If you are in the process of selling or even buying a home, you have likely come across a valuation report. While it is a main part of the selling and buying process, not many Trinbagonians know about it or even how to start the process to obtain one.
Here is some key information to know about Valuation reports:
First off, what is a Valuation Report?
A Valuation Report is an inspection and report that determines the value of a property. It is done by an RICS-qualified valuer/surveyor who will evaluate a variety of factors that could affect the value of the property such as the location, local zoning, the building’s general structure, condition and more.
The purpose of a Valuation Report is to help set the price for a home when the owner is prepared to sell. However, it is not exclusive to the sale and purchase of residential homes, commercial properties and land. It is also used for property settlement and in the process of resolving land disputes.
What is the difference between an appraisal and a valuation report?
The main difference between an appraisal and a valuation report is that a valuation is an official service where the property is assessed and once the process is completed a comprehensive written report is provided on the property. Whereas, an appraisal is offered by real estate agents and they are considered as an estimate or an opinion on the property’s market worth. Excellent Real Estate Agents will be able to give you a very close approximation of the value of a property, thus this will either encourage or discourage you to sell or purchase a property.
What is the difference between a Mortgage Valuation and a Property Valuation?
Similar to the property valuation a mortgage valuation will also determine the value of a property. However, its purpose and benefit is for the lender and not the buyer. It is used to find out the true value of a property and to determine whether the intended buyer can afford the mortgage. A mortgage valuation is only needed when a buyer is taking out a mortgage. It operates separately from a valuation report which is always required whether the buyer needs a mortgage or not.
What are they assessing in a valuation report?
The report will be based on the surveyor’s expertise of the local market and other key factors that would affect the property’s general value, for example:
- The property’s overall condition
- Possible structural damage, for example, faulty wiring, damp or moisture problems
- The number of bedrooms declared
- Whether the home has had been refurbished or had any major constructional changes.
And other similar factors that could affect its overall worth.
How do I get a Valuation Report done?
Most home buyers and sellers have the process handled by their real estate agent who will liaise with a valuations surveyor. Here at Anthobella, we assist all of our clients with the process from beginning to end to ensure a smooth process. If you need any further assistance or information on the valuation report process you can reach out to us via our contact page here.
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