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The valuation is generally by an independent valuer. You may be asked to get (and pay for) three individual valuations and an average taken as a cost estimate. The bank may require a valuation if you are seeking finance on this venture. If you have the cash stashed and are not seeking to finance this, then the bank is not involved.
You need to have other residents on side with your proposal as you can expend all of the fees having a DA approved, architect plans drafted, structural engineers report supplied and builders lined up, only to find one dissenting owner (usually a solicitor), stymie your plans. This is what happened in the void cavity occupancy proposal below over the placing of a small window in the back wall for another bedroom. Plus your levies might increase with the extra space.