How does Tiimely Home work out the value of my property?
There are three ways Tiimely Home can value your property:
- Automated Valuation Model (AVM),
- desktop valuation, and
- full valuation.
What is an Automated Valuation Model (AVM)?
If our tech can source good data on your property and the loan you are seeking doesn’t require a full valuation, we'll do an AVM. This instant valuation of your property analyses values of comparable properties through integrated external providers, existing property and land databases and our own tech models.
What is a desktop valuation?
If we can't value your property instantly, we'll do a desktop valuation or full valuation. A desktop valuation is when an accredited valuer uses publicly available information such as tax records and comparable sales in the area to establish the value of a property.
What is a full valuation?
A full valuation is when we arrange for an independent and qualified valuer to inspect your property and issue a report with the valuation. This may be required if:
- You have less than 20% deposit
- The property is a high-density apartment
In a full valuation, a licensed appraiser visits the property, takes photographs and measurements, and evaluates the location, features, selling points and overall condition of the property.
And you won't need to pay any valuation fees because we pick up the cost.
Found in:
- Applying