Property Valuations And Why You Need To Carry Out One

Property Valuations And Why You Need To Carry Out One

Many are the reasons why an individual or an organization will venture into the property domain. For individuals, the primary reason for putting up their own house is so that they can move into it. However, situations can change and you are required to relocate leaving you no option but to sell your home. Then there are those who build primarily to sell. Whatever your circumstances, there comes a time when valuation of your property is required. Below are reasons why you need to do this.

 

Standard determinant of value

Whenever you want to buy or sell a house or an apartment, a valuation report is what gives the standard measure of value. In this report, you see the market value; the approximate amount of money people are selling property of your kind. This gives you a basis for negotiation. When the buyer and the seller get the report, then depending on the willingness and the budget of the buyer and the price that the seller is charging, a deal is made.

Verify authenticity of the property

Unscrupulous men and women, who will sell you anything including air, have infiltrated the property market. A valuation report comes with a search report where the department of lands confirms in writing that the title or certificate in question is valid and any transaction can proceed. When you are buying such property, you will be comfortable knowing that your dream of moving into your home is valid.

Secure a bank loan

Banks have several facilities that they advance to their consumers on credit. The credit facilities are either “secured” or “unsecured.” Loan security can be in either cash or land/property title. A valuation report will be done before and presented to the bank as an assurance that the debt will be fully covered and therefore in case a liquidation of the property is required, the loan will be repaid.


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For home insurance

Misfortunes like fire, earthquake, and floods could cause you to lose your home. It is therefore, advisable that you obtain an insurance cover that will cushion you from such incidentals. An insurance company will want to know the value of the property before they go ahead to give you protection. This value is obtained through a valuation report from a reputable company. The premiums are based on a certain percentage of the total property value.

To increase return on investment

Whatever money you invest in a house you build to sell will determine how much you fetch from it. You don’t want to overcapitalize so that whatever you put in cannot be recovered. A valuation report will give you the market value to help you determine what you should invest to increase your profit margin.

Property valuation gives you a summary of the value of your investment and the authenticity of that property. This in turn, helps you to make the right decision whether selling, buying, renovating or moving into the property.

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