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Home » Automotive » Maintenance » Brief Introduction about Property Valuation

koshals52
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Brief Introduction about Property Valuation

Submitted by koshals52
Tue, 29 Jan 2013

Property valuation is a process of estimating the value of real estate property .It is an estimation of what a home or a piece of land is actually worth. There may be higher price or lower price .It depends on the bargaining skills and upon the situation. The value actually sorted is the market value of the property. All properties are different from each other in their location. Location is an important factor which contributes to its value. Determining the asking or purchase price of a property is the most useful thing for most people. Property valuation is basically an assessment of a property.

Property valuation is also referred to as the fair market value. Fair market value is an estimated price at which seller & buyer can agree on if both were interesting in making a deal. It is assumed that both the parties are having sufficient knowledge and information about the market and property and has been on the market for a reasonable period of time. A very significant factor for determining the property value is by looking at the sales of comparable properties. For instance we can look at the sale price of a property which was sold in the particular area three or six months back. Then we can compare the amenities, size of home or property, comparing the neighborhoods. Thus the homes of similar sizes in the same locality or likewise locality will have almost the same value.

It is very necessary to know the property value for many reasons. It serves as a basis for assessing property taxes and for calculating whether the sale of an investment property is a profit or not? Lenders will be eager to know the appraised value of a home. The basic purpose of property valuation is determining the actual value of a property or land. Property valuation helps in knowing the value of a property over a long period of time.

A property's usp's will also be taken into account such as
    -Government controls over the property,

    -economic and social trends,

    -environmental conditions,


Building structure and its condition,
    -garage facility

    -good connectivity to road.


It is not important that value should e equal to cost or price. Cost means actual expenditures been made on materials or labors. Price is the amount that someone pays for something. These two factors viz cost and price can affect value but unfortunately they cannot determine value. For instance the sale price of a home is fifty lakhs, but the value could be higher or lower. Situation may be that the buyer may find some flaws in the foundation of the house, the value of a house can be lower than the price.

 

Koshal & Associates is the valuation firm specializes in Property Valuer and Land Valuation process in Delhi NCR area of India.


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