Why do we need a Property Valuation?
Finding the value of a property is not an easy task, especially in a place where real estate market has a significant lack of information.
Valuation of the property is done to find the value of a building, a hotel, a factory, land or other property that have unique characteristic.
Determining the value of the property it can help individuals or business entities to make important decisions on different activities, such as:
- Investment Analysis
Whether an individual, or business, wants to invest in the purchase of a property, or the construction of a complex, be it a building or business space, the valuation helps the individual or the business to make a decision knowing the exact value of the property they are investing in.
- Legal property problems
If an individual or business has a legal dispute over a property, a fair valuation of that property can help the business or the individual resolve the dispute, or strengthen their case in a court.
- Sale of property
Property valuation can help an individual or business to make a property sale based on the real market value of the property. Depending on the location where the property can be found, prices can vary and this helps sellers determine the selling price of their property.
- Tax Purposes
Valuation of the property helps businesses for tax purposes, including the properties on their list of assets.
- Mortgage Loans
If an individual or business is going to take out a loan and needs a property to be mortgaged banks require a property valuation for the mortgaged property to issue the loa. This helps individuals or businesses know the value of their property and make decisions and applying for loans.