Why is it important to value your property? Although it is not a legal obligation to hire a surveyor, when it comes to due diligence it is common practice to do so. Most surveyors are hired for the following reasons: mortgages, income tax, auctions, compulsory purchase, etc.
When should you consider hiring a property valuer? As we mentioned earlier, as a seller or buyer are expected to hire a professional surveyor to value the property. Nevertheless, to stay on the safe side and avoid fraudsters that ask for unreasonable prices it is important to take precaution and have a professional do the job. For example, when someone asks a bank for a mortgage on a house, the bank will not take the client for his word and will ask a surveyor to go and professionally appraise the property.
One might ask, what are the possible benefits of property valuation? What are land and buildings valued at? Are there specific rules to increase the value of a property? All of these questions are answered by a valuer who’s job is to help you decide the best way to value your property with maximum profit. Not only that, but you would also receive a certificate with the confirmed value of your property (and other assets) that is justifiable in a court of law.
The question of whether property valuation is a smart move to make is commonly asked. In case you were a seller, that certificate offers to be a legal piece of document that certifies the true value of your property and that would be of huge aid to you. A buyer would have no right of accusing you of over valuing your property, in turn ending the possibility of any sort of bargaining. Your valuer will also provide you with ways in which your existing property could increase in value. Also obtaining a tax depreciation schedule from your property valuer will decrease the burden of tax. To buyers, valuations are used to clear out the risk profile of a proposed property. They can make a comfortable investment on the basis of such information.
Why should surveyors be trusted? A surveyor is a professional with a degree and is licensed by the government to operate in the field of real estate. Real estate agents can give you an insight on the current market whereas surveyors are professionally accredited by trusted institutions to help give clients accurate prices by correctly calculating for a specific type of property to help avoid wrongfully priced properties.
