A property valuation report is a report that shows the price rate of a particular property. Price rate of a property can also be called as the market price of the property. It is determined by a property evaluator from a reputed property valuation company. Every property valuation company offer various services. It can be found that certain companies offer you some more information rather than the valuation report alone. This will provide you with a lot of other details that one must follow during buying or selling of property. Free Property Valuation service from valuation companies includes basic guidelines that will help us in interpreting the information.
What you receive with Property Valuation Report
• List of registered proprietors or owners
• A description of property as per the laws which includes the structure of the land
• Zoning or Resource management
• Valuation includes the market rate of the property
In the region section, the evaluator will be putting in the complete details of the area of the property as well as the demographic description. It also consists of all the facilities and features that will be found in the area as well as its neighbourhood.
Basic details and completed description of the property
This is a section in the valuation report where you will find the details of the property that provides a detail of the residential market value and the commercial market value. Other factors that do not affect the final price are ignored altogether.
A detailed description of the improvements
Description about the improvements in the property valuation report is something that is considered as a very important part in the report. When there is a chance of improvement in the property, there is a large chance for the increase in its value. This is the reason why such details are described in the valuation report in a detailed manner.
The methods used in property valuation
The main methods used in the evaluation of the value of property are:
• Sales approach
• Income appreciation approach
• Depreciated replacement cost
Getting the right information of the neighbourhood
When we want to know the right market value of our plot or property, it is natural to compare it with the neighbouring property. It is thus a fact that one of the major methods used during property valuation deals is a sales comparison approach. Hence it is very important to check the rates of the properties that are similar, and those that are found in the neighbourhood. When an evaluation is made, you need to give the evaluator the details of the rate of property in neighbourhood, property value and sales price (if it has been sold), price of property and other details so as to get yourself a proper valuation result of your property.
Your involvement during valuation
When you avail a Free Home Valuation service, make sure that you are present with the valuator, as this will help them to collect the right details of the land and help you give the proper valuation document.