Is valuation an art or a science? It’s an age-old question that has been asked many times, and while you’d get a mix of different responses depending on who you ask, I think most would agree that it is definitely a combination of the two. So why is property valuation important to you – the homeowner? Well, valuation is essentially, an estimation of how much the property is worth in the market. This can be different from the actual buying or selling price, as negotiations usually cause the final price to fluctuate around the valuation – which is why the property valuation is usually the starting point of negotiations. With good knowledge on how much the property is valued, as well as what goes into property valuations, buyers and sellers can rest assured that they are getting/paying a fair value. To delve further into it, there are generally two types of valuation—estimates and indicative....