Property valuation is an examination performed to understand the actual value of the property. Though getting a property valuation is not required in all countries, still some states are using their services for several reasons. A seller needs to get the right price for the property to sell. The free property valuation helps comprehend the current market price for the asset/building and ensures it will not be low-balled by the buyers.
Property valuation services
Property valuation involves several prices, such as:
- Evaluation
- Inspection
- Assessment of property
- Location of the property
- Neighbourhood
- General location
When opting for a property valuation, expect that a group of experts visit your premises and inspect every aspect, from the quality of construction to the amenities, including:
- Fixtures added
- Roofing and flooring condition
- Property’s general maintenance
The property valuation team conducts a location assessment and records aspects like:
- Safety
- Security
- Location Infrastructure
- Commutation time
- Proximity to institutions (schools and hospitals)
- Entertainment
After all these, a property valuation report is prepared using the standard building valuation calculator.
Who performs the evaluation process?
Property valuers will conduct the evaluation. The property valuers are also called evaluators with hands-on knowledge in the world of real estate who use the following:
- Practical experience
- Market Analytics
- Real-time data
The property valuators will work on the evaluation of different properties, such as:
- Residential
- Commercial
- Industrial
Unlock the real value of a property
A property is one of the major assets held by people or business entities. Any asset, including the property, has a value used by stakeholders, whether they are sellers, buyers, or other entities. The value is determined through the valuation. Appraisal or valuation is the process of getting the value of the property on a specific date for a specific purpose.
The usual basis of value is the market value, defined by the IVS or International Valuation Standards as the estimated amount for which the asset/liability must be exchanged on the valuation date. It is between a seller and buyer; it covers the length of the transaction. After proper marketing where the parties each acted knowledgeably, without compulsion and prudently.
Simply, it is an estimation of the price a property can be sold for. Whether the buyer and seller are in the transaction for free and both well-informed about all aspects of the property and transaction. Anyone can assume a price on the property as they see fit whether it is based on the following:
- initial purchase price
- additional costs on construction
- renovations
- attribute some other perceived special value
Yet, that is unnecessarily equal to market value since it will not be an unbiased or balanced view of the property value. A property valuation must be performed by a qualified and licensed valuer to hold the assurance that your property gets a good deal for its value. The professional ensures the market value specified is objectively and competently.
Valuers or appraisers are duly licensed and undergo continuous education to keep them up-to-date with the techniques and standards of valuation. Sellers will be confident now sooner or later, they will be closing a good deal successfully.