Being ignorant about the value of a property you hold is a very foolish thing. When you own a property, you need to know what it is worth so that when the time comes, you can use its value in a lot of ways. Whether you are an individual or an organization doesn’t matter, your property has worth, and when you decide to value it, you will know where your property stands in the real estate market.
The reasons for valuing your property:
The stages you go through in your life like being a teen, getting married, having children, etc. the same way the property’s value changes over time. When you decide to value property, it will be for the following reasons:
- If you want to buy a property:
If you have come across a house or land that has caught your interest, you want to value that property to know what it is worth in the open market, and if the seller is selling it at a price, it is worth it.
So when buying a property, you need to know its value so that you can decide if it is worth the money or not.
If you want to sell a property: If you own a property and want to sell it, you need to know its exact value, because you don’t want to end up selling your property for a price lesser than its value.
- If you are preparing a will
When you have decided to prepare your will and distribute your property among your family members, it is advisable to value your property because you don’t want to be partial. If you are dividing it among your children, you want each to get an equal share.
- Retirement planning
Age has caught up fast, and you have already reached your retirement, and now is a good time to value your property and free yourself from any mortgages or loans.
If you want to sell your property for the sake of clearing your debts or you want to downsize it so that it is better managed. For both, you need to value the property you are holding.
- Insurance coverage
The correct value of your property will grant you the correct insurance coverage. If you want to get your insurance cover for any untoward incident, then the value of your property holds great importance.
- Proper tax assessment
Every property has a tax, and if you want to pay the correct amount as tax, you need to value your property.
- If you are filing for bankruptcy
When you are filing for bankruptcy, make sure that you have valued your property correctly to get a fair price for your property in the market.
The above are a few reasons you need to value the property you hold or the one you want to hold. The value of the property you hold need not remain the same always, sometimes it may decrease, or sometimes it may increase.
The property you got five years back may have appreciated or depreciated, so to get the true picture, the valuation of a property is always advisable. And valuations use Brisbane Property Valuers here.
Why is it important to value your property?
It is better to be safe than sorry in the future. If you do not value the property you own, you will get a far less price than the actual value of the property. So it is better to consult the concerned authorities and get it valued.
Who values your property?
- When you decide to value a property, you need to go to the concerned authorities who know about valuing properties.
- A valuer or the one who values is generally a professional degree holder and has a license from the valuers’ institution.
- They are legally recognized, and they get a license from the state body before they start their practice.
If you go to property brokers to value your property, they are not legally recognized, so it is not a documented fact, so go through proper channels and get everything in writing. These facts from a legal authority can help you deal with banks, lawyers, investors, etc.
Is property valuation helpful?
Though no law wants you to value your property, doing it will help you in many ways. You will know how much your property is worth and also if you can do things that can increase its current value. The valuers will help you decide what changes you can make to your property so that you can increase its value in the market.
They will also provide you with a certificate that validates the property’s worth or any other assets you own. This certificate is admissible in court if the need arises. This article deals with the reasons for and importance of property valuation. If you think you have any of the above reasons, it is time to get your property valued by the proper authorities.