Nowadays, Property valuation is becoming essential to know the right value of your property. As most of the reasons for property valuations are associated with legal matters like - refinancing or mortgage purpose, we need a property valuation.
What is property valuation?
A property valuation process requires a property valuer to visit the property for the assessment and to find the right value of the property. A valuer has to inspect the property minutely and keeping the market condition and previous sales into consideration. After valuation property valuer must provide you the property valuation report.
What is needed to become property valuer?
To evaluate the right value of the property, the valuer should hold an educational degree of this field. Property valuer should be registered one who possess good analytical and observational skills, experience and should have great market knowledge.
What is property valuation report?
Property valuation report is complete analysed information of the property written in the report.
The valuation report contains the details related to property, it’s owner, valuation and additional information related to the property. This report is made after the complete analysis of the building, construction and building layout.
Why property valuation report important?
It helps you in making the right financial decisions. Real estate property buying and selling involves huge amount of money, so before making any decision one should hire an expert to get an advise and property valuation report helps in doing so.
For example - If you are a buyer and planning to buy a property then you should ask the valuer to visit the property, evaluate the property value appropriately and prepare the property value report. The report highlights the advantages and risk associated of having the property. Thus you get the complete description detail of the property that helps you to make the purchasing decision.
Following are the details should be mentioned in property valuation report -
- Name of the applicants.
- Name of the owner.
- Address of the property
- Date of appraisal/ valuation
- Purpose or reason of valuation.
- Type of property.
- Structure of property
- Neighbourhood and amenities
- Details of property
- Number of floors, rooms, bathrooms.
- Condition of the property.
- Improvements required in property.
- Renovation done in past years.
- Age and estimated future life of the property.
- Maintenance level of property
- Availability of front yard, backyard, garage.
- Calculated fair market value of the property.
- Coloured pictures of the property.
Along with this, some more details are present in any property valuation report to give the complete information about the property.
There are the times when difficult to reach at any conclusion especially like legal property matters, family property disputes, refinancing of property, paying property tax, the property valuation report plays a major role and helps in sorting these issues by guiding accurately.
Many times real estate investors and property buyers ignore the importance of having a property valuation report. Which leads them to pay excess amount for the property. Report also ensure the amount of money required to purchase the property.
This report is provided by the registered property valuer not by the real estate agents. So it is good to hire a property valuer for your property valuation and get the real estate property report to make more profits.