1. What is a strata valuation?
A strata valuation is an estimate of the value of a property, typically used by strata schemes when levying special levies or determining the amount of insurance to take out on the property.
A strata valuation is different to a standard property valuation in that it takes into account the specific features of strata schemes, such as common property and shared facilities.
Strata valuations are typically carried out by registered valuers who have experience in valuing strata properties. The valuation will usually take into account the size of the unit, its location within the strata scheme, the age of the property and any special features or amenities that are available to residents.
Strata valuations are an important part of strata schemes, as they provide a basis for levying special levies and for insuring the property. If you are a member of a strata scheme, it is a good idea to have an up-to-date strata valuation carried out so that you have an accurate estimate of the value of your property.
2. Who is a strata valuer?
A strata valuer is a professional who is qualified to appraise or estimate the value of property that is held in common ownership, such as an apartment complex or a shopping center.
A strata valuer typically has a degree in business, economics, or another relevant field, and must pass a professional exam in order to be certified.
The role of a strata valuer is to provide an independent assessment of the value of a property for the purpose of setting strata fees, insurance premiums, or sale prices.
A strata valuer must be familiar with the local market conditions and trends, as well as the specific features of the property being valued.
A strata valuer may also be called upon to provide expert testimony in court cases involving disputes over the value of property.