a Property valuation is performed by the registered and qualified property valuer who evaluates the current market value of the property and also provides the property valuation report.
What is property valuation report ?
It is the report given by an authentic and genuine property valuer who provides the detailed information of the property, after valuation. In other words, it is complete analysed information of the property presented in the form of report, that is as called property valuation report.
What is the validity of a property valuation report?
Basically the property valuation report is valid for six months. Because property value is the dynamic in nature and it depends on many other factors that can’t be controlled like country economy, market conditions, neighborhood, location of the property and many more.
Advantages of having a property valuation report?
The benefits received from property valuations are tremendous. As this is the authentic and valid report which is accepted by the government and all the society. The report provided by the valuer is qualified and knowledgeable professional who assess the value of the property accurately and precisely.
In case of property, family, marriage disputes there is a need of valid and legal proof of property’s value, then the property valuation report came into the picture.
Court ask for property valuation report to make any judgment of the issues related to the property.
To get the property loan, banks ask for property valuation report.
To know the insurance premium amount, it is decided by keeping the valuation reports as guide.
To pay property tax, amount is decided on the basis of property valuation report.
What property valuation report contains?
A property valuation report contains general information about the owner and detailed information about the property, Along with some calculations and current pictures of the property.
List of information present in the property valuation report –
- Name of the applicant.
- Name of the owner of the property.
- Address of the property.
- Date of appraisal.
- Purpose of valuation.
- Type, style, location of the property.
- Type of the locality.
- Proximity to basic amenities like Hospitals, School, Railway station, Airport, Bus Stop, Police station.
- Description of the property.
- Specific details of the property – Landmark, Number of floors in building, age of the property, estimated future life of the property.
- Renovation needed or not.
- Level of maintenance.
- Internal and external finishing.
- Calculation of property value.
- Recent coloured pictures of the building.
How much time is needed to prepare the property valuation report?
Mostly it requires a week or a few days to prepare the property valuation report. Majorly it depends on the size of the property and the details required by the client.
Do we have to pay extra money to get the property valuation report?
No, there is no other extra fees is required to get the property valuation report. It is included in the property valuation fees only. Actually after the valuation the residential property valuer gives the property valuation report to the client.
A property valuation report is very useful way to keep the property’s record and for future reference. Hire a valuer who is qualified and provides you the right valuation report.