Ultimate Guide on Property Valuation

Property valuation can be a complex process that an amateur should never handle. You need to hire the service of an independent property valuer when you are selling or buying a particular property.  Having a profound knowledge of the latest market value of the property will help you settle on a clever decision.

 

Industrial Property Valuation Guide

Industrial Property valuation is typically similar to the value assessment of the commercial and residential property.    However, evaluating industrial property value is more challenging, probably due to the varieties of the type of structures.  Industrial property can fall under a distribution center or a warehouse, heavy industrial facility, manufacturing, refrigeration, research and development, etc.

 

Hiring an Industrial Property Valuer

 

The property valuer you are going to hire should be aware of the determining factors that affect the property's value.  The location and the elements surrounding the site should not be their only basis when assessing the property's value.  They should also consider the foot traffic, the asset of the industrial company, such as the interior decoration resources, the equipment installed and machinery, the age of the structure, and the floor area.

 

The Ability to Deal with a Personal Property Valuer

 

It will guarantee every industrial property owner that the property valuation process will be a lot simpler.  You can ensure that the personal valuer that will be liable to assess the property's value will be a specialist and will have in-depth knowledge in analyzing the exact market value.  You can also validate their experience and expertise in this industry.  A valuer who has long years of experience in this field can provide you with a more personalized service ideal for any individual.

 

 

The Capacity to Include Essential Information

 

The company you will hire to evaluate the property should include sizeable essential information apart from the industrial property valuation.  It may consist of leasing information and comparable sales for cross-reference, operating cost, and administrative charges. If there is an ongoing development- the condition, type of development, whether a renovation or repair, should also be provided.  The property valuer should also note accessibility and any peculiarities that they may notice on the industrial property.

 

Knowledge about the Local Market

 

Finally, the property valuation company you will choose should have complete knowledge of the local market.  They should be aware of the quality and the state of the market.  They should also know the condition of the similar industrial property within the neighborhood, allowing you to consider your other options significantly.

 

These are some of the factors you need to remember when hiring an independent property valuation company.  It guarantees that you will receive a reliable and professional service that will provide you with accurate market value and essential information.

 

Property Valuation Guide:  Elements that Can Possibly Increase Your Property Value

 

Whether a townhouse, condo, or a house and lot, any real estate property is an important asset.  Unfortunately, first-time buyers commonly focus more on the function and style when looking for a property to buy.  Most of them failed to account that their point of determination does not affect the appreciation of their property.  The land where your property is constructed is the one that appreciates.  Their market value increases since the availability will remain the same regardless of the demand.   To make sure that the value of your property will increase over time, here are some elements that you should look out for when buying a property.

 

A Stable Increase in Residential and Commercial Space for Rent or Sale

 

One way to make sure that the value of your property will immensely increase over time is the presence of a steady increase on the investment property.  There should be a development happening within the neighborhood.  We have seen at least six developments in a local community where we recently purchased our property.  It simply means that house valuation will increase soon.

 

The Place is Transforming into a Major Access Point of Transportation

 

Road repair can be a nightmare for any commuter.  However, construction, land clearing and installation of pedestrian and traffic paths, and various improvements are some signs that your neighborhood is slowly transforming into a major access point.  Try to consider the presence of public transportation in the area, especially the cabs going in and out of your community.  The presence of a transport operator can also possibly increase the market value when a property valuer assesses it.

 

A Tourist Destination

 

One of the factors that affect the millennials' decision when looking for a property would be the things that the place can offer them, aside from the fact that it should be near their workplace.  If you want to guarantee that your property valuation will immediately increase over time, make sure to find a location that tends to attract the crowd.  You may want to look at a condo in the proximity of the food hotspots or something near the park.

 

Finally, the age of the people in the neighborhood can also affect the value of your property.  If the local area attracts more of the yuppies and the newlyweds who are deeply engaged with the local community, the property valuation can also increase.  These age brackets have a higher possibility of staying longer in a society that provides for their needs.

 

 

 

 

Understanding Property Valuation when Buying a House

 

Any homebuyers do not want to be ripped off of their hard-earned money.  In today's unpredictable state of the housing market, it is essential to know the exact value to get the right price.  Property valuation is a crucial component of buying a property, which is why it is vital to understand how it functions and how it can potentially affect your buying experience.  Once you seek the help of a property valuer, the first question you need to ask is whether it is a market valuation or a bank valuation.

 

The Difference between Market Valuation and Bank Valuation

 

The bank value is the lender's amount to lend for a particular residential asset.  On the other hand, the market value would be the projected figure wherein the liability or asset should be transferred on the valuation date between the seller and the buyer in a close transaction.  It is conducted after the marketing, and both parties have acted willingly, cautiously, and knowledgeably.  There are times that these two types of property valuation are similar but not all the time.  The banks would understandably be more conservative to protect their asset.  This will protect them when they need to sell the residential property fast.  They can guarantee that they will recover the cost of selling and any possible downward trend in the market.

 

House Valuation on Development Site

 

When house valuation is done in a new property within a development property or a subdivision, and the buyer plans to buy the residential property from the developer, sales and re-sales from similar developments will be considered and provided as a reference from the buyers.  Property valuation is designed to compare sales and re-sales.  Unfortunately, this process does not happen all the time since the sales comparison does not necessarily reflect the extra value of a new property.  Remember that orange does not necessarily have the same value as another orange in the real estate market.

 

Property valuers are particularly conservative regarding bank valuations since they can be held responsible if the particular bank experience a massive loss in its finances.  There are instances when the bank has sued the valuers.  Sadly, this will not help the buyers largely depend on the property valuation to determine the market price. 

 

Fortunately, buyers have many options when they are not satisfied with the bank valuation.  They can request a value reassessment, cancel the application on the finance and transact with another lender, or pay an independent house valuation company to execute a market valuation of the property they are eyeing.  In this process, home buyers are highly likely to receive an accurate property valuation.