How much is your property worth? This is a question that homeowners often forget to ask themselves when they’re buying or putting a property on the market. Unless you know the ins and outs of real estate, and are deeply familiar with how the current market works, you’re less likely to come up with an accurate valuation for your property. This is why you need expert property valuation in Dubai.
Property valuation is a report on your current real estate information, which include the size of the property, associated rates, physical details of its construction and current condition. In certain valuation services, information about immediate issues that require attention and the comparative property sales in the area are also included.
But, when do you need one? Here are some of the times you’ll need an expert’s eye:
- When you need home loan
Banks and financing institutions may request a property valuation as part of their home loan processing. They will require you to provide a property valuation report as security that your property’s value can cover the loan. In case you’re unable to pay the loan or unexpected circumstances come up, the property valuation report provides lenders the assurance that they can recover the balance if they need to resell the property.
- When you are selling your home
Property valuations can also come in handy when you’re selling a house. This provides you with insight on how much a property can cost against the current real estate market, so you can make the right offer to potential buyers. Let’s say for example that your property is in an area that has slowly turned into a commercial zone. There’s a high likelihood that this can bring in a higher selling price from potential buyers.
- When you’re planning to get a higher ROI
To make sure you’re offering the right sales price to potential buyers, don’t overcapitalize. Property valuation helps you determine how much ROI you can get if you plan to do major renovations on your home. This helps you avoid losing money due to over-capitling. A valuator can provide information about which home improvement or renovation projects will provide value to your property.
Property valuation is often an overlooked step by many homeowners. What they don’t realize is not doing this might leave them to draw the short end of the stick. If you want to learn more about property valuation, visit this website.