Property valuation is at the core of the property selling process. It is important for everyone involved in the buying and selling of property to know how much the property being sold is worth from the very start. This is to help you negotiate a fair asking price and for the buyer to grasp the current state of the local market.
What is Property Valuation?
Property Valuation or appraisal is the process of determining the worth of a property whether land, buildings or other properties.
A person may need property valuation if they want to sell or purchase a property or rent or let out a property. Property Valuation is also important to secure a loan or for taxation purposes.
Estimating the worth of a property requires the experience and expertise of a valuer. A valuer is a professional whose job is to determine and say how much a property is worth.
Processes Involved In Property Valuation
We will look at an instance where an investor is seeking to sell his house.
Looking for a professional Valuer
Before the asking price is fixed, the owner would look for a professional valuer to determine the market value of his house and present the documents of the property to him.
Inspection of Property
The valuer will visit the house and conduct an external and internal inspection, taking pictures and even asking the owner questions about the property. The valuer will evaluate the land component of the property, which can make up a significant proportion of the property’s total value.
The valuer will also assess the size, shape, aspect, and topography of the land as well as the zoning and development potential. Inside the property, the valuer will measure the size of the building and take note of the number and type of rooms, the property’s age and condition, its fixtures and fittings, its design and layout, a