Get tips on knowing the value of your property

Get tips on knowing the value of your propertyImage Credit: Supplied

Basically, valuation is linked to just about every financial decision one makes. Anyone who owns, occupies, trades or develops real estate assets needs the assistance of a property valuer.

Property valuation is the official way of understanding the worth of a property, whether it is a commercial unit or a residential one. In commercial property valuation, valuers assess an office, a hotel, a retail unit – basically any commercial entity.

Valuation is important for one to figure out the best time to sell or buy a property, the amount of equity one can invest in, the returns on investment and several other factors. Generally, it works as security against one's loan.

To ascertain the value of a property, measurements are undertaken with regard to the number and type of rooms and any renovations/improvements in the form of fittings, fixtures and major additions. The valuer assessing the property will also measure its space, record every detail and assess its individual facets such as structural and building faults, location, the condition and structure of the building, vehicle accessibility, planning restrictions, area rules and regulations as well as presentation standards and fit-outs.

Once these characteristics have been measured, taken into account and documented, the valuer will then compare all these with the surrounding area's properties and prevailing market conditions, and then draft a valuation report.

To keep up with international standards, property valuers in the UAE are now being regulated under a new scheme aimed at enabling transparency and enhancing investor confidence in the property market.

Handy Hints:

• Real estate valuation is used to determine the worth of a property

• Ensure you hire a property valuation company of good repute

• UAE increased its rigidity towards regulating property valuations

Find out how to save money through property inspection

Source: Saadiya Ahmad, Special to Properties

The writer is a freelancer


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