Strata and community living often brings people of diverse interests and backgrounds close together. Disagreements and disputes sometimes arise. Tolerance, understanding of others and communication are essential to harmonious living.
The Strata Schemes Management Act 1996 and the Community Land Management Act 1989 set out processes for resolving disputes.
RECENT MEDIA ATTENTION HAS PUT THE SPOTLIGHT ON THE RISE OF ONLINE PROPERTY ‘VALUATION’ PRODUCTS.
The potential risks to consumers using these ‘easy’ and often free ‘valuations’ have been less widely publicised and are not well understood.
There is a reason that professional valuers undertake an initial course of study lasting a number of years.
Correctly valuing a property is difficult, requiring consideration of many factors. It is not an exact science. The skill and experience of the valuer are essential in getting it right. It is not simply a number crunching exercise that can be completed in a few seconds using an algorithm.
Ultimately consumers and the wider community will suffer from the use of free and cut-price ‘valuations’ if they continue. Lending decisions will increasingly be made on inaccurate data sourced from statistics and a computer program, which does not have regard to real market factors or take into account all the discretionary factors which affect the value of a property.
These ‘valuations’ are based on quantitative information only. They do not involve an inspection of the property, do not take into account the actual condition of the property, and should not, ultimately, be relied upon as a substitute for an independent valuation.
You need to look beyond the mere price of a valuation and actually focus on its content. You should attach due weight to free of cut-price ‘valuations’ before embarking on what will probably be the biggest financial decision they will ever make.
You get what you pay for.
This article has been provided courtesy of the Real Estate Institute of New South Wales.