If you are a real estate property agent, investor or you have ever purchased any property in your life then you must have heard about the property’s fair market value. While the fair market property value is the common terminology but still there is no sure shot way to find the market value for real estate.
What is property market value?
The value at which buyer is willing to buy and seller is ready to sell the property, under the normal market condition.
Which science works behind the market value?
Property owners must want get the money for his property higher than the property value. And on contrary buyer must value the property high than the money he is paying to get. This create the value of the property in the market.
In the buying selling market, Seller must want to sell the product at high price than the value of the product. On the other hand buyer wants to purchase the product at low price than the value of the product. This create the market value of the product. Same is the case with property.
What’s the benefit of estimating the property market value?
To get the greater control over your property taxes, refinancing, insurance premiums, in making selling decisions too, the property market value will help. To make the right financial decisions and to ultimately to earn more profit, one should hire a registered property valuer to determine the right market value of your property.
How valuer evaluates the market value of the property?
Firstly valuer visits the whole property and then collect all the required information related to the property and then with the market knowledge, analytical skills valuer finds the right value of the property.
The property valuer or house valuer has no interest in property and works unbiasedly to find the right market value of the property the valuation is generally valid for three months.
The factors that should be considered while evaluating the property value -
- Location of the property.
- Size of property.
- Age and condition of the property.
- Building structure.
- Council zoning.
- Type of the property.
- Renovation status - required or not.
- Number of rooms and bathrooms available
- Garage and garden facility.
- Style and design of building.
- Additional valuable items attached with the property.
- Local market status.
- Renovations made in the property.
- Total area of the property.
The best thing is - Here house valuer inspect the whole property as the prospective buyer would look, so residential property valuer advise, that can help the owner to make the property more useful for the buyer and thus it increases the value of the property.
For whom, valuation brings advantage?
The banks, loan providers, money lenders, owner who wants to sell the property, Owners to know the tax amount should be paid, Property owners to know insurance premium of the property, to resolve the property dispute, to make settlements in matrimonial disputes. The property valuation definite figure plays a major role, as you come to know about the exact market value of your property. Which makes all this easy.
If you have any query for regarding property valuation services, Our expert property valuers are always ready to help you out. Feel free to contact us.