Mostly everyone knows why they need to do property valuation, but seldom do they know the steps to get to know your property value.
To intro, clients usually ask for property valuation to figure out the market price of their property. Why do they do so? One is to sell their property and rake in profits or maintain their home’s long-term value or assist in their investment decisions.
Suppose you plan on valuating your property. This is the article for you; we’ll provide a step-by-step guide on how property valuation is done. Starting with choosing your preferred valuer, provide necessary documents to your valuer, property inspection,property valuation report, and payment.
1. Choose your preferred valuer
Firstly, there are plenty of valuers available to assist you with your request to value your property. With the vast range and aid from the World Wide Web, you can select your preferred valuer from their portfolio, which can be found via their website.
Irhamy International Valuers (IIV) is a valuation company with more than 20 years of experience. Furthermore, IIV has served many financial institutions and corporations across diverse industry sectors.
2. Provide documents to your valuer
Once you have chosen your preferred valuer, you will need to provide necessary documents for them before they commence the property inspection – the next step of property valuation.
These documents are to ensure that the property does indeed belong to you. They are:
Once your valuers have received these documents, you can then set a date with your valuers for them to carry out the physical property inspection.
3. Property inspection
Next, you’ve passed the documents and set the date with your valuers; they will then come down physically to your property and inspect every inch of it. This includes the building’s age, the height of the building, the buildup, etc.
Additionally, they will also snap pictures of the subject property (internal, external, and surrounding).
They will also consider the modifications you have made to the home (it could either reduce or increase the price of your property).
Most valuers will ask for a deposit, and the balance payment after the report is complete.
4. Property valuation report
Once your valuers have inspected your property, they will then prepare a report explaining in detail your property.
Hence, the report will consist of:
- Purpose of valuation
- Subject property (property being valued)
- Date of valuation
- Title particulars
- Details of property (location, property market condition, state of repair, lease details, etc.)
- Basis of valuation (market value, forced sale value, fire insurance value)
- Appendix (location plan, floor plan, and photographs of property – internal, external and surrounding)
- Copy of documents (SPA, title, etc.)
5. Pay the fees
Lastly, you will have to pay the valuers the balance amount to receive the report.
The steps to value a property is simple, and valuers will ensure that your property valuation is done smoothly.