When you decide to have your property valued – for sale, rental determination, insurance, or any other reason – it’s really important you make sure you get a proper property valuation done by a registered, qualified surveyor or valuer.
A professional valuation usually comprises three stages – site inspection, research, and preparation of the valuation report. Doing it all properly takes a bit of time, so you should always be a little wary of someone who promises you a full valuation “in a couple of days.”
Every valuation is unique, and there are always so many variable factors to be taken into account. There’s no such thing as a one-size-fits-all valuation, and even the bread-and-butter valuation of a residential property can present valuers with a multitude of influential aspects to consider: Is there a view? Is the property close to powerlines? Is it on a busy street, or close to a noisy highway? A valuer will also take into account the state of the property market at the time of the valuation, and how urgently the seller needs to sell, as well as how sought after properties in the neighbourhood are, and what neighbouring homes have sold for. So many issues influence the price of a property and the list of things to consider is not the same for each property.
Even the same feature, in two different homes, can influence the value in different ways. In cold climates, a swimming pool is simply an unnecessary extravagance with costly maintenance considerations. But in a hot climate, a pool adds huge value and desirability to a property. In a small house, a third bathroom could be considered wasteful, but in a large house, with 5 bedrooms, a third bathroom is essential. These, and many other reasons, are why it’s essential to hire a professional property valuer rather than just looking at the property pages of your local newspaper to see what other similar homes are on the market for.
When it comes to valuing non-residential property, such a golf course, service station, hotel, farm or any commercial or industrial property, there are even more considerations for the valuer to take into account. You need to get into the minds of the people who use the property in question. What makes this particular course appealing to golfers, for example? Why are they members here, and not at the course a little further down the road where membership fees are cheaper?
With all these – and many other – factors to analyse and consider, be prepared for an accurate, reliable and defensible valuation to take a little while. With Property Partnership East Rand, you know you’ll get a fully motivated valuation report from internationally qualified property valuers that is definitely worth more than the paper it’s written on.
Contact us today to chat to us about your valuation needs.