It’s all about property valuation that you should know
Property valuation is an assessment of the property value as per the local market condition usually carried out by the registered property valuer for the various purpose like buying, selling, renting, financing, and loan.
When you need a property valuation services –
There are several occasions where a person needs to have a property valuation services like –
- At the time of selling and buying the property
- When deciding the rental amount of the property
- If you are planning to buy an investment property.
- The banks and money lenders ask for property valuation services so via property value figure they can calculate – how much they can lend money against that property.
For which type of properties or buildings, valuation can be performed by the property valuers –
- For residential buildings
- For commercial buildings
- For industrial buildings
- For governmental buildings
- For agricultural lands
- For ancient monuments
- For public buildings
What information is required to find the value of the property?
The details related to the property – Location, type, size, age and physical condition of the property. If it is residential property than check the number of rooms and bathrooms available, renovation and improvement status, facilities and amenities associated with the property, every physical aspect of the property that adds and deducts the property value.
Other details – Name of the owner, reason of the valuation, details if the property was previously evaluated, neighbourhood, local market status, comparables.
The process of the property valuation –
The property valuer first visits the property completely, measures each and every detail of it and note it. Considers everything – building structure, age, condition, building faults and improvements required, presentation, facilities associated like distance to public transport, airport, train and bus stand, schools, offices etc. Also check the garage, garden, neighbourhood, and special features that make the property unique in its own. Valuer also takes the current pictures of the property to add those pictures in the valuation report.
Collect the comparables, study the local market completely, know the economic condition, then calculate the property value by keeping these things into consideration.
After determining the right property value, the assessor makes the property valuation report which contains the detailed information of the property, property value, and current pictures of the property.
The property valuation report is widely accepted to resolve legal matters like – family property disputes, marriage disputes, legal issue settlement.
Always remember this valuation figure is valid for the six months only. As the factors on which it depends are dynamic in nature so the property value is too dynamic and changes every three to six months.
Why is valuation so important?
Property valuation helps to know the exact value of the property. Through which one can make the right decisions related to the property. As the huge amount of money is involved in it. So it is good to hire a valuer before making any decision related to the property. Property valuer can advise the clients as they are the experts and possess great market knowledge
Looking for a property valuer, contact us. We are the experts in providing the right property valuation services.