In this article we will try and find out ways and means by which one can identify a good and professional real estate appraiser cum valuer. The first starting point towards identifying the right service provider is to understand your requirements perfectly. There are different types of property and real estate valuations and there are different methods too in which such valuation can be done. It is therefore very important for you to identify what exactly your need is.
The next important point is to look for good property valuers Perth, who are certified and approved by the rule of the law to work as appraisers. It is also advisable to look for valuers who have rich experience in this filed apart from having a special qualifications covering the various important matters pertaining to valuation of real estate, movable and immovable properties. Though there is no legal binding for such qualifications, as a customer you would always like to associate with real estate valuers who have a formal qualification to help them out.
You should as a customer look for valuers who have the capacity to handle almost any type of valuation, however difficult and complex it might be. For example, backdated valuations though few and far between are sought after by many customers. So it would be better to look for valuers who are able to handle them easily. Timely submission of valuation reports, subjective information that is available in such reports are also a few more points to be taken into account when looking for these professionals.
Last but not the least there is no doubt that the service providers should offer their service at reasonable rates. While this is very vital as a customer you should know how to draw the line and differentiate between the grain and the chaff. In your quest for saving a few dollars you should not compromise on the quality of the services provided by them under any circumstances.
To begin with, the main reason for valuing a property is to ensure that the buyer has a true representation of the fair value of the property that is planning to purchase. It is not possible for the buyer to go by the valuation that the market offers. This figure needs to be corroborated and confirmed by an experienced and skilled third party professional and that is what the role of a property valuer is all about. However, while the entire job of property valuation may look very good on paper, getting it implemented on the ground is not that easy. The following are the most important factors to be taken into account while valuing a property.
As a starting point before valuing a property, the first job of the valuer is to ensure that the legality of the property in question has been settled beyond doubt. To ensure this he should have a look at the property records as is available with the relevant revenue departments. On a close examination of the same he would be able to correlate the facts available in the property document available with the seller with that of the record that is available with the government departments.
Once the ownership details have been identified properly, the next job is to physically measure the property and ensure that they are the same as available in various records and documents. Once this is done the next job is to value the property taking into account various factors. There are different types of valuations that a valuer might use. It could be based on the cost method which is nothing but the cost of the property as of today and what it was when it was bought. The next method is the revenue model where the revenue expected from the property over a period of time is taken as the basis for valuing the property.
Apart from the facts and figures, there are also a number of subjective elements to a property valuation report that are also quite important. These talk about the condition of the infrastructure in the locality, availability of various amenities like transport, health facilities, schools, colleges and entertainment avenues. Last but not the least, the valuer also tries and compares the value of similar properties in the same locality and tries to draw a parallel as far as the value of the property in question is concerned.
When you decide to buy a property usually you go through three steps. The first is the identification process, the decision making process and the executions process. The first is all about getting to now more about the properties that are up for sale and would mostly involve the services of the real estate agent. However in the second and third processes the role of real estate valuer is very important. The moment a prospective buyer identifies a property for purchase he immediately seeks the assistance of a valuer to find out whether the price being quoted represents the fair market value of the property. It is here that the valuation figure quoted by the valuer assumes significance.
Once the buyer is sure that he will be paying the right price for the property he will move forward and sign the contract with the seller. It is here again that the role of property valuer assumes a lot of significance. The first time around the valuation report talked about the suggested market value of the property. The next report will talk about the various details with regard to the property. The details will include the legal status of the property, the exact location of the same and also other subject pieces of information which will help the buyer to take an informed decision based on facts rather than on opinions.
Further, when we take the case of banks and financial institutions, here also the role of property valuers is very important because it is based on their inputs that a credit decision is taken by them. It will not be surprising to see many banks raising dozens of valuation requests in a given day. This will no doubt give an idea about the importance that banks attach to valuation reports at any given point in time. All in all there is hardly any room not to believe that valuation of property is perhaps one of the most important processes if not the most important.
The main reason why a property is bought or sold is with some commercial interest in mind. The commercial interest is usually valued in terms of money. Hence, whenever a property is bought the objective of the buyer is to ensure that he is buying it at the right market price and is not paying more for it. On the other side, the objective of a seller is to be sure that he is getting the fair market value for the property, the ownership of which he is planning to transfer to the buyer. Hence, each of the stakeholders is right from their own points of view. Under such circumstances, there is a need to ensure that both of them have full satisfaction in the entire deal as far as the monetary or commercial considerations are concerned.
It is here that the role of a property valuer becomes very important. He is often considered the final authority as far as the valuation of a property is concerned. Though it is quite likely that there will be a market value for the property, it is quite unlikely that both the buyer and the seller will be completely satisfied with it.
When they approach a property valuer, he merely does not write a valuation report based on market feedback or what is available in the record books. He does much more than that. In fact it is almost very common to see valuers spending quite some time physically in the property that is being put up for sale. He measure the entire area, compares the same with the records that are available in the registrar’s office, does a legal check of the property concerned, just to name a few. He is the one who takes lot of pain to subjectively investigate the property and ensure that it is situated in the right neighborhood if the buyer happens to be new to the city. He also takes into account the market rate of similar properties in the same neighborhood, compares it with the actual condition and location of the property before coming out with the valuation report.
Taking these above factors into account, there is hardly any room not to believe on the importance and significance of such valuation reports.
To begin with when buying beach properties the first point to take into account is to have a thorough valuation done of the property. It is important to take the help and assistance of a good valuer who has experience and expertise in valuing of beach properties. This is because unless you have a positive feedback from the valuer regarding the perceived value of the property it might not be a worthwhile investments from a long term perspective. The valuers take a lot of factors into account while valuing such properties. It would be interesting to have a look at the same over the next few lines.
First and foremost, any good valuer would first have a look at the insurance premium being charged for the property in question. In a normal situation, it is a known fact that beach properties do come with a higher level of insurance premium. This is because of the inherent risks associated with these type of properties.
The point that a valuer takes into account while valuing a beach property is its location. The main reason why customers invest in beach properties is because of the location. The properties therefore should be located near the coast line without being very close at the same time. It should be able to offer a decent view of the sea which is without any doubt the prime requisite of any beach property. Apart from this it is also important to closely examine the condition of the property from various angles. The age of the property, the condition of the foundation and other such critical aspects should be taken into account before contemplating buying out such properties. Last but not the least it is also very important to have a reasonably accurate estimate about the occupancy levels that could be expected from such beach properties. It goes without saying that the main reason for buying beach properties is to earn revenues by letting it out to tourists. Therefore revenue realization is an important pre-requisite which must be taken into account when buying beach properties.
There are a number of ways and means by which property valuation could impact the price at which you buy it. While the market could give you a rough indicative price at which similar properties are available in a particular neighborhood they cannot form the ultimate basis on which a purchase can happen. The authenticity of the market price has to be established beyond reasonable doubts. It is here that the role of a property valuer becomes very important.
He or she does not merely replicate the valuation figure that is available in the market. They go much beyond the obvious when valuing a property. Apart from performing the mundane tasks of measuring the property and ensuring that the demographic details are correct, they also look into the legality of the same. They make sure that the property well and truly belongs to the proposed seller. They also give a history of previous owners of the property and take care to ensure that it has moved down from owner to owner in the right manner.
This apart, they also make sure that the property has been assessed to tax and also inform the buyer regarding the payment status of these taxes. Additionally, a lot of quality information that is subject in nature is also provided by the valuer. For example, they inspect not only the property but also the surroundings in which it is situated. They help a lot in making the buyer firm up his mind based on such qualitative but subjective information.
Valuation of property in definition is very simple. It is all about valuing a property and ensuring that the price being quoted by the seller is in line with the overall market value after taking into account various factors. These factors could range from the age of the property, the present condition of the property, whether the property is new or old, the location and other such factors. These factors when valuing a property help in getting a right input regarding the commercial aspects of the property. On the other hand, valuers also have a look at the legal angle of the property. They find out the current ownership of the property, the details regarding property tax and its payment and other such valuable legal information.
When identifying a valuer, as a customer you have to keep a number of points in mind. First and foremost, you should be certain that you are hiring a valuer who has the license to conduct such valuations. The next important factor is overall experience in the field of valuations. A good valuer can be called good only if he has spent at least 10 years in this business. Further the overall exposure to the valuation market and the types of valuations that he has undertaken is also another factor that must be taken into account while evaluating valuation company in Brisbane.
Last but not the least, the credentials and goodwill that he enjoys in the market, particularly from the existing customers are all matters of important when you are in the process of identifying a good valuation specialist. If you are looking for more information on this, you can also visit http://www.valsqld.com.au/.
The main objective of any valuation is to ensure that as a buyer or seller you are able to get a fair and authentic representation about the property that you have in mind. There are today many legal and legitimate ways and means by which the value of the property can be increased without actually making much physical changes to it. It would be interest to have a look at the same over the next few lines.
First and foremost, when you are looking for a property valuer you should always seek out professional who employ the best possible legal methods to ensure that the customer is an advantageous position as far as the valuation of the property is concerned. There are many simple things that could be done by the valuer. For example, when measuring the property for valuation, often the corners of the plot are left out. When this is also taken into account (it should be taken into account) the value of the property will go up by a few thousand dollars.
Landscaping is another important area which often misses the attention of valuers. You should always look for real estate appraisers who understand the importance of good landscaping as far as increasing the value of a home is concerned. Further within the same neighborhood corner plots always have a higher value and liking for customers. This is also something that must be kept in mind by valuers when they are valuing a property. Other important factors including the overall condition of the property, the quality of people living in the neighborhood and public facilities and amenities available which also play a role in increasing the value of properties.
In plain and simple words property valuation is nothing but finding out the value of a property through a series of well structured and well thought out means and methods. The entire process of valuation is not as simple as it might look because there are a number of legal and other statutory procedures and provisions included in it. Hence, it is not possible for ordinary persons to undertake property valuations. There are specially trained, qualified and authorized persons who are only supposed to get into the entire act of valuing a property. Though the market has a value for a particular property it would not be possible to go by what the market or the grapevine says. There should be some method by which such value quoted by the market are authenticated. This is where the role of a good property valuer becomes extremely important.
Apart from getting to have a reasonably accurate and acceptable idea about the value of a property there are many other ways and means by which it too property valuation could benefit all the stakeholders. All the government and statutory authorities depend on the valuation figures quoted by qualified valuers as far as levying or property tax and Capital Gains Tax are concerned. There are also many situation where there is a need to value properties that are many decades or even centuries old. In such situations the role of a professional valuer becomes all the more important.
There are different types of valuations. While most of the valuations are done to satisfy some commercial requirement of either the buyers and sellers there are other reasons where too valuations have a very important role to play. For example, when government takes over private properties and announces compensation for such entities, then the valuation of the property conducted by a registered valuer has a big role to play. The small valuation report submitted by these professionals form the basis on which compensation amounts are decided upon. Of course other factors and inputs are also taken into account but the valuation report submitted by the valuer forms the most important source of information for such decision making.
Given the above facts, there is no doubt that while buying or selling homes, we should pay a lot of attention to the quality of valuer that we are appointing. We should make it a point to go in only for government certified and approved valuer. Their experience in this field, the reputation and goodwill that they enjoy in the market are also important points that need to be taken in to account while appointing valuers. You should as a consumer understand the importance of getting as much information and knowledge on the matter as possible. Towards this objective, the internet can certainly lend a very big helping hand.
There is no doubt that valuation forms a very important part when it comes to buying or selling a home. However, while valuing a property the main objective of a seller should be to try and get maximum mileage through such valuations in the legally permissible way. There are several ways and means by which this can be done. Here are a few tips that could be very useful in increasing the value of a property.
Always keep in mind that upgrading your property once in a while plays a big role in increasing the value of your property. Simple things like making the garden a better looking place could play a role in ensuring that the property valuation shows a much higher figure. The condition of your property should always be very satisfactory to say the least. Many customers in the name of upgrading their properties fail to pay attention to this basic requirement which should be avoided at all costs.
Keeping all the tax records and documents up to date and avoiding default in these payments also go a long way in ensuring that the valuation reports are higher than what they normally would be. You should also try and include the external areas under the ambit of valuations. This however would call for the services of a good valuer who has experience and expertise in conducting such valuations.
Further there are some common myths about valuations that should be avoided to the maximum extent possible. Many valuers often state that swimming pools have a very small role to play in enhancing the value of a property. This is totally wrong and it should not be given the importance that it deserves. Well maintained swimming pools certainly go a long way in ensuring that your property value goes up by a few thousand dollars.
Garages, extra bedrooms, landscaping of the front area, fencing are also simple things which often get overlooked when going in for valuations. A good valuer should take these facts into account and try and extract maximum mileage from the same. Timing of the valuation report also has an important role to play. For example, it has been found that if you are able to value a property when the demand is high, there is every chance it will show a higher figure when compared to a slump. This is because valuation at the end of the day is totally linked to the market values.
Before understanding what usually makes up valuation reports, we have to bear in mind that there valuation of properties could be of different types. Valuation of properties can be broadly classified into two major types, i.e. residential and commercial. The main objective of any valuation report whether it is for commercial or residential properties is to give the right information to the customers so that they are able to make a decision based on facts. Hence, the responsibility on valuation companies is quite big because it is their report which is taken as the gospel truth. The reason why valuations are done only by professionals is because there are different components to it and there are a number of complicated calculations involved.
Let us have a look at the process flow that usually is followed whenever a valuation report request is received from the customer. Talking about customers they could either be individuals, corporate houses, governments or even banks and financial institutions. In fact banks form a major chunk of customer for valuation companies/valuers perth because of the need to value properties for the purpose of sanctioning mortgage security loans. Even governments approach valuers for the purpose of valuing properties that are taken over by them for the purpose of building infrastructure and other such socially important projects.
Coming back to the process one an application is received the property details are found out through the internet or from the documents sent by the customers. Then the valuers working of such companies visit the site and have a physical examination done of the property. They measure the land, have a look at the surroundings and the neighborhood and also have a look at the facilities and amenities available. Based on these findings they come out with a valuation report. They also corroborate the valuation reports that they have generated with the market value of such properties and ensure that there is symmetry between the two.
Hence, when you are valuing a property with the help of these professionals there are three or four major things that you should keep in mind.
• First and foremost you should only look for valuers who are experienced and also have the requisite recognition and approval from the concerned authorities.
• The next important factor is to be sure that they have the wherewithal and tools necessary for proper valuation of the property and calculation of various parameters.
• Good valuers are those who can handle any type of valuation including, mortgage security and compensation valuations as mentioned above.
• Backdated and retrospective valuations are also very commonly sought after by many customers and therefore when looking for these professionals this important point should also be kept in mind.