If you are thinking of buying or selling a property, it is essential to have it valued first. A property valuation report will give you an accurate estimate of the current market value of the property. This will help you to set a realistic asking price if you are selling, or to negotiate a fair price if you are buying.
There are many other benefits of property valuation, even if you are not planning on buying or selling in the near future. Here are just a few:
1. It can help you to get a fair insurance premium
If you underinsure your property, you could end up out of pocket if you need to make a claim. Conversely, if you over-insure, you will be paying more than you need to.
A property valuation report will give you an accurate estimate of the rebuild cost of your property, which is the amount your insurer will pay out if your property is destroyed.
2. It can help you to get a fair rent
If you are a landlord, you will want to charge a rent that is in line with other similar properties in the area. A property valuation report will give you an accurate estimate of the current market rent for your property.
3. It can help you to negotiate with your lender
If you are having difficulty making your mortgage repayments, your lender may require a valuation of your property before they will agree to a restructuring of your loan.
A property valuation report will give you an accurate estimate of the current market value of your property, which you can use to negotiate with your lender.
4. It can help you to resolve a dispute
If you have a dispute with your neighbour over the boundary of your property, or with your tenant over the condition of the property, a property valuation report can help to resolve the dispute.
A property valuation report will give you an accurate estimate of the current market value of your property, which can be used to resolve the dispute.