You might often hear the term “property valuation” but is not entirely sure about how it works and what can it do to you. To set off the confusion and give you a clearer definition of what this particular service really brings, here are some few things you need to know.
Property Valuation by Definition
This is a type of real estate service which typically requested by the investor or any institution interested in purchasing a piece of land. It’s like a general analysis that states the complete information related to the involved property, from the size, condition, rates down to the immediate details that can affect the selling point of the land.
In a simpler term, this records every single detail that can directly influence the market price of a property. Thus, it can affect the potential and goals of the investor.
Why Do You Need It?
There are many reasons why people request for this service. For instance, in Brisbane, property valuation services often assist land buyers who are seeking for an unbiased and fair analysis of a property they’re interested in. This documentation identifies some of the most crucial information about the area, which usually mentions the following:
- The Estimation of the Property’s Current Worth
- The Municipal or Local Valuation Price of the Area
- The Latest Suburb Trends in the Region
- The Owner Information (if Applicable)
- Selling & Transfer History of the Land
- Complete Aerial & Map Views of the Property
- Extensive Documentation about the Boundaries, Size & Limit
Appraisals & Valuations – The Difference
People often get confused about these two terms – to help set the record straight, valuation is very different to appraisal. For one, a qualified and certified valuer to record accurate information about the property usually conducts valuations. A real estate agent, on the other hand, usually carries out an appraisal. There is no definitive proof or standing with appraising since they work as a rough guide on how the market “feels like.”
Whether you’re planning to sell or buy a new property, this information will help you caught on how the industry works. By understanding the role of valuation services, it’ll be easier for you to make an investment decision and possibly plan your future investment goals ahead.