Property assessment or valuation is nothing but determining the value of a property in economic terms. It is also popularly known as real estate appraisal.
Whether the concerned property is residential, commercial, industrial or retail, it is often a confusion that, ‘Am I paying right price for the right property? Is it actually worth it?’, etc. Well, property valuers are the expert professionals in the real estate industry and know all ins and outs of the property world.
However, even if you are not an expert, here are a few simple and quick tips for you to know better about property valuations and ensure that you are on right track while going about any property valuation.
Be Business-Minded
Try to think realistic and objective; after all it’s business!
Research Your Market Thoroughly
Using all the available resources for gathering and understanding the property valuation information certainly facilitates your next job.
Inspect Properly!
A professional valuer always looks for three key components in a property – land, house and land site improvement. Look for each positive and negative you can, right from home dimensions to taps and stumps.
Never Ignore Basics!
Pay primary attention to factors such as land size, location of the property, parking area allotted, frontage, elevation, basic facilities offered, convenience, access to local market, safety, etc.
Compare The Properties
Compare similar properties in the same area with the concerned property and look for what and how much people are paying for them.
Check Out for Over-Capitalisation and Price Hikes for it
Watch for things such as air conditioning, in-built wardrobes, security features, fans, pools, tennis court, etc. and price that purchasers have to pay for them.
Use Recent Comparables
If you are referring to last year’s market value comparables, then it is a total waste of time! They are of no use in today’s situation since real estate property market is an ever-changing industry driven by a number of traditional and non-traditional forces. Refer to the latest ones and understand valuation better.
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