Fundamentals of Property Valuation

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Property valuation is a process that is used in establishing the market price of a given property. The property valued can be residential, commercial or industrial. In all these cases, it is imperative to walk with an experienced valuer. Irrespective of whether you are buying or selling a property, the valuation exercise is important when establishing the market price of the property. The assessment exercise is anchored on some features. Here are some of the most important aspects that most valuers use in making their judgments.

Size of the propertyEQdfghjmFC

This feature is also referred to as the square footage. This feature has a direct impact on the value of the property. As such, this explains why bigger homes or establishments have a much higher asking price than similar homes in small sized areas. Besides, when it comes to size, the parking space is an important aspect considering that most households today have multiple vehicles. If the home has a driveway or garage, it can fetch a higher price than a similar home in the same locality without this feature.

Number of Rooms

Any prospective buyer is expected to enquire about the number of rooms before making any other consideration. Multiple rooms are a plus to any property. Moreover, these rooms should be spacious and well maintained.

Locality

The neighborhood or locality is a vital factor in the valuation exercise. Factors like availability of amenities, infrastructure and crime rate play a huge role in the valuation exercise. As a matter fact, a large home in a rundown locality can be cheaper that a small and neat home in a desirable neighborhood.

Value of other buildings or homes

Any property valuer must ascertain the market value of the asset by comparing it with similar homes in the area that have been sold recently. When selling or buying properties, you will realize that some properties can command a significant process that those that are just a few blocks away.

Age of the Property

scSdgfhjAThe age of the property will have a significant impact in determining its market value. Hold properties offer an innate charm that might be absent in new establishments. However, old properties might attract higher maintenance costs to keep them in a good condition. This need for maintenance can have a negative value on their worth.

Besides size, condition, age, and location, other extras play an important part in establishing the value of the property. As such, you should contact a reputable property value to ensure that no aspect is left out.

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