Here are the 5 absolute queries which are your manual for the property valuation.
What is a Property Valuation?
A property valuation is a detailed report of the market value of a property after a complete evaluation. This depends upon the location, area size, floor plan, and facilities available.
A professional evaluator can inspect your property and give an estimated price report. He/she will consider the history of the place and the current property value in the market.
Why is Property Valuation Important?
People have different emotional sentiments with a property. Sometimes people tend to keep the selling price high which is a burden to the new buyer. The final sale price can vary from the one mentioned in the property valuation report.
It needs to have a proper estimated value report for any property which matches the market value. This is important so that the buyer is not at the risk of high payment and the seller can only make the required renovations in the property.
What Are The Best Methods For The Valuation of a Property?
1# Comparative Method
This method works in an active market. If there are other properties for sale in the locality, the estimated price of all the properties is considered and analyzed keeping in mind the common features. The features below are usually considered:
2# Location of the property
The premises of your property matters. It tells you the present market value of the place in your locality.
3# Shape, positioning, and size of the property
A well-shaped framework, a good locality, and a good view are some comparative points for any evaluation.
4# Type of property
Based on the type of your property (agricultural land, commercial premises, or residential locality) the present market value will be estimated and compared with simpler properties.
5# Development Method
The construction of plots, buildings, or apartments on a property can determine its value. The infrastructure development adds as a counting factor in determining the worth of a property.
6# Belting method
If it’s a huge plot, it is divided into smaller plots and then the price estimate is determined considering the factors such as proximity to the main road and nearby infrastructures.
Depending on the type of property, different methods are used for the valuation of the property.
How is the valuation of a property done?
You should consider some attributes for the evaluation of a property and for the same head to the Melbourne Property Valuers website. You can compare them with recent sales and thus form the backbone of the valuation of the property. Some of the attributes are:
- Size of the property and size of the land
- Number and type of rooms in case of a bungalow or building
- Fixtures and fittings
- Structure and condition of the building/plot
- Standard of the fit-out and the property’s architectural style
- Ease of access to the property
- Planning restrictions and local council zoning
- Property’s location and level of amenities available
- The aspect, topography, and layout of the block
- The condition of the property determined by the structural audit
What are the factors which determine property value? How to increase the value of your property?
Some of the factors which determine the value of the property are:
1# Style and Sense
It is very important to know the style and architectural aspect of any property to determine its value.
2# Age and Condition of the property
The maintenance of the property helps in determining its age and condition.
3# Location and neighborhood
The neighborhood premises, ease of travel, and accessibility of things are other factors that help in determining its value.
4# Structural attributes
Structural development is another key factor.
5# Upgrades and future developments
The development of infrastructural facilities in and around the place in the future adds as a deciding factor.
You can make some minor changes to your property or your house and increase the market value of it.
- Inspect your property by a professional – Hire a professional to guide you about the infrastructural changes that might improve the estimated price.
- Renovate and remodel – Keep your property well furnished. Look after your property and maintain it well. Remodeling and renovating the place helps in increasing its value.
- Low maintenance garden – A small low maintenance garden inside the house or a well-maintained garden in the premises helps add the aesthetic value to your place.
- Update your bathroom and kitchen – Beautify your kitchen and bathroom with modern easy to use facilities. This will add value to your property.
- Well furnished, clean, organized, and maintained – Keep your place up to date and well developed.
- Future developments in the locality
These are the most asked ultimate questions about property valuation. They explain the basic concept of the valuation of a property and different factors that affect it.
You May Like To Read:
- 5 Ways Of Accurate Valuation Every Valuer Should Know
- Property Business: How To Make Money Buying And Selling Homes
- 3 Things You Need To Know About Property Investments and Subletting
Author: Priyank Soni