An integral part of the modern property market today is accurate property valuations. It doesn’t matter what the size or the price of a property is, the only way to establish an accurate valuation is by being knowledgeable of the historical and current market values, based on the attributes of the said property and then comparing it to the same type of properties in the immediate location.
What Are Commercial Property Valuations?
While home valuations are mostly private issues, commercial valuations are purely professional. The value of commercial property is established by considering certain aspects such as:
- What is the property used for?
- The annual income that is derived from the property.
- How this type of property is valued on the local market.
Reasons Why Commercial Valuations Are Required:
- Legal Purposes
- Stamp duty
- Superannuation reporting purposes
- Dispute resolution
- Deceased estate
- What is included in a valuation report?
Sydney property valuers can offer you a comprehensive valuation report with the value of the property is substantiated with the motivation thereof including the appropriate market conditions.
The following will also be included:
- Surveyor general office information
- Title deed information
- Zoning information
- The extent and details of any renovations done
- Municipal information
- Lease details
- Location and the surrounding area
- Micro and macroeconomic market conditions
- The method of valuation
What Are The Steps For Acquiring A Property Valuation?
- First, you need to hire a property valuer to carry out an inspection.
- The valuer will carry out the valuations based on the type of building materials that were used and the dimensions of the property.
- The property will then be put on the market for sale or rental at a price determined by the valuer.
- The property owner gets his money once the property is sold.
- The process might seem simple but are quite a tedious process. Make sure you have access to all the legal documents that are valuable with regards to the property before acquiring the services of a valuer. The next thing you need to consider is finding a trustworthy valuer.
- Once the valuation of a property is completed, the value might increase or decrease due to inflation or deflation of property market values. Therefore, a re-valuation for the property must be done at a later stage if it hasn’t been sold or rented out. This will be highly advantageous to the owner.
Acquiring a property valuation is an essential step when you are looking to buy a property as it will give you an accurate recommendation of what the value of the property is and ensuring you are making the right decision.
Valuation companies have the necessary skillset to provide valuations for major institutions, corporate and private investors as well as government. They’ll be able to conclude a precise valuation for all your properties or just a single building. No matter the complexity of the job, hiring a valuer is in your best interest.