What does a property valuer do? What are the roles and responsibilities of a property valuer? Read on to learn more about property valuers in Dubai, UAE.
The job of a property valuer is an important one. These people are experts in estimating the accurate value of a property after considering various factors and recent market trends.
If you are someone who is looking to buy or sell property, you can benefit a lot from the insights of professional property valuers. But before you go ahead and hire someone for property valuation, it is better that you know what a property valuer can offer and what you should expect during the process.
What is a Property Valuer?
Property valuers are individuals in real estate who are experts in determining the value of a piece of land or some residential or commercial building. They can work with clients who are looking to reduce mortgages by refinancing their property.
These professionals can help buyers figure out how much money they need to spend on the purchase and insurance of a property. They can also help sellers find out the best price for their building which ensures a quick sale and more profit. Their insights can really speed up the selling or buying process while minimizing the risks.
When Do You Need Property Valuation Services?
People can hire property valuation services for a number of reasons such as
- Banks require a valuation when you purchase or refinance a property. This helps in applying for a mortgage.
- You can do this to determine the pre-sale or pre-purchase price of a property.
- To determine the amount of insurance to establish insurance coverage.
- To aid in the litigation and settlement of legal proceedings between parties who have a legal interest in the property.
- To find out CGT or capital gains tax which is payable on the gains you get from the sale of an investment property.
What Does a Property Valuer Do?
Following are some of the main roles of an expert property valuer
- Noting the size of the building and identifying any repairs or improvements that are required.
- Conducting a detailed internal as well as external inspection of the property.
- Finding out any structural faults.
- Taking clear photos and including them in the valuation report.
- Identifying the number of rooms, sheds, verandahs, garages, sheds, landscaping, etc.
- Noting things like street frontage, shape, zoning, location, and topography of the property.
- Comparing the selling value to other buildings in that area.
- Documenting available amenities like lighting, water, fireplace, etc.
What Happens During the Property Valuation Estimate Process?
Every property valuation expert has a different way of carrying out the estimation process. Some will start from the exterior while others examine and evaluate the interior in the beginning.
While inspecting the interior, things like the number of rooms, electricity connections, water and heating systems, floor and ceiling condition, signs of decay, and parts that need fixing are identified.
For the exterior, the valuer notices things like location, size, and shape of the building, structural defects, backyard, or garden size, available nearby facilities, parking space, etc.
A valuer examines all these and many other factors and documents each detail carefully. This way you get the most accurate information about the property that you wish to buy or sell.
How to Prepare for a Residential or Commercial Property Valuation?
If you are hiring a valuer and you wish to get the best deal, it is better to spend a little time on making the place look a little better. You can start by decluttering and cleaning the place. Get rid of things that you do not need and make small but important repairs.
You can also keep things like building plans, lease information, maintenance charges, and other important documents by your side before calling in a property valuer. This will speed up the process once the property valuer starts working.
Write down some key questions and confusions that you have about the valuation process. Make sure to ask these from the property valuation service so that you are able to make a better decision.
Factors That Influence the Value of Your Property
The following are the main factors that affect the value of a property
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- Location: Location is important since it has a great impact on the life of the resident. It determines what facilities they will receive if they choose a certain area to live in.
- Age and Condition: Properties that are newer and in better shape have more prices than old and damaged ones.
- Supply and Demand:
If a certain property type is in high demand, its price is bound to get high. On the other hand, if a property is not scarce, it will increase in supply which will reduce its prices.
- Budling Regulations:
The number of planning permissions and technical regulations required to build the property also affect its prices. The design, shape, and size regulations determine how much a certain building will cost and that is why it is important to consider these.
Conclusion
So, now you know what a property valuer is and what services you get from these people. Hiring such an expert can help you determine the best cost for buying or selling a property. This information will help you make a better decision about how much to ask for a certain property.
We really hope you have learned something of value here and we wish you luck in hiring the best property valuer to find the most accurate price for the property that you intend to buy or sell.
Frequently Asked Questions
What are the 5 methods of valuation?
These include cost-based, comparative, investment, residual, and profits.
How is the value of a property determined?
This is done by using some online valuation tool or by asking for assistance from a professional valuer.
What do valuers typically look for when valuing a property?
These people consider things like age, current condition, location, and available facilities to find the right value for your property.
How long does it take a valuer to value a property?
Typically, a valuer can determine the price of a property and create a comprehensive report in about 5 to 10 days.
How much does it cost to get a property valuation done?
It mainly depends on the size of the property and the unique needs of the buyers or sellers.
