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IMPORTANCE AND BENEFITS OF PROPERTY VALUATION FOR SELLERS

IMPORTANCE AND BENEFITS OF PROPERTY VALUATION FOR SELLERS

Property valuation is an assessment done to understand the actual value of a property. Though not legally required in India, getting a property valuation done is greatly recommended for several reasons. 

As a seller, it is crucial for you to get the right price for the property you sell. A house valuation will help understand the current market price for your building and ensure that you are not low-balled by buyers. If you are a seller, here is everything you need to know about the importance and benefits of commercial, industrial, or home valuation. 

What is  included in property valuation for sellers

Property valuation includes evaluation, inspection, and assessment of the property, the land the property sits on, the neighbourhood, and the general location. 

Once you opt for property valuation, a group of experts visits your premises and inspects every single aspect, starting from the quality of construction to the amenities included, fixtures added, roofing and flooring condition, and general maintenance of the property.
They then conduct a location assessment and note aspects like safety, security, location infrastructure, commutation time, proximity to educational and healthcare institutions, and the presence of entertainment options. 

They will then get the property valuation report ready using a standard building valuation calculator.




 Who conducts the evaluation process

One or more property valuers conduct the evaluation. Property valuers or evaluators are people with hands-on knowledge in the real estate industry who use practical experience, market analytics and real-time data to provide you with a property valuation report. Such evaluators can be hired to conduct residential, commercial, and industrial property valuations.

Here are some ways in which a property evaluator can help.

  • They give the exact valuation of your residential, commercial, or industrial property
  • They help you take the right decision about selling a property
  • They make sure your investment reaps the best possible profits
  • They help you understand the exact state of a property, including its maintenance, structure, and quality
  • They offer compensation assessment
  • They offer strategic advice on property investments

Benefits of property valuation for sellers

There are so many benefits of house valuation for sellers. Some of the important points are mentioned below. 

Helps you understand the state of your property

Let’s say you have a house that has been lying unused for a long time. You want to know the state of the house to understand if it is saleable in the same state. A home valuation process will help you analyse the exact condition of your property and take relevant decisions.

Helps you understand the renovations needed

The selling price of some properties may increase drastically if there are small renovations done to them. In the same state, they may not be valued much. A property evaluator will recommend specific renovations to improve the property price and sell it at higher profits. This is a definite advantage of house valuation.




Gives you a comprehensive health report of your property

Getting a property valuation done is the easiest way to get a comprehensive health report of your property. The evaluator can clearly list down the strengths and weaknesses of your house that you otherwise would not have known. 

For instance, leaking pipes in the kitchen may be ruining the fixtures there and gradually leading to bigger expenses. Fixing these pipes may help you avoid that expense in the future. Similarly, the cracks in the wall may be causing water seepage inside the house, which will pull down your property’s market value in the future. An evaluator can tell you what can be done to improve the health of your property.

Helps you understand the rental, lease, or sale value

In case you decide to sell, rent out, or lease your property, then, without a doubt, these house or flat valuation reports can help you understand fair prices that you can quote. Having the property valuation report in hand will ensure your buyers don’t push you for lower-than-affordable prices and cause you a loss. 

Provides advice on what is to be done with your property

Sometimes, it may be more profitable to halt your selling process and sell when the markets are better or when the location’s square feet prices increase. A property evaluator will be able to give you the right advice in terms of selling or holding back on your property. This is also a very strategic advantage of such processes that you should use.

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