Property Valuation is taking account of the financial value of a building, land, or a facility. The Valuation report is being generated through a thorough inspection of the interiors and exteriors of the property by a chartered surveyor or an estate valuer.
Below are six(6) things to take into consideration when valuing a property.
One of the significant factors determining the cost of a property is the location of the house. Aspects such as how close the apartment is to schools, shopping malls, banks, restaurants, and parks, also if the property is situated in a flood and theft-prone location, these will affect the property’s cost. A property with excellent transport links will get a much better price than the house in a remote area.
When it comes to getting a property valued, the size of the house is another significant aspect to keep in mind. The number of rooms in the property plays a vital role in the entire cost of the property. Even the size of every individual room largely determines buyer demographics.
Though the size of the property plays a vital role in any property valuation, so is the flexibility of the property, which is being valued. Estate valuers often check if there is room for any future extensions. Properties with the scope of improvements and renovation will fetch a better selling/cost price.
The way your house looks on the exterior immediately sends an impression of what to be expected in the interior. The buyer on seeing the property concludes within already of a specific range the cost of the property would fall under.
- Legal Identification.
Property legal identification documents are essential in a property valuation report. This includes registered deed and certificate of ownership/occupancy from the right authorities. It authenticates the ownership of the property and does away with all future disputes and legal complications.
- Cost per Plot.
The cost per plot of land in that area ultimately affects the actual cost price of a property in that location. This is often so owing to the state of development in that location/area.