Whether you’re a first-time investor looking to grow your portfolio, a house hunter looking to purchase a new home, or a seller looking to put your property on the market, it’s always recommended getting an independent valuation of the property, in order to determine its true market value.
Estimating the market value of an asset plays a key role in understanding how to maximize its potential, especially in a fast-changing economy.
A diligently evaluated property valuation report contains complete information regarding the property, including details on the property specifications, analysis report, calculated value of the asset, as well as rental rates, required improvements in the property and its market risk score.
Property valuation is extremely useful for property owners, investors and homebuyers in strategizing their next move. It acts as a guide for property owners on how to accurately price their property or estimate the rental income, and allows homebuyers to assess their mortgage payments.
To understand the importance of independent property valuation, first you must know on what basis a property is valued.
How are property valuation reports generated?
Property valuation reports are generated after a careful evaluation of the property by industry experts, who assess a property on the basis of land size, property location, property specifications including number of rooms, fixtures and finishings, property condition, as well as, comparative price analysis of similar properties in the location.
Why choose an independent property valuator?
An accurate property valuation can prove to be a useful negotiation tool in property transactions. The main purpose of getting a property valuation report is to obtain a professional and unbiased analysis that not only identifies its true market price, but also offers much more insight into the property. Getting an independent property valuation adds credibility to the asset.
Benefits of independent property valuation:
Neutral and credible valuation conducted with no special financial interest in the property.
Comparative analysis with similar local assets in the area, offering a realistic market value.
In-depth analysis of a property’s unique features.
Wide-ranging statistics including size of the property, area etc
Independent valuations ease mortgage application procedures.
Insights into a property’s location potential.
letWizard.com has a selection of independent property valuators partnered with the platform. Property owners can choose their preferred independent valuators to get their properties professionally evaluated before listing on the platform. Buyers can view the valuation reports on the properties they are interested in and get a complete analysis before placing their bids.
A thoroughly-researched valuation report offers significant insight to all stakeholders involved, as it not only takes into account property values of today, but also considers market movements and possible value trends of the future, thereby forming an integral part of successful deal negotiations.
