Useful Tips For Getting An Accurate Property Valuation
September 1, 2014
One has to bear in mind that property valuation is not an art but there is some bit of science involved in it too. First and foremost customers have to understand that property valuation sydney provider is an important aspect of any real estate buying and selling. Additionally whenever there is a need to have a clear picture about the fair market value of a real estate property there is no doubt that the role of professional valuers are considered very useful and almost indispensable. Using a bit of science would go a long way to ensure that the valuation is perfect and there are little reasons for being subjective about it. A good property valuation should be a reflection of facts rather than being hypothetical about the whole thing.
Whenever you decide to go in for property valuation it would always be better to go in for full valuation rather than going through a cursory or roadside valuation so to say. A full valuation only will be able to show the fair market value of the property and will also bring to light certain facts that could be hidden. For example, only a full scale valuation report will be able to find out whether there are any hidden easements or other covenants that could hamper the full title of the owner. Hence, it would be wrong to cut corners as far as the type of property valuation is concerned.
If you have some improvements in mind or if you are working on the same, wait for it to be completed. Do not rush through valuation just because you need it urgently. Going in for valuation once the improvements have been completed will certainly ensure that the property in question will show a much higher fair market value. At the end of the day your objective should be to increase the value significantly without however infringing on the law in any way.
Be clear about the time frame you need by which you would like to sell your property. Waiting indefinitely for selling or buying a property could impact its fair market value. Real estate market values keep fluctuating almost on a daily basis as it happens in the stock market. However, the range of changes may not be as vast as that of the stock exchange markets. Never try to impose your views or instruct or cajole your property valuer to report a higher value. This will damage your cause rather than helping it.
Is Property Valuation Mandatory – Some Food For Thought
August 19, 2014
Whenever a property is bought or sold, it is quite obvious that there are a number of procedures and steps that have to be gone through. One such important process is property valuation. The main objective of property valuation is to ensure that all the stakeholders get the right information regarding the fair market value of the property in question. This is important because whenever a property changes hands the monetary consideration involved could run into thousands or even millions of dollars. Hence, all the stakeholders would like to be doubly sure that they are gaining something out of such transactions.
From the buyers’ point of view, they would like to be sure that they are buying the property at the right price. As far as the seller is concerned, they would like to be certain that they are getting the right price for the property in question. Since, the stakes involved are quite high, the role of property valuers is extremely important to say the least. Many customers might be of the opinion that property valuation is just another process and it can be bypassed if both the parties agree to it. While this might be theoretically correct, there are bound to be problems along the way. For example, whenever there is a need to calculate the property tax, it is imperative that there should be a valuation report. The property taxes are fixed by the authorities not based on the market rates but by the valuation that is available in a professional valuers’ report. In the same way, when there is a need to calculate the stamp duty payable on agreements, here too the role of property valuers is extremely important. The authorities take this report as the base for fixing stamp duty values.
Hence there is hardly any doubt that valuation of properties that are up for sale or purchase is not a choice but a necessity. Additionally, professional valuation reports also contain useful information that is subjective in nature. For example, a good valuation report talks about the status of infrastructure in the area where the property is located. It also makes a mention about the availability of various important and amenities for making life easy for the property buyers. Further, valuation is not something that should be done only when a property is up for sale or purchase. It can also be very useful for property owners if they are keen on knowing the current value of a property.
Are Automated Property Valuation Methods Always The Best
October 8, 2014
Buying and selling a real estate property involves going through many steps and property valuation is considered to be one such step that is extremely important. Apart from buying and selling there are also other situations where valuations of property could be crucial. Whenever there is a need to calculate property taxes or value compensation claims the importance of valuation is very important. Hence there are literally endless situations where property valuation becomes inevitable and mandatory.
Even today most of the property valuations are done using manual methods. However of late there have been many situations where technology is being used for making property valuation faster and perhaps even more accurate. There are many service providers who are offering online property valuation and also automated valuation of properties. This is very useful when you have large transactions to handle where manually going through the process could take lot of time. It has to be borne in mind the property valuation has timelines attached to it and therefore the onus lies of valuers to ensure that they meet these timelines at all points in time. While there is no doubt that some bit of automation is necessary, at the end of the day property valuation is a combination of both art and science. While the computers might help in figures and calculations when it comes to subjective areas of valuation there is no doubt that the manual ways and means still continue to be very relevant and perhaps even irreplaceable as of now. Here are a few such examples that are worth mentioning.
Whenever a property is bought the customers takes into account various factors and inputs. It is not only the price of the property as quoted by the seller. In fact the buyer arrives at his own prices after factoring quite a few things. These include, the age of the property, location, type of construction and other such matters. In fact, a good valuation report coming from the stables of professional valuers does not depend on automated figures and valuations alone. They also mention quite a bit of other subjective information. They talk about the locality, its development, the availability of infrastructure and amenities and facilities. They also talk about the quality of people who are living in the neighborhood. Many of them also go a step further and come out with possible valuation figures of similar properties in the area.
Hence, merely depending on automation alone may not serve the purpose of both the valuers and the customers.
Various Processes Involved In Property Valuation
September 20, 2014
There is no doubt that property valuation plays a very important role whenever a real estate is bought or sold. There are quite a few purposes that are served by property valuation. While some are informative in nature there are others which have a legal angle to it and is done to meet some statutory requirements. There are quite a few legal issues that also need to be sorted out. Though you might come across a few customers who might talk about some DIY property valuation ideas at the end of day, it is too complicated and too important a matter to be left to chance. Hence in nine out of ten cases customers take the help of professional valuers or appraisers to get the job done.
The main purpose of property valuation is to ensure that the buyers in particular have a clear and perfect idea about the fair market value of the property that they are planning to buy. The market would have a value which many consider to be reasonably accurate. The seller also might state a value which could be near or far away from the market rate. Hence there is a need for the customers to find out the actual picture and this is where the role of property valuer becomes extremely important.
Whenever a customer comes with a property valuation request, the whole process gets started with a manual inspection of the property in question. This is very important and almost mandatory for each and every property valuer. This is critical because it helps to identify some hidden problem such as easements, covenants and other encumbrances. Once they manual inspection has been completed the actual job of making the valuation report starts. Based on the information available in the property documents and the manual visits, the valuer uses various tools, techniques and methods to come out with what he considers as the fair market value of the property.
Apart from the above there are also other useful pieces of information that are provided by a professional property valuer. The report also talks about the status of registration, the tax payment details and other such important matters. Many property valuers also share some useful information about the quality of the neighborhood in terms of people, infrastructure, amenities and facilities. Hence, there is no denying the fact that a property valuation report is very important from many points of view.
What Exactly Is Valuation And Why Is It Important
July 31, 2014
There are a number of steps that must be gone through before the ownership of a property is transferred from one entity to another. The processes are quite a few in numbers and property valuation is also considered to be very important. Let us try and understand more about valuation and why it is considered to be a very important component when it comes to buying and selling of real estates.
Real estate buying and selling usually runs into thousands or even millions of dollars. Hence, it is quite important for both the buyers and sellers to exercise care and caution when going through such transactions. The buyers would like to be doubly sure that they are buying the property at the right price. On the other hand, the sellers would like to be more than certain that they are getting the right consideration for the property. Hence, they would like to tread carefully and take opinion from experts. This is where the role of property valuers becomes extremely important.
The main role of any professional property appraiser is to help the various stakeholders to get the right information regarding the fair market value of the property. While there is no doubt that the market is a good indicator of prevailing rates, this alone cannot be considered as the final word. It is important to have the same certified and authenticated by a professional. This is the main role of a property valuer.
Apart from this main role, it would also be pertinent to mention here that there are a few more important roles that are performed by property valuers. They come out with a number of other subjective reports which are of great help to the stakeholders, (buyers in particular). These reports talk about the infrastructure development in the area. They also make a mention about the availability or absence of basic amenities and facilities like hospitals, schools, entertainment facilities, transport facilities just to name a few. Many valuation reports also talk about the quality of people who are a part of such neighborhood. There are also many valuers who go a step beyond and also give a report on the possible fair value of properties that are similar in size and location.
Hence, taking the above facts into account there is no denying the fact that valuation is a very important subject matter. It has to be handled carefully and should be left only to professionals for smooth completion of the transaction.
Understanding More About Valuation Business
July 21, 2014
What exactly is valuation and why is it so important? This is a common question that we often come across when buying or selling a property. It is quite normal to come across the need for valuation whenever a buying or selling of a property happens. The main purpose of valuation is to find out the fair market value of the property that is being put up for sale or purchase. While there is no doubt that the market often offers a very accurate estimate of the value of the property, it is important to have it confirmed by an independent and third party entity and that is what valuers’ report is all about. It provides authentic information about the fair market value of the property that is either being bought or sold.
Apart from helping on the fair market value of the property in question a good valuers’ report also has other important pieces of information that are quite useful to the buyers in particular. A professionally presented valuers report amongst other information will also make a mention about the neighborhood and the locality where the property is located. It will talk about the level of infrastructure development in the area, the availability of various amenities or facilities or the absence of it. It will also throw light on the quality of people who constitute the neighborhood. In fact many valuers will go a step further and may also share information about the perceived fair market price of similar properties in the same neighborhood.
The above information will certainly help the buyer in particular to take a considered and informed decision on the entire deal. If he feels that he is paying the right price for the property he will go ahead. Otherwise he might try and rework the deal and if not found suitable, he might back off from the contract. Hence, the buyers’ interests in particular are protected by quality valuation report. Additionally, good valuation report forms the background around which property tax amount are fixed by the local property and revenue authorities. it would also be pertinent to mention here that valuation reports also play a role in helping the authorities to have a fix on the stamp duty applicable for buying and selling of the property.