Looking for a valuation of your property? Let’s understand how to determine which property valuation service is right for you.
If you’re a UAE resident, you should always know the current worth of your property. The main reason is the volatile nature of the market. The valuation in the UAE changes more quicker than in the rest of the world. In the last year alone, the average prices climbed up by 8.5 percent for apartments and 13.5 percent for villas. To cope with that, you should know the updated property valuation.
The selection of the right property valuation service is the first step toward accurate valuation. In this article, we will learn about the selection criteria for hiring a property valuation service.
What is a Property Valuation Service?
The property valuation service is an independent organization that evaluates your property by analyzing its location, size, condition, functionality, and future worth. Property valuation services are registered firms consisting of experienced surveyors and valuation departments.
For valuation, you need to contact the nearest service available. After that, both parties mutually decide on the surveying date. On the day a professional surveyor inspects the whole property and collects the relevant data. After a few days, the firm issues a complete valuation report. Based on this report, you can decide on current worth, selling price, rent, taxation, insurance, and mortgage price.
How To Know Which Property Valuation Service is Right for You?
When it comes to real estate, you can’t bank on amateurs. Because any flawed valuation can land you in trouble. An unjustifiably high valuation will achieve no response from customers. On the other hand, a low valuation can dent your profit. So, to avoid both cases, a valuation should always be done by a credible property valuation service.
Below are the criteria for hiring any property valuation service for you.
In the property business, there is no substitute for experience. A property evaluation service must exhibit its previous flagship projects. So that, you can evaluate its worth. You can also collect customer reviews to verify those claims.
The evaluation service must have relevant certifications. The most common certifications for UAE firms are the Royal Institution of Chartered Surveyors (RICS), the International Valuation Standards Council (IVSC), and the Saudi Authority for Accredited Valuers (TAQEEM) surveyors.
Before hiring, you should ask about these certifications. They show the credibility and professional expertise of the firm.
Market reputation tells a lot about a company. In the modern world, there are numerous ways to determine it. You can contact previous customers and peers via social media. If not anything, you can see the online ratings and reviews about the company.
This investigation will give clarity about whether you should collaborate or not.
Accuracy of Valuation
For any valuation company, accuracy is the real test. Before hiring, you should know about their valuation method and criteria. You should also look at their valuation reports and see what areas have been covered.
You can also ask the company to show examples from past projects and collect customer reviews for verification.
You should always prefer a local firm for valuation. A local firm has a better understanding of the locational value of your property. Plus, they can contact town planning and municipal departments about future projects in the region. It gives them an edge over outsiders.
There isn’t any standard one for all rates for property valuation. Every company has its commercial packages. You should select a company with the most competitive rates without compromising on quality.
Land Sterling has a team of professional surveyors with experience in more than 10,000 Projects. As an RICS, VISC, and TAQEEM-certified organization, we can evaluate your property as per international standards. Check out our valuation services available for any residential or commercial property.
What Factors Affect the Valuation of a Property?
A property valuation is a multi-varied equation. It involves many variables which themselves are susceptible to constant variation. The factors differ when you work in diverse sectors like residential, commercial, retail, healthcare, and education.
However, some factors are a fundamental part of any property valuation. These factors include:
Location: In real estate, nothing is more important than location. An urban property near a metro station, public schools, and shopping centers is worth more than the countryside.
Condition: The condition and building style have a significant impact on valuation. Any mismanaged property loses its real value.
Functionality: The purpose is a critical element of valuation. Commercial land has a higher valuation than a residential one.
Size and Usable Space: Since market value is usually measured in price per foot, the bigger size gets more valuation. If a property has free untouched space, it can also have a positive impact on valuation.
Property valuation services can make or break your property valuation. For this reason, you should be careful while selecting such firms. A property valuation service should be selected based on its experience, certifications, market reputation, accuracy, local availability, and pricing.
Land Sterling provides UAE’s premium property valuation services. With valuation experience of more than 12 billion AED worth of properties including projects like Burj Khalifa and Dubai Islamic Bank, we are capable of evaluating any property across the region. Contact us for the valuation of your property.