Property valuation is an integral part of the selling and buying process. Even then, the procedure can sometimes be so confusing hence the need for you to understand the different factors that surveyors take into consideration before arriving at the value of your property.
When surveyors value your property that you either want to sell or buy, they are guided by a set of guidelines that relate to the current state of the property that is in question. In addition, other general factors such as the current demand as well as location of the property are also taken into consideration. When put together, all these factors will help surveyors arrive at a fair valuation.
This is very important because it may determine the mortgage that you can have access to. Therefore, it is extremely crucial to have a good understanding of all the contributing factors.
Property valuation specifics
Whether you are selling or buying property, some of the specifics that the property valuer must look at before arriving at the value include the following:
- Wear and tear
- Structural improvements
- Room layout
- Storage space
During property valuation, the surveyor will carry out detailed inspection where he assesses every area of the property including the additional external structures. Thus, nothing is overlooked in the process. He may also take photos as well as measurements to be able to arrive at a realistic value. Sellers may then use the outcome of the valuation to set prices for their property when seeking to sell the property or when seeking a mortgage.
General Factors that Influence the Value of Property
Certain factors are very important when valuing property. As such, they must be included in any valuation process. They include the following:
Other than the factors mentioned above, surveyors also take other factors like the prices of similar property recently sold within the same location and the general attractiveness of the property’s neighbourhood. When you have your valuation, it serves as a gateway to acquiring another property or accessing a mortgage.