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 a valuer.
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.
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 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.
Whenever we talk about property valuations, we often get bogged down only vanilla property valuation which is about transactions where there is a buyer and a seller. While without any doubt vanilla valuations constitute the major portion of any type of valuation, we have to bear in mind that there are other different types of property valuations that are also equally important if not more. In quite a few property transactions the motive of commerce might be absent and in such cases valuation of properties cannot be in the same way as it is done for simple propertyvaluations. It would therefore be of interest to have a look at the various other types of valuations which also rake in a lot of revenue for valuation companies.
Compensation valuations are a big money spinner for many companies. Thought most of us would be aware of these types of valuations, it would be better to have a revisit of the same over the next few lines. Whenever a property of a private individual or entity is taken over, there is a need for the government and other local authorities to compensate such entities with the right compensation. Here the role of a third party valuer becomes very important because it is based on such valuation reports that compensation amounts are fixed.
In the same light, mortgage property valuations are another big market and every day reputed valuation companies in Sydney undertake a number of such transactions. Whenever a bank or financial institution is approached by a borrower for home loans, amongst the first few tasks, valuation of the property is something that becomes very crucial and important. In fact many valuation companies have separate departments and a completely insulated setup for handling the volumes which often could run into a few hundred on a given day. Since timely submission of valuation reports is very important it becomes absolutely essential for such companies to have a separate department for such valuations.
Apart from the above two, there are also other types of property valuations that need mention. These include backdated or retrospective valuations which are very important for calculating capital gains tax. For rented properties also valuations are very important for determining the actual fair rent and also for fixing rental increases and enhancements over different points in time.
Last but not the least, we also need to take into account valuations of deceased estates, divorce and separation related valuations, valuations that have no commercial or other considerations just to name a few. Hence, there is hardly any doubt that valuation is a big subject and it cannot be encapsulated in a narrow prism of vanilla property valuation alone.
Quite a few individuals are not very clear about the main reason and purpose of different types and kinds of valuation. Many of these often are under the wrong belief that valuation is only about valuing of buildings, apartments and real estate properties. While there is no doubt that property valuation consists of the major chunk of different types of valuations, this is just one part of the different types of valuations. Hence, as a starting point when you are in the job of identifying a good valuation company, you should keep this factor in mind. Your search for the right valuation company should depend on the type of valuations that you are looking for.
Now coming to ways and means by which you could be in a better position to find out the best valuation company, this is quite a task. This is basically because of the huge numbers of valuation specialists that one comes across. So, at times the problem of plenty could create more problems than solutions. In such situations you should have in mind certain important parameters that will help you to identify the right valuation company that meets your specific needs and requirements. A few tips that could be useful in zeroing in on the right valuation company are given below:
• As a starting step it is important to know what exactly your valuation requirements are.
• Even if it property valuation, you should be aware that there are different components to it.
• There is a big difference between simple property valuations for mortgage loans compared to valuations that are required for compensation purposes or for the purpose of backdated valuations which is required for calculation of Capital Gains Tax and other purposes.
• Once you have a clear idea about the right service provider to approach, you should ensure that they are recognized and government approved. Additionally it is expected that good valuation companies should have at least 10 to 12 years’ experience in running their business.
• They should have under their product portfolio all the valuations that pertain to property and real estate. Additionally it is expected that professional and reputed valuation companies should also be good at valuing other assets should the need arise.
• While understanding more about the fees that are charged is quite important, it may not be advisable to short list a valuation company of price advantage alone.
• Efficiency of service, good networking with banks and financial institutions, and also having a good knowledge about the real estate market are other good attributes that are expected of any good valuation company.
While the above are the main points which could help judge a valuation company, there could be a few others that might be of specific interest to select groups of customers.
Choosing the right valuation company may not be that easy as it looks. This is because there are a number of factors that need to be taken into account. Secondly, the sheer number of individual valuers and valuation companies often makes your job very difficult and challenging. Further many people do not understand the important of choosing the right valuer. They think that it is a very simple job and get into problem only when they have reached the eleventh hour.
Therefore before choosing the right valuation company or individual it is very important for the persons to keep in mind that finding the right professional for this job is as important as finding the right property attorney or lawyer. Only when you have this information in the mind would you start paying attention to identifying the right professional. Here are a few important things that could help you in separating the grain from the chaff as far as a good property valuer is concerned.
The valuation report is a very important piece of paper based on which a lot of important decisions are taken. Hence, you should be sure that your valuer is able to factually report matters and does not represent figures based on opinions or hearsay alone. For example, whenever a property is up for sale or purchase, it is imperative on the part of the valuer to physically visit the property and have it examined from various points of view.
Whenever a property is bought or sold either by an individual or any other entity, there certainly is a need to have the same valued by a third party valuation company. Apart from simple buying and selling of properties there are a number of various other instances where too it is important to have properties and other assets valued by a good valuation company Melbourne. However, the problem is identifying the right company who are into the various facets of valuing a property. There are literally dozens of companies available and choosing the right one could indeed throw up lot of challenges.
Here are a few important points that need to be kept in mind while choosing a land valuation or other such companies:
· First and foremost it is very important to choose only those companies who have been in this field for quite a number of years. Experience in the field of valuing buildings is extremely important because this forms the basic foundation on which good valuers are identified.
· The next important thing is to always look for companies who have the capacity to handle any type of valuation that one could think of under the sun. For example, today mortgage financing is a big business and successful valuers certainly have a number of banks and financial institutions under their fold. Customers have to keep in mind that valuing a property forms an important part of any appraisal related to loans and other mortgages.
· Backdated and retrospective valuations are also very vital and far as real estate markets are concerned. Good valuers are supposed to have the right kind of expertise and wherewithal in this particular segment.
· Good land valuation companies should also be able to handle valuations that may not strictly fall under the umbrella of land valuations. For example, rental determinations and rental reviews are another big area where lots of valuers have made a name for themselves. As a customer you should always be on the lookout for such valuers.
· As customers you should be on the lookout for companies which have specialized teams for different types of valuations. For example valuation of asset registers is also a big market and when choosing such professionals, importance should be given to their expertise in valuing a contract that is either being worked upon or being finalized.
· Adhering to time lines is very important when you are finalizing housing or building valuation company. Today banks, financial institutions or even government tax and revenue officials are very particular about timeliness and accuracy of valuation reports. Hence this is a pre-requisite for any good valuation company.
Last but not the least, fees that are being charged by valuation companies should be in line with the latest trends that are being followed in the market. While they should not be too high, at the same time it might not be prudent to go in for land valuation companies that are ready to sell their services for unbelievably low prices. The onus should be on the customers to gather as much knowledge as possible when it comes to identifying the right real estate valuationcompanies. You should also be able to look at some good websites which have the habit of reporting on the performances of some good valuers in your city or locality.