Why it’s Important to Know the Real Value of your Property?

There are a lot of reasons why you should get your property valued. From providing a competitive and fair rate for your property to calculating different taxes on it, you can accurately do everything once you get your property valued.

Let us first define briefly what is “Real Estate Valuation” and then we will list some reasons why it’s essential.

A “Real Estate Valuation” is a detailed report of a property’s market value based on its location, condition, and various other factors.

The International Valuation Standards Council defines it as the estimated sale price “between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”

A number of factors can influence the valuation of a property, such as the size, location and condition of the property itself. That is why it is important to have the valuation carried out by an experienced independent valuator.

Why Real Estate Valuation is essential?

1. For buying / selling a property
2. To rent a property
3. To mortgage a property
4. To transfer a property
5. To renovate a property
6. For insurance coverage calculations
7. For taxation purpose
8. For compulsory acquisition

Before carrying out any financial transaction related to the property, it is advisable to get it valued. A valuation can help you understand the property market’s current trends and always crack the right deal for your property.