WANT TO BUY A PROPERTY SOON? LEARN ABOUT PROPERTY VALUATION NOW6 Mar 2019
If you are interested in purchasing a property soon, knowing its estimated value is an important part of the process. Therefore, it is crucial for you to have an idea about property valuation before deciding on a property to purchase, or even rent. So, what is property valuation all about and how can you determine it?
What is Property Valuation?
Property or investment valuation is the process of knowing the economic value of real estate. This knowledge is very important to sellers, buyers and lenders so that they can make sound decisions about their property investments.
For sellers and lenders, knowing the real and current value of their buildings gives them a greater chance of earning fairly and better for their property. And they can have tighter control of the processes involved in property taxes and other dues, knowing whether or not they are paying more than they should.
As for buyers, having an idea about a property’s value will give them the opportunity to evaluate their finances and help them decide about purchasing or not. It will also help them determine if a property they are interested in is priced correctly, or if they are being pushed into paying more than the property is worth.
Determining a Property’s Value
Determining property valuation is crucial before deciding on selling or buying a house.
What are the ways for sellers and buyers to know a property’s value?
- Hire a property advisor or professional appraiser. In the United States, about 28% of homeowners get the services of appraisers to determine how much their homes are valued at. Appraisers are hired to evaluate not just real estate property values, but also the market and comparable properties. In the UAE, some professional real estate companies, like Zawaya Property, employ RICS-certified valuators who can accurately price properties across all commercial and residential sectors.
- Ask the opinion of a broker or real estate agent. A broker’s price opinion will provide you with a value evaluation of the home and market, which is usually used for listing purposes. While it is not as detailed as the value provided by a professional appraiser, it will give you an idea about your building’s worth.
- Use online tools. Know that there are online valuation tools that you can use to determine how much your property is worth. And many homeowners are already using them. This may not be 100% accurate, but should provide you with what you need as a rough estimate.
However, if you are in the process of buying a property, you should be sure about its value and only talk to experts. This is where you will need the professional services of Zawaya Property. Learn about Noor Bank’s property arm and your property optimiser, Zawaya Property, now!