A property, be it a plot of land or a residential house, needs to be valued first by a registered valuer so as the buyer and the vendor both can reach to an agreed marketable price of the property at which to transact it. The fair market value of any property can form the solid foundation for a buyer and a vendor to deal with lenders, mortgage institutions, bankers, and financiers involved in a transaction process.
Without an authentic valuation, either a buyer or a vendor or in some cases both the parties including also the lending institutions may suffer irrecoverable losses. So there needs to be a market trend reflecting and industry accepted methodology that can meticulously facilitate transactions of buying and selling realty products. This is the core reason why there exists the profession of registered property valuers. Such experts, according to the market sentiment and property condition, prepare an intelligent valuation of the entire structure of property, that the same is even accepted by the government agencies for their own transactional clearances purposes.
Property valuation is so vital that mostly the banks, lending institutions or mortgage companies don’t even entertain a loan application for a buyer if with the same a valuation report is not submitted. A market reflecting valuation doesn’t leave any room for the vendor to be able to cheat the buyer under any circumstances as a valuer is an independent professional acting in the reasonably fair interest of the profession, government and their clients alike.
Apart from valuing the mortgage finance potential and reasonableness the registered valuers can also assist the first home buyers in deciding on such various factors as, property evaluation before sale, valuation for insurance and tax, finishing tax depreciation schedule and more.
Valuation of land or house property can also make it easy for you to comprehend the complexity posed by the title history of the estates, especially when there have been multiple owners of the same in the past.
A valuer can also legitimately suggest you the best usage of your proposed property according to its locality and condition. They being very well aware of the entire geography of the property and the area, know very well the capital appreciation that can take place in the coming future which you can reap. Such relevant factors can also reflect the potential that the proposed buy can have for you and can make ready assured benefits for you to realize in the form of return on investment.
While there is little doubt that buying and selling a property is an extremely eventful happening, there are quite a few problems and challenges associated with it. First and foremost, buying and selling a real estate is not the same as buying any other movable or immovable property. Secondly, there are a number of legal steps and formalities that need to be gone through which is not the same in the case of other purchases of movable and immovable properties. Further there are also a number of statutory and compliance related formalities that have to be completed within a time bound period only after which will the ownership of the property gets transferred from the seller to the buyer.
Hence one looks at all the above points there is hardly any doubt that property conveyancing is too complicated a subject to be handled by the customers themselves. Though there could be quite a few hard line detractors of property conveyancing who could talk about getting the whole thing done by the customers, it actually does not work so on the ground. This is because of the following important reasons.
First and foremost, we have to bear in mind the property conveyancing is not one single task in isolation. It is the sum total of various processes and therefore it cannot be thought to be a hit and run case. There are many professionals who are involved in the whole process. It could range from the important role of property lawyers and attorneys to property valuers and appraisers. Each of them have an important role to play and no single role can be looked at in isolation.
While the property lawyers may be good at finding out the legal purity of the property in question, the role of property valuers is to find out the fair market value of the property in question. In the same light there are also other professionals who also have an important role to play. For example, there are a number of support and liaison staffs who work on the ground and do the running around between the customers and the government and statutory authorities. Their role is very important because moving things forward in a government department takes lot of patience and perseverance. Hence, there is no doubt that while property conveyancing is extremely important, it has to be done as a team work and no individual brilliance will be of much use.
Property valuation business can be both an opportunity and a challenge. It is an opportunity because there is bound to be a continuous and unending demand for property valuation business. As long as there is buying and selling of real estate properties there will be a demand for property valuers and appraisers. While this is a positive face to valuation business, there are some negatives too. The market for property valuers is becoming extremely crowded. Hence we might soon be reaching a situation where we could find more numbers of valuers running after fewer customers. It is therefore important to find out ways and means by which one can take on increasing competition and at the same time see that business grows. It is quite possible provided we know how and where to make a beginning towards this objective.
Choosing the right customer profile is extremely important to ensure that the valuation business grows from one level to another. It is always crucial to have a clear idea about the niche groups of customers that you would like to target. Once this has been chosen it is important to find out ways and means to address this constituency to the best of ability possible. There is the need to find out ways and means by which this segment of customers gets more value for money. This can be done in many ways and using technology to the benefits of these customers is something that should always be kept in mind.
As valuers it is important to ensure that there is a time bound solution to the requirements of the customers. It has to be understood that valuation of property has a time limit to it and hence there cannot be dragged on for a long time. While timely submission of valuation reports is important equally vital is the need to provide as much information as possible in the valuers’ reports. For example good valuation reports should have a number of other information that could be of use to the customers. Making mention of the state of infrastructure development, availability of various amenities and facilities are a few important tips that could make the valuation report more meaningful and of greater relevance. While timely submission is very important, it cannot be at the expense of quality. This is again something that should always be on top of the minds of these property valuers.
If you are the owner of a home are apartment then it is quite likely that you will be paying property tax for the same. Property taxes without any doubt are a major source of revenue for the local authorities. While as responsible and law abiding property owner it is your duty to pay the right property tax, at times you may feel that you are being taxed higher as far as your property is concerned.
You might be looking at ways and means by which you can get the same reduced. To help you take the case forward you may have professional help and the role of property appraisers and valuers is very important to say the least. Let us over the next few lines try and find out how property valuers and their valuation report could have a positive or negative impact on the property tax that you may become liable to pay.
There are quite a few confusing terms that are associated with property tax. It could range from terms such as mileage ratios, ratios, proportions, common areas and other such terms. While these terms could be beyond your comprehension and understanding, there are some basic which never change and always remain the same. Whenever you decide to buy a property you go by the market value.
However, you will not accept the market value as the gospel truth and would certainly like to have a confirmation on the same from a professional valuer. That is the main role and function of a property valuers. In fact it would also be pertinent to mention here that many local revenue authorities use these valuation reports as a benchmark for fixing property taxes.
Hence, you should get in touch with a professional value and ensure that he uses the right method of valuation which will help you to save some money as far as property taxes are concerned. Even a few thousand dollars here and there could make a big difference in your property tax and you could avoid falling into the next higher bracket.
The method of valuation and the techniques and tools used by you valuer could determine the value of your property. Hence, the onus lies on you to explain the objective of property valuation and leave the rest to the valuer. They will use alternative method of valuations which could work to your benefit. However, they will also ensure that you are on the right side of the law as far as such valuations are concerned.
Whenever a home is bought or sold of whenever there is a need to find out the fair market value of a real estate property, there is a need to take the services of a qualified and professional real estate valuer. The main job of a valuer is to calculate the fair market value of a property using various methods and systems.
The reason why this is done by professionals is because it is complicated and difficult job. Since the money involved could run into thousands or even millions of dollars, it is quite common for buyers and sellers to exercise caution when entering into such contracts. They would like to be certain about the fair market value of the property. Though the market could show a near-accurate value, once it is certified by a professional valuer then it becomes a legal document.
Further there could be many rich landlords who could be in possession of a number of apartments, homes, villas and landed properties. They would certainly need the services of a property valuer to periodically find out the market value of the same. Further, when there is a need to sell a part of a land or property, valuing the same could be quite a complicated task. Here again the role of property valuer becomes extremely important to say these. Whenever there is a division of a properties and ownership rights are distributed based on the size of division, the role of property valuers becomes very important.
There are different types of property valuations for which different types of valuation methods and practice are used. For example whenever there is a need to go back in time for the purpose of backdated or retrospective valuations, one should adopt different methods and systems of valuation. In the same light whenever a long term burden is incurred by going in for mortgage loans, the valuers could help the customers to find out whether such loans would be viable.
Apart from the simple fair value representation which is the main information in a valuers report, there are other important pieces of information also. For example, a good property valuers report will contain amongst other information details regarding the infrastructure available in a locality. It will also make a mention about the amenities and facilities or the absence of it. All this will go a long way in making it useful for the buyer to take an informed and good decision.
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.
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.
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.
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.
There is no doubt that the main reason why we buy and sell property today is to make good money out of it. Decent returns on investments and a place to live comfortably or get some passive income out of the property are the main reasons why customers invest in real estate property. There is no doubt that any investment in land and real estate is perhaps the best way to multiply ones resources. However the level of multiplication and speed of multiplication would depend of various factors. It would be interesting to have a closer look at the same over the next few lines.
When a property is put up for valuation, the valuers take a number of inputs to value the same. They take into account the location of the property which is perhaps the best indicator as far as value of a property is concerned. For example investing of 100 square meters in the main area of a city is worth much more than even investing 500 square meters in a remote locality. Though the latter option will not be a losing deal, the pace at which your investment will grow will be much faster in the former case. Hence, when a valuer looks at a property location is something that is given a lot of importance.
Additionally, there are other factors too that are equally important. These include the size of the property and its age. The newer the property the higher will be the valuation figure. Hence, as a customer it is always better to look for new properties rather than go in for old ones. However, when we talk about properties we are referring to a building. The value of land will continue to go up and in fact the older the land the higher will be its value.
The kind of materials that are used will also play a big role in defining the value of your home. Therefore it is important for you to look for homes that are built from quality materials though it might cost a bit more. Additionally when buying home, the importance that is given to the eco friendly nature also has a very important role to play. This is something that is of recent origin. Today’s customers and also promoters and builders are placing a lot of importance on the eco friendly nature of properties, however big or small they might be.
Running a property valuation business successfully is not an easy job any more. It might have been so a few decades back. With increasing competition and changing customer preferences and habits, even the well settled real estate valuers are finding the going tough. Under such circumstances, it is quite important for even well performing valuers to have a look at the business from the long term perspective and take steps accordingly. Here are a few important tips that could be useful for valuers when it comes to moving their business from level of success to another.
To begin with, good valuers are those who always take a long term view of the business. While short term revenues are important, as visionary entrepreneurs valuers should have the capacity to assess the potential of their business keeping in mind the next 10 to 15 years. Towards this objective they should have a thorough knowledge about the current real estate industry in general and real estate valuation in particular. They should be aware of the increasing competition in this field and also understand the changing customer buying habits and preferences.
They must understand that the internet and other modern technologies are playing a big role in driving business including real estate valuation. Hence, they must take steps to be a part of the internet revolution. As a starting point they must certainly have a website of their own. Additionally, using this technology they must find out ways and means to add more value to the customers. For example, offering online valuation facility is a perfect example where valuation service providers could be adding value using the power and reach of the internet to their advantage.
They should pay a lot of importance to automating the back office processes which will go a long way in improving efficiency and productivity. Last but not the least a good valuer is one who offers a one stop valuation solution to his customers at all points in time. While pricing the services competitively is of course very important, this should not be done at the cost of quality. Many modern day customers are willing to pay a higher price provided the quality that they are getting is the best. Hence, constant innovation and improvements are very important to survive and grow in today’ competitive real estate valuation market.