A property’s price is the price a buyer pay for buying it. However, people often seek an estimated figure in order to start the negotiation before buying a property. The final sale price of any property can be different. Property valuation is performed to offer a well-researched report on the property’s market value.
The final sale price of a property can be affected by people’s market knowledge, emotions and other factors which usually affect the negotiation process. If you are not an expert in buying and selling property, you should hire licensed property valuers Adelaide to know the real market value of the property before buying or selling it.
When property valuation is important?
Property valuation is important for both buyer and seller. Suppose you are buying a property, a reliable and licensed valuer will offer the most accurate indication on the property’s market value. You can reduce the risk of paying more than a legitimate price for buying a new property and that’s how it can benefit you.
If you are selling a property, the property valuer can help you in knowing your property’s best resell value. Suppose you find it lower than the price you want to set for selling it, the valuer will also provide details on the property’s weakness. Thus, you can make necessary renovations to increase the resell value.
Why do most of the buyers hire property valuers?
Many properties are bought and sold in Australia every year. Most of the people hire licensed valuer Adelaide because it is requested by their mortgage lender. Mortgage lenders such as banks want to ensure that they can get the loaned amount of money back by selling the property in case of recovery.
Image source: Ipvaluations
Many mortgage providers offer the support of in-house property valuers but you should prefer hiring a licensed and experience one. The experienced valuers consider all the essential factors in order to estimate the best resell value of the property. Their report explains why a particular property’s price is what they have stated in the report.
How a property’s value is estimated?
When you hire a property valuer, first he will make a direct comparison with the most recent similar sales. It is a basic tactic most of the valuers apply, but professionals do further analysis to create a comprehensive report. They assess improvements, attributes, planning controls and the location in order to estimate the most accurate value of a property.
The valuation tactics can vary depending on the type of a property. The property valuation methods will be different for residential and commercial properties. When a commercial property is valued, the valuer does a more financial analysis of the property. He will also assess development sites and other factors to estimate the best resell value of the property.
All in all, it is a complicated process and highly experienced and licensed property valuers know how to do is properly. You must hire a property valuer in Adelaide if you are planning to buy or sell a property. It will prevent you from facing loss and make a right deal.