Property Valuation: What You Need to Know
Investing in property is an attractive option for many potential investors because of its good returns. The value of property keeps rising year in, year out. One of the most common trends in the property market is buying homes then selling them at higher prices or renting them out. It is, therefore, vital to have the correct valuation of the property you intend to buy (This estimate may be useful when you decide to sell your property).
Before buying a property for investment, seek professional property valuation services for accurate valuations based on the market trends. Here are some of the factors a professional valuator will consider when valuing your property:
The geographical location of a property will definitely affect its value. If your property is situated near social amenities or in a region with advanced infrastructure, then it would definitely have higher valuations than the ones located in remote areas. Always go for a property that is situated in an area that has the necessary amenities such as malls, hospitals, water, and electricity; they will fetch higher valuations when you decide to sell them.
- Type of property
A property can be commercial, residential, agricultural, industrial, or even high-street. The type of property that you want to buy and sell will affect its valuation. For instance, commercial properties will fetch higher valuations than residential properties in the same geographical area. This is because business owners are more likely to pay more than household tenants.
- Level of risk
It is difficult to sell property in areas that are prone to floods, earthquakes, landslides, or even violence. Hence, properties in such areas may fetch lower valuations than properties in risk-free zones.
- Level of maintenance
The level of maintenance of your property is an important factor when assessing its value. If you intend to buy an old but well-maintained building, you can still get a high return from it. For that reason, you should maintain your property for higher valuations when you sell it.
- The workmanship and the type of building materials used
When a property is properly constructed, it will always be highly valuated. This is why it is important that you look for a building inspector to examine the condition of the property you intend to buy. This will save you a lot of cash in the long run. It will be a great idea to look for a firm that offers both property valuations and building inspections. It will not only save you money but also a lot of time.
Even though many potential property buyers have some idea of the value of their properties, only a few of them are actually qualified enough to perform accurate valuations. Professional property valuators are highly trained and will provide precise valuations according to the market trends. It is, therefore, recommended that you look for an expert before buying a home.
At Arnold Investigative Engineering we are always available to offer that helping hand. Our staff is equipped with extensive experience and know-how to provide accurate valuations on the property you intend to buy. We are also accredited and qualified building inspectors. What are you waiting for? Call us today for an amazing deal!