FREQUENTLY ASKED QUESTIONS
Q: What is the difference between a Real estate Agents’ property appraisal and a professional valuation?
Q2. Why do I need a professional valuation?
However, valuations are also beneficial for purposes such as determining the real value of a property for sale in the open market. This imparts you with knowledge that enables you to weigh up positives and negatives of various prospective properties and protects you from paying too much for any property.
A professional valuation may also be advantageous in portfolio formation and resource allocation. Regular valuation of property indicates the main growth areas and alerts you of potential ‘cash cows’ as well as ‘dog’ investments.
If you are considering renovating, rebuilding or adding anything to a property, an ‘as if complete’ valuation will indicate how much the property will be worth upon completion. This enables you to calculate your Return On Investment and Cost Benefit Ratio.
Q3. How much will a valuation cost?
Long Form valuations are calculated at a higher rate but still reflect a competitive rate, where the benefits outweigh the costs.
Q4. How long does the valuation take?
Long form reports, due to their detailed nature, may take up to 5 working days.
However, once a valuation is undertaken, and the three month period has elapsed, a ‘letter of comfort’ or ‘market change opinion’ may be commissioned to state whether any dramatic changes have taken place in the market and how this might affect the valuation figure.
Q6 What will the valuation report include?
Finally, relevant and recent sales evidence will be compared to the property in question, and a value for the property will be disclosed.
The report will be presented with photographs taken at the inspection, title search documentation, and a locality map.
Property values are influenced by a plethora of diverse and often ambiguous factors, which are often difficult to interpret. Yet in the property market, knowledge is power
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