Are you planning to value your property? Well, start by understanding the key ingredients of a property valuation report. Understand the key things that should be contained in a property valuation report. Along these lines, the Best house valuation report should have the following key details.
Date of Inspection
The property valuation company you hire should, in their report, state the date onsite inspection was done.
Purpose of Valuation
Also, the report should clearly state the purpose of the valuation. It’s important to note that the purpose may vary from client to client. So, it cannot be uniform among all clients. For instance, a client may want to do property valuation for informational purposes, bank directives, tax reasons, or government orders.
Title Deed Information
Any property comes with a Title Deed. When doing property valuation, the company you choose will ask you for the Title Deed number together with its Land Registry Details. It will then include these important details in a property valuation report.
Location
A valuation report will also feature a detailed analysis of the property’s address and location, including Google map directions.
Description of that Particular Property
In the property valuation report, you’ll also find comprehensive information about the property’s characteristics as well as its surrounding area. These include the amenities, its measurement in square meters, and the availability of water plus electricity. And if the valuation is undertaken for a building like a house, factory, or a flat, then a detailed description of the area, including the building’s measurement analysis.
Local Market Description
The market will be evaluated as the property’s prospective and then a decision will be made regarding the selling or renting of the real estate property. Similar investments in the surrounding area will also be analyzed and important aspects that may influence the value of that property in the near future will also be stated.
Valuation Methodology
The property’s value is calculated depending on the client’s instructions and also according to several other methodologies approved by RICS.
The Actual Market Value
Typically, the property is assessed and a price is determined which represents its market value. Past values are sometimes required for court purposes and particularly in divorce as well as land compensation cases.
Insurable Value
The insurable amount is usually given to the client or the insurance company, who will then calculate the amount of money required to insure the property.
Building Zone
A property valuation also includes an updated building zone showing the property’s zone as well as the zones of other surrounding property. This way, the future zoning expansion capabilities can be extracted by simply viewing this attachment.
The Bottom-Line
Understanding the key ingredients of a property valuation report is important. First, it will help you do your valuation correctly. Second, understanding the key ingredients of the property valuation report will help you choose the best valuation company. Third, knowledge is power. The above are common things that any property valuation report should contain.