1. Know more about Property Valuation
An Inspection carried out to assist determine the current market value of a property is a Property Valuation. In the same vein, property valuation is a detailed report of a property’s market value. So from the property valuation the bank need to be confident that it can recover any outstanding amount owned on property that the buyer default on their mortgage.
2. Process for property valuation?
A property valuation is often present as a report. Foot2feet’s Property valuation expert, does step by step process to get your property valuation.
Firstly, valuer understand the purpose and function of the valuation. It includes to estimate the market value of the property it includes value in use, investment value, and insurable value and for which function valuation is in process. Likewise, for to buy or sell a property, or to re-mortgage, need to file insurance claim for damage, and to appeal property tax.
Secondly, onsite inspection of property needs to be done. In this general information of property is required. Such as, the age, size, use of the property and equipment’s.
Thirdly, along with the information provided by client against property, Other informative data needs to be collected like real estate trends, including the local economy, and site–specific data and comparable properties if applicable etc. Finally, composing all this information, the property valuation report is ready.
3. Documents Required for Property Valuation
Property valuation helps to determine the fair market value of a property at the time of property sale or purchase. The following documents are to be furnished along with the application form for Property Valuation –
- Proof of Ownership of property
- Copy of Encumbrances Certificate
- Aadhaar card
- Voters Id
- Proof Land Tax
4. Who does Property Valuation?
Generally, Property valuation is undertaken by a real estate agent or independent valuer. A valuer is someone with a professional degree and license from the institution of valuers. While a property broker helps you to understand the pulse of market. On Foot2feet.com You will get number of Valuer for property valuation in pune
5. When Property valuation is required?
A property valuation offer benefits to both the buyer and seller. It provides a clear indication of a property’s market value. Certainly property valuation reduces buyer’s risk of paying over the odds of a property. Report gives detail analysis of a property’s weakness. Hence it assist the seller to decide which renovations to make to enhance a property’s value. Most importantly, Property valuation is required as because their mortgage lender like bank or financial institutes request this. After that, Property valuations often required for financial reporting, taxation compliance, determining the amount of compensation given to land owners for easement of land acquisition and family law mediation.
6. FAQ about Property Valuation
1. What is Property valuation certificate?
Property valuation is a legal document which certifies the details of the entry in the Registrarof Land Values.
2. What are the five methods of property valuation?
While evaluating a property, five main methods used, when conducting a property evaluation, i.e. comparison, profits, residual, investment and rental value of a property.
3. What is difference between a property appraisal and a property valuation?
A property valuation is a detailed report of a property’s market value. Whereas, property appraisal is the process of creating an estimate of value for real estate.
4. How long does a home inspection typically take?
Generally it depends upon the size of the home and number of rooms. Whereas an average time to home inspections it takes upto 2 to 3 hrs.
5. How is land value calculated?
Land Value is calculated by considering the shape, frontage on the main road, zone use, plot coverage, Floor space index and instances of built-up properties in the locality.