Importance of property valuation report while selling your home
You want to sell your house but you do not know its actual cost. A property valuation is most likely to help you in such a case. By 2040, real estate market will grow to Rs. 65,000 crore (US$ 9.30 billion) from Rs. 12,000 crore (US$ 1.72 billion) in 2019. Real estate sector in India is expected to reach a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017 and contribute 13% to the country’s GDP by 2025.
While property survey is not demanded legally but due to several reasons it is important to do so.
When should property valuation be done?
There is no hard and fast rule in legal terms on when to get your property evaluated by a professional. But it becomes necessary if you want to sell your home. This is done for the purpose of precaution as it sorts out the income tax related matters in future.
House valuation is done by a valuer who is a professional with a degree and a licence to do the same. A broker will only get you the details of the market but an approved valuer will do everything on paper which furtherly would help you with the bank or for the customer you want to sell your house to.
Why is property valuation necessary before selling your house?
A property valuation report estimates the worth of your property both in the current market and in the long run.
Know your position:
Property valuation is an advanced machine learning tool that helps to calculate the estimated value of any property. This tool provides you with an analysis based on the factors like location, house size, number of rooms, building presentation etc. It will make you clear on where you stand.
Know worth of your house:
When you get your analysis done, finding the right price of your property is a tricky deal. A valuation report will actually provide you the numeric value of your home you can then adjust it higher or lower as per your needs before selling your home.
Get your perfect buyer:
Most of the task is done when you get an analysis on where you stand in the market and what price does your property hold.
You should know that most buyers will also demand a property valuation report and if it is right, you would get the right buyer for your house. Anyone would want to purchase a house with the least problem. So, if the house valuation report says that your house has a reasonable price, they would not think for a second before offering you money.
While we have mentioned three reasons why property valuation is done before selling a property there is still more.
Real estate valuation is undoubtedly a smart move for a seller as it is a legal piece of document that certifies the true worth of a house/plot/villa. If you have a true valuation report and know the fair market value of your house there is no way a buyer could accuse you of overpricing the house which can and the scope of bargaining. Your property valuation report also tells you the genuinity of your property and it can also lead to minimise income tax burden.
If you look from a buyer’s perspective a property valuation saves them from getting looted with overpriced property.
What are the charges for property valuation?
As we have already mentioned twice that there is no legal statement for property or house valuation before buying or selling one. So, there are no standardized prices for valuation. The pricing of property valuation depends upon the location, size, and kind of house. Thus, prices may vary due to the type of property.
OBV App provide you hassle free process to know the fair market value of any property within just 10 seconds for free. For both buyers and sellers, it is a tool that can save your precious time and can save you from any scam.