Body Corporate Valuer are an important process for those who manage or own strata titled property. A Body Corporate Valuer is required to be conducted by a registered valuer every three years.
The valuation is used to calculate the Body Corporate Valuer levies which are payable by owners of units in the strata scheme. The valuation process involves the valuer conducting an inspection of the common property and units in the strata scheme.
The Body Corporate Valuer will take into account a range of factors when assessing the value of the property, including the size and condition of the units, the age of the building, the location of the property and recent sales data.
The valuer will then provide a report to the strata scheme outlining the Body Corporate Valuer of the property as well as the value of each individual unit in the scheme.
This information is used by the strata scheme to calculate the Body Corporate Valuer levies which are payable by owners. If you are an owner of a unit in a strata scheme, it is important to be aware of the body corporate valuation process and how it can impact the amount of levies you are required to pay.
If you have any questions about the Body Corporate Valuer process, you should speak to your strata manager or the strata scheme valuer.