There are quite a few things that must be kept in mind when buying or selling a property. Emotions and sentiments apart, there are a few practical challenges and difficulties that have to be overcome along the way. Unlike buying or selling other movable or immovable properties there is no doubt that buying a real estate property has quite a few formalities and processes. Whether it is identifying the right buyer or seller, the right location or buying or selling at the right time, it is a combination of both art and science.
Hence, as a customer one should be aware of the various formalities that have to be gone through only after which the ownership of the property can be transferred from the seller to the buyer. One such process that is considered extremely important is property valuation. Let us try and find out why it is so important and even mandatory.Whenever we buy or sell a property we know that we are putting at stake thousands or even millions of dollars. Hence, it is important for us to be sure that we are buying the right property. As a seller we would like to be sure that we are selling it to the right person or entity.
In fact valuation at and end of the day has more relevance and importance to the buyer when compared to the seller. This is because of a few reasons. It is the buyer would be more interested to have a clear idea about the fair market value of the property in question for obvious reasons. The main objective of property valuation at the end of the day is to give a correct picture about the fair market value of the property that is being bought. Towards this objective the property valuers and appraiser use many methods and tools to arrive at the figure.
They also take various inputs such as location of the property, size, age of the property (not land) and many other factors. They also use various types and methods of valuation depending on the type o the property and the specific requirements of the customers. Apart from expressing their opinion about the fair market value of the property they also add a bit of subjective information such as the infrastructure development in the area, amenities and facilities, quality of people who make up the neighborhood and other such details.
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