There are many reasons you might need a property valuation, especially when selling or buying property. Here we explain what a property valuation is, who carries it out, and why you might need one.

The aim of Property Valuation for buyers is to provide information regarding the prevailing prices of the property and market trends. A detailed house valuation informs the buyers about the features, cost, and advantages of the property that he/she is willing to buy. Without having proper knowledge about the prevailing rate, real estate trend, and cost-benefit analysis, the buyer of the property can land himself in a bad deal. Property Valuation acts as a cushion against fraudulent practices and scams, subjecting buyers to buy property at a higher rate than the actual market value. Moreover, this process equips the buyer with accurate information which further enables smooth borrowing and mortgage processes.

A surveyor will carry out your valuation, as they’ll consider elements like the storage, age, size, wear and tear, and room layout in approximating an appropriate figure. They’ll also look at similar properties in the area and consider what the market is like.

A buyer can get a property evaluated in which he/she is interested in any purpose. The house valuation or property valuation holds immense importance for a buyer from the below-stated perspectives.

Property Valuation helps a buyer know the actual worth of the property and whether the sale price mentioned by the seller/ owner is appropriate or not. In some cases, owners state exorbitant prices of their property by quoting reasons like construction quality or additional features available. Some apartment developers levy heavy extra charges or charge high per square feet prices compared to the prevalent price in the locality and sell the flat at sky-high prices. A buyer before finalising the deal should get the Property Valuationdone as it saves them from paying a higher rate, falling into scams or malpractices of the builders.