue valuer dashboard. 
5. The platform automatically generates comparables ( recent sales of similar properties in the locality ) for the valuer to select from. 
The valuer also has access to market land rates, sales trends, building costs and other market sensitive information that influences property values
. 
6. With the assistance of the system calculations the valuer determines the value of the property and generates the valuation report

Differences Between the Instant and the Detailed Valuation Report 


Report Type 
Instant Valuation report 
Detailed Valuation Report
Tech intervention 
100% system generated Expert led, technology enhanced valuation 
Cost 
Flat Fee
P750
Based on the value of the property
Deposit : P 1000
Average Fee : P 3500
* The fees are determined by the valuer selected 
When is the report available 
Immediate 
between 4 hours  and 48hrs
post inspection, depending on the valuers turnaround times
Where and When can I use it 

  1. If you are still considering whether to sell or buy a property, the instant valuation gives you an objective indicative figure you can use for negotiations 
  2. For submission of value for property transfers on Deceased estate, inheritance, consolidation of assets. 
  3. When you are considering equity release on your property to determine if there is sufficient equity on your property against your bank balance. 
  4. Landboard Compensation Valuation 

  1. For 3rd party transactions such as Security registration 
  2. Non- residential properties 



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