What is a property valuation? A property valuation is an assessment of your property’s value, based on the location, condition, and multiple other factors. Your valuation will be carried out in person by a professional surveyor who will take notes and photographs, and then send you a valuation report. You could use this when you price your property to put it on the market if you are separating from a partner who owns part of your property, or when dealing with probate.
Who carries out a property valuation? A surveyor will carry out your valuation, as they’ll consider elements like the storage, age, size, wear and tear, and room layout in approximating an appropriate figure. They’ll also look at similar properties in the area and consider what the market is like.
Real estate appraisal, property valuation, or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic).
The location also plays a key role in valuation. However, since property cannot change location, it is often the upgrades or improvements to the home that can change its value. Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
There can be differences between what the property is really worth (market value) and what it cost to buy it (price). A price paid might not represent that property's market value. Sometimes, special considerations may have been present, such as a special relationship between the buyer and the seller where one party had control or significant influence over the other party.
In other cases, the transaction may have been just one of several properties sold or traded between two parties. In such cases, the price paid for any particular piece is not its market "value" (with the idea usually being, though, that all the pieces and prices add up to the market value of all the parts) but rather its market "price".
We hope after reading this short article, you will understand a little about property valuation.
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