Commercial property is the one which is used for the making money, from where the businesses run to earn profits. The cost of the commercial property is always higher than the residential property, though both the properties are in the same area. This is evaluated by property valuation services.
To get the loan against the property you need to have a property valuation report first. Which is prepared by the property valuer. So the lenders or banks can determine the value of the said property before granting the loan permission. Apart from this, the benefits and reasons of the property valuation services are many. Basically, the property valuation report is the written analysis of the property. The report generated by the qualified property valuer is widely accepted to solve the legal matters.
Property valuation report contains all and every fact related to the property that shows the complete analysis of it. Through which one can decide the buying, selling and renting amount of the property. Also to settle any dispute related to the property, a valuation report works as a guide.
Know the elements that compose the property valuation report –
- General information of an owner
- Address, pin code and location (any landmark) of the subject property.
- Property accommodation type.
- Area of the subject property.
- Council zoning and building structure details
- Description of the building condition and premises.
- Special features of the subject property.
- The number of rooms and bathrooms available.
- Description of the neighbourhood and society.
- Access to the public transport.
Building material quality.
- Faults in the subject property.
- Improvements required.
- Building construction standards.
- Facilities and amenities associated with the subject property.
- Current colored pictures of the property.
Along with all these elements, the property value is calculated by the property valuer. By keeping the eye on current market condition and economy of the country. These are the everchanging factors on which the value of the property depends. The valuer also notices the several things like – look n feel of the property, parking facilities, garden space, availability of other facilities like badminton court, playing, yoga rooms, gym area, a clubhouse which adds the value to the property. And It is good to exhibit the method used by the valuer for evaluating the property value. As there are various methods presented to determine the right value of the property.
The property valuation report whether it is for commercial property or residential property it is valid for the ninety days i.e 3 months after the valuation completed for the subject property.
Although the market can be changed within those three months also, as the factor is dynamic in nature. So the ‘Letter of comfort’ is given by the valuer which shows that if there is any major change in the market condition happens then it may or may not affect the property value.
The property valuation is a guide of the subject property which holds every minute details of it. And can be used at the time of selling, renting, mortgage, any settlement related to the property.
For error-free property valuation services contact us our expert valuers can potent enough to provide you the valuation services at its best.