Whether you are buying or selling a property, investing in real estate requires planning and thorough analysis, and one of the most important steps in the real estate investment process is having a property valuation. A property valuation is conducted to determine the property’s worth based on a range of factors such as size, location, condition, and property use to name a few.
A common mistake made by some businesses is that they skip the property valuation process and do it themselves, not fully understanding the long-term financial risks this may bring. Property buyers and sellers who skip having a property valuation are at a higher risk of financial losses due to the possibility of selling the property for a lower price or overpaying for a property more than its value. A proper property valuation and appraisal is conducted by an expert real estate valuer who can provide you with a thorough and accurate analysis of your property’s value.
Having information about your property's value is something that you do not necessarily need every day, but it is a piece of information that can be a lifesaver when it is needed.
Here are 3 reasons why you need to have a property valuation:
Keeps Business Accounts up to Date
It is a good business practice to keep up to date records of your assets, and one way to do so is to have your property valuated. Having updated information regarding your property’s value ensures that you are prepared for any business situation. Updated property value information is needed whenever you plan to sell your property, transferring business ownership, tax audit purposes, legal situations, or insurance. By having an updated property valuation, you avoid delays and minimize losses.
Necessary to Secure Loans
Businesses regardless of size need funding, and one way to acquire these funds would be through securing a loan. A property valuation report is a required document whenever you decide to secure a bank loan or mortgage. This report serves as the basis for how much the bank is willing to lend. Having a property valuation report ready on-hand enables you to make strategic decisions and shows that you are knowledgeable about your property, thus speeding up the loan application process.
Simplifies the Transaction and Negotiation Process
A property valuation report is handy when it comes to negotiations as it protects the interests of both the seller and buyer. This document serves as the basis for your property’s actual value, aiding in the negotiation process of the property. By having a property valuation report ready, you can avoid disagreements, thus ensuring you a smoother transaction.
KMC Savills offers Valuation & Appraisal services for clients who are looking to acquire or dispose of their property. With its team of expert appraisers and assessors, KMC Savills provides its clients with a comprehensive property evaluation to arrive at a favorable real estate decision. Get in touch with the KMC Valuation & Appraisals team today! Contact Joemar Sumaoang at (+63) 917-800-5453 or email [email protected].
For inquiries and more information about KMC Savills’ Valuation and Appraisal Services, contact us at (+63) 2-8403-5519 or send an email to [email protected].