by Daniel Clark
29th January, 2020
Property Valuation - What It Is And Why It Is Important?
Buying a residential property or selling a residential property?
Before proceeding any of these, estimating the value of a property is crucial for several endeavours.
The property, being one of the most luxurious and expensive goods we hold, determining the price of a property can not only be the most useful applications.
Despite other products that we buy and sell, and are used quickly, the property is one such good whose investment benefits will be realized over a long period.
When it comes to Australia, Australian valuers are top-notch in providing land valuation in Brisbane, Gold Coast, Sunshine Coast, and Northern NSW including Newcastle and Byron Bay. But, what is a property valuation? Why is it crucial?
What is Property Valuation?
A property valuation is an assessment of a property, based on the assessment factors such as location, condition, size, and many other factors.
A property valuation gives an individual or an organization to know the worth of any property.
Property valuation can benefit both buyers and sellers in estimating the value of a property.
For sellers, an assessment will be an insight in concluding where to set the price, and for buyers, it will help evaluate if the property is worth an investment at an offered price.
The process of valuation is carried out by a professional property surveyor, using different approaches.
Is property valuation a smart move?
There are numerous reasons which will provide convenience for why property valuation is necessary.
Here are a few reasons:
Buying or selling a property: Valuation of a property is very crucial while buying or selling a property. Even if a person wishes to rent a property, the valuation of a property becomes necessary. As the rent of a property is usually 6-10% of the estimated property rent.
To mortgage a property: The property valuation is very crucial when a buyer wants to take any loan against the security of a property. It is also done in case when a buyer wishes to seek a loan for construction of a building.
For tax: Property valuation is fundamental while calculating the burden on the property. An individual has to pay property tax to various government departments.
While transferring ownership: In cases when an individual or an organization wishes to transfer the property, property valuation is needed to estimate the value of a property. Based on the worth of a property, determined through cost, stamp duty is calculated.
Compulsory Acquisition: There are chances that an individual or an organization declares itself bankrupt, and compulsory acquisitions or auctioning is required, in such cases, property valuation plays a crucial role.
Importance of a residential property valuation
There are many factors to be considered before buying/selling a residential property. Some many decisions and situations need consideration like mentioned above; however, most of the choice while buying/selling of a property is made from an emotional standpoint.
This is why residential property valuation is needed; it will help estimate the worth of any property before we make any decisions.
Property valuation you can rely on
When it comes to property valuation in Brisbane, look no further than Australian Valuers. They have more than required experience in the industry and have helped several clients in evaluating their residential property. They ensure we receive the best from our most expensive and luxurious goods. Visit Australian Valuers to know more about their valuation approaches for residential properties.
From a buyer perspective or a seller perspective, property valuation; no matter residential or commercial will help us determine the worth of any property. Property good being looked over a long period, why compromise in making a lucrative deal?