Property valuation is the act of inspecting property/ assets to determine its market value. This is done by professionals known as estate surveyors and valuers. Whenever a supposed property is to be sold, the estate surveyors and valuers inspect and assign value to the properties. They are involved in public and private sector properties. Due to their significance, the government utilizes them in the construction and maintenance of various public infrastructures.
Due to the varying specificity of real estate properties, it is almost impossible to have a fixed rate for them. As a result, we are compelled to value each property based on their uniqueness (location, time, size, design and other factors).
In valuation, the following subs are considered
– Market value
– Use value
– Investment value
An estate valuer is an expert that estimates the market value of a property, most notably real estate. He is the professional armed with the knowledge and assigned with the responsibility to evaluate properties with utmost professionalism.
The moment you have an evaluation goal that needs professional valuation for any property, it becomes mandatory for you to consult an estate surveyor and valuer. Not only do you get an accurate valuation by contracting a licensed estate valuer, but you also get a document that can be tendered legally.
The determination of value is the first step in any transaction between a buyer and a seller. With an estate surveyor’s evaluation skill and experience, you can quickly decipher the pertinent factors (size, structure, design, and location) that affect the market value of a property, the uneven advantages of these factors and what makes the property unique.
Depending on the client’s need, an estate surveyor/valuer can estimate property with any of the three approaches discussed below:
-The sales comparison approach: This approach estimates the market value of a property by comparing it to the market fee of similar properties in the same location. As simple as this approach might seem, its accuracy depends on the availability of a steady market for similar properties.
-The cost approach: As the name implies, this approach is designed to value properties by estimating the cost of constructing a similar one from scratch. In other words, the present cost of the land, its structure and other technical expenses are combined to arrive at an estimate.
-The income approach: this method is mostly used to evaluate commercial structures. Under this method, properties are valued based on their propensity to generate income and not their construction cost or that of similar properties.
As you might have guessed, none of the above approaches is haphazardly executed. Procedures are put in place to ensure that there is a thorough examination. In addition to noting the size, location, landscape and other equally important attributes, estate surveyors and valuers also examine the physical structures for deterioration, architectural flaws and the cost of repairs if there is need for it.
Indeed, the influence of an estate surveyor is beyond valuation. Estate surveyors can provide property owners with valuable records that will facilitate the sale of their assets. At Lansar Aghaji and Co, we provide property owners with a frequent update of prospective buyers and their quotations. These updates allow the property owner to gauge the public’s interest in his/her property and act appropriately.
Either as a property buyer or seller, you need the service of an estate surveyor and valuer to make the most of a property deal. There are times when property acquisition/disposals can be risky. With the help of an estate surveyor and valuer, you will know the best moment to acquire and dispose of one.
At Lansar Aghaji & Co, the following are some of the perks you will get for contacting us for property valuation service:
- The latest market value of the evaluated property.
- Proper inspection of property for repairs and structural flaws.
- Negotiations with clients
– Verification of the property’s document
– A detailed report of the varying price offered by potential buyers.
– The projection of a property’s future value and the factors that might influence its price later on.
Going through the above, we can easily conclude that anyone who needs valuation for properties shouldn’t be asking why he/she should involve an estate surveyor. Rather, the questions should revolve around how quickly he/she can get an experienced estate surveyor that is capable of providing custom-made property valuation.
For more enquiries about property valuation and real estate in general, contact us via any of the options provided on our contact page and we will be glad to offer you the right guidance.