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  Property Valuation

Property valuation is an important component of a property transaction. The valuation process evaluates the market value of the property. A comprehensive valuation report contains value of all the major assets of a property and also the basis and manner in which the valuation has been performed.

Valuation or assessment of a property can be a self-assessment or through an external source. One can seek the service of various professional agencies or hire a Government registered valuer for a fee as prescribed by the valuers association. Some real estate agents too conduct valuation based on prevalent market rates.

But it is always advisable to conduct an official property valuation since the valuation report comes handy in different financial transactions. For example, if one uses the valued property as a security against a loan, the bank's loan approval process would be expedited if the property is certified by an official valuer. Such certification also becomes essential in situations where the correct value of the property has a legal bearing-such as, a will statement, insurance papers, business balance sheets etc.

The factors that have an impact on the market value of a property are: demand and supply forces operating in the market, type of property, quality of construction, its location, the local infrastructure available and maintenance of the property as well as that of the premises.

Layout of premises and ancillary costs too are given importance in a property valuation. The layout of the premises in terms of optimum space utilization in an efficient manner helps the premises notch up valuable points. Ancillary costs of holding the premises like society outgoing for maintenance of the building, municipal taxes, etc would also determine the marketability of the premises.

 

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