Property valuation calculator
Anyone doing internet research on property matters will come across a range of online calculators designed to help people to find a mortgage or estimate the value of a property they might be thinking of buying or selling. In this article we’ll be looking at the value of online property valuation calculators.
What are online calculators?
Online calculators typically provide a quick answer to fairly complex financial questions. They can be a very convenient way to research a topic without the need to visit financial institutions. Some of the most common online calculators that are used in Australia by buyers and sellers of residential properties are:
- Loan calculators. There are two main types of mortgage calculators. One type will estimate your mortgage borrowing capacity based on information you provide about your income and financial commitments. The other type of calculator provides instantaneous summaries, usually both in tabular and graphic form, of repayment amounts for mortgages for a range of loan values, loan periods, interest rates and repayment structures.
- Stamp duty calculators. In Australia stamp duty can add significantly to the cost of buying a home and stamp duty calculators can give an estimate of the stamp duty you are liable for.
- Property valuation calculators. These calculators provide estimates of property values within a few minutes of you completing an online form to give details such as location, sizes of building and land, facilities such as swimming pools and air conditioning, and the general condition of the property.
Advantages and disadvantages of online calculators.
Online calculators can be a convenient way to get a quick answer to your question. Some online calculators can be useful but the value of others is limited, for example:
- Mortgage borrowing calculators can be misleading because a lender’s assessment of your borrowing capacity includes not just your income and financial commitments but also your credit history, and information about your credit record is not available to the online calculation program. Mortgage repayment calculators, on the other hand, are simply mathematical tools and do their job very well.
- Calculation of stamp duty can be a difficult task because it is governed by state laws that change frequently; while stamp duty calculators are able to give a guide to the amount of stamp duty payable. Because of the complexities of the various state-based discounts and exemptions most online stamp duty calculators aren’t designed to capture all of the relevant information, so an individual offline calculation is likely to be much more reliable and accurate.
- Property valuation calculators provide results based on market information. Online questionnaires aren’t designed to capture some of the vital information about a property that can have a bearing on its value, such as traffic noise levels, while some of the questionnaire items, such as the condition of the property, can only be answered subjectively. The age and quality of the market data on recent local selling prices is also unknown to the user. An online property valuation calculator can give you a starting point for further research into the value of a property, but provides only a general superficial market-based figure.
If you are buying or selling a valuable asset like a residential property it’s most important that your decisions are based on reliable and up-to-date information about the value of the property. If you’d like an accurate individual property valuation please contact us.
Related posts:
- Property valuation report
- How to get a Free Online Property Valuation
- Valuation of Property
- Property Valuation Services | How to Assess the Value of a Property
- How to get an Instant Property Valuation
- Free Property Valuation versus a Home Value Estimate
- How To Benefit From A Home Loan Calculator
- Stamp Duty when Buying Property in Australia
- Real Estate Property Value
- Income Calculator for Your Loan
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