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12 Vital Tips For Accurate Property Valuation
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To get the optimal price for the piece of property you are planning to sell off, you need to have an estimate of its actual worth first. This requirement, in turn, brings to light the importance of professional property and land valuation services. In the following discourse, we will present twelve tips to gauge the precise value of the property you wish to dispose off:
a) Hire a reliable valuation company – First things first – you need to assign the property valuation responsibilities on professionals. There are several reputed valuation firms in Kolkata, and you need to select the one whose service portfolio seems to be the best to you. Inquire about the time-frame within which the company would be able to deliver reports.
b) Be familiar with the basic calculation methods – The various calculation methods for commercial property valuation should not be like a proverbial ‘black-box’ to you. Get a basic idea of the cost method and the sales comparison methods for asset appraisal – and find out the techniques that are being employed by your chosen business valuation firm.
c) Get the necessary improvements done – If a property is damaged in any way, its final valuation figure is likely to remain on the lower side. Before getting in touch with a valuer in Kolkata, make a list of improvements/redesigning that have to be done on your property, garden, and other areas. Make sure that there are no confusions regarding the ownership of the property.
d) Request for customized reports – Even for getting a mortgage loan or other refinancing service from a bank, getting a detailed property valuation report is of the essence. If you have any such requirements, request the professionals you have hired to prepare the reports in a manner that would be in accordance with the bank valuation requirements. Unless the report is customized to your needs, it would not be of much use to you.
e) Check the sale prices of comparable properties – Keep a tab on the revenue generated during the land asset disposal of properties that are roughly similar in nature, location and quality to the one you own. That would give you an early idea of the type of money that your property can fetch, if resold immediately. Generally, you should keep records of property auctions for a period of five to six months.
a) Do not try to ‘promote’ the property to the valuer – When a professional comes around for a commercial or residential property valuation, do not get too carried away – and start trying to harp on each and every positive feature of your property. Remember, the valuer is experienced enough to gauge the worth of any land within a short time. Unnecessarily trying to make a positive influence might be counter-productive.
b) Reveal all information – Just like company valuation, at the time of examining properties too – valuers would require full disclosure of all pertinent information from you. If the piece of property you wish to get valued has any inherent defect (which cannot be easily rectified), inform the valuer about the same. Do not try to keep information under wraps to get an unduly high price – such plans would never work!
c) Clean up the garage section – This factor is often overlooked, but is often instrumental in enhancing the final figures in property and real estate valuation reports. Land assets with clean and covered garage areas generally tend to yield higher prices. If possible, you should arrange for a carport on your property too.
d) Have detailed information on the valuation rates and regulations in your locality – Depending on the locality/municipality in which your property is located, the statutory valuation rules and practices might vary. Gather all such important information from the local authorities, and share them with the accounting expert you have hired. For instance, if you contact a valuer in Kolkata for tea garden valuation in the suburbs, the professional would require knowledge on such local accounting norms.
e) Request for the valuation to be done via at least two methods – There remains a chance of value over-estimation/under-estimation, if a commercial or intellectual property valuation is done via a single method. To avoid such calculation biases, request the valuation service provider to prepare reports by two or three different, valid methods. If there are significant discrepancies in the final figures, find out the reasons behind that.
f) Do not spend too much on improvements – As already pointed out earlier, certain necessary repairs and improvements have to be done on a property, before it is put up for valuation. However, before undertaking any improvement project – you need to do a comparative analysis of the costs involved, and the benefits that would be forthcoming. If you feel that the improvement would be too expensive, inform the valuer that it is required but has not been done by you.
g) Do not make changes after the valuation – After the property valuation reports come in, avoid making any further qualitative changes to the land that has been assessed. Doing so might render the earlier report null and void, and you may have to arrange for the valuation study to be done all over again. Try to finish all the improvement tasks BEFORE the property inspection.
Do not pester the professional to provide reports as soon as possible, which might cause errors to creep into the calculations. You can get the report cross-checked by another company for asset valuation in Kolkata. Follow these simple tips – they are instrumental for getting accurate property valuation figures.
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