Scott, Good point about worth and cost being two totally different issues. Does that mean that in terms of conducting a valuation you will always be dealing with a properties 'worth', as it is at a defined point in time and is a hypothetical market transaction? How about in the summation method whereby the 'worth' of the property (at a point in…[Read more]

The age of the home can play a part in the value for a number of reasons. The age is taken into account either by finding comparable properties of a similar age in the comparison method or depreciating the building costs relative to the homes age in the summation method. Basically with age a structure will loose value for a number of reasons,…[Read more]

I had a feeling that in NSW at least (I don't know anything about Victorian property law), there were laws in regards to the regularity of body corp meetings, voting rights in the body corp etc. If none of this infastructure is in place then i would be doubful of their rights to ask for payment. Also agents are supposed to follow a due dilligence…[Read more]

There are several methods of valuing a residential property which are accpeted by proffesional valuers. Two of which include the comparison method of valuation and the summation method. These are often used in conjunction with each other to give an accurate property value. If you wish to derive the land value component of a property you can use…[Read more]