The question is always asked: why would you waste your money getting a property valuation? There is no need, it’s not worth the paper it is written on.
Let’s examine what property valuation means and why you should consult a real estate company for your property valuation.
An official property valuation is generally conducted on a request by a buyer’s bank when they’re looking to buy a property. But what if you want to know the value of your home?
Normally produced as a report, an official property valuation will cost around AED4,000 and includes property information – rates, size of the land and building, physical details on the condition of the dwelling, details on any immediate issues that may need addressing – as well as information on comparative sales in the area.
Four reasons why you should consider getting a property valuation before selling:
1. To understand the value in your property. Even if you aren’t looking to sell, knowing the value of your property can influence other business and personal decisions.
2. To guide your investment/buying/selling decisions. People always seek qualified financial advice when making investment decisions. Understanding the value of your assets is a vital part of this. Could you draw on your property’s equity? Could you put it up as collateral?
3. For an objective assessment. A valuation will not be a broker’s opinion, they are biased. It will collect independent third-party evidence so you can see the basis of the valuation yourself.
4. Personal attachment can cloud judgment. Everyone forms emotional attachments to the homes they live or a property they wish to buy, which can affect how much they believe they are worth. An independent valuation can provide some clarity and prevent unrealistic expectations. If you are selling, a valuation can provide a good idea as to what you can realistically expect it to sell for – it may in some cases be more than you think it’s worth.