TERRA TIPS: Preparing For A Valuation
Properties are valued for many purposes e.g for purchase, sale estate settlement etc. Whatever the reason here are some tips to help you prepare for the valuation process:
If you are buying or building a property and obtaining a mortgage, the first step is to select an approved Valuer. Each Lender has a “panel” of Valuers from whom they will accept reports. Make sure the Valuer you choose is on the Bank’s list and give them clear instructions on the purpose of the valuation, lending institution involved, and a copy of the plot plan, recent land tax bill, planning permissions from the Town and Country Planning & Development Office, building plans and building cost (where available). For a commercial property, copies of any leases and annual expenses will also be needed.
On the day of inspection make sure the property is clean, tidy and well-lit. This will help the Valuer observe the rooms easily to note the finishes and materials, facilitate measurement of each space and take clear photographs – all of which are required for the report. If you are seeking to sell the property, you can stage the rooms or remove personal items – your choice. This can also help potential buyers picture themselves in the property.
After the inspection the Valuer will conduct extensive market research to identify (1) what rebuilding the property will cost (2) the potential income it can generate and (3) market evidence of sales of comparable properties in order to derive an indicator of value for your property . Once the Valuer issues the report, discuss any queries or concerns you have so that you understand the report and can start the next phase of your property ownership journey.
