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5 MISTAKES TO AVOID WHEN DOING A PROPERTY VALUATION

  • 4 years ago
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property valuation

What is Property Valuation?

Property valuation or land valuation is the process of developing an opinion of value, for real property.

Mistakes to Avoid

These are among a few mistakes made when trying to calculate property value without professional help, and should be avoided at all costs.

  •  Only compare your property to properties that have sold since by comparing to what is still on the market can be misleading in that the value listed is that of which the owner quoted and he/she might have done so without also getting professional help.
  •  By seeking to get advice from an agent, note that most agents quote a price that they want to sell it at without looking at the demographics or they value it based on the offers they are getting regarding the said property
  •  It’s best to leave emotion entirely to the side. Emotional attachment makes people believe their home/property is worth more than it actually is, and the same happens with buyers who fall in love with a property and end up offering more than it is worth.
  •  Market research should also involve going to open homes and auctions to see what other sellers have to offer and at how much.
  •  Ignore the media when the claim prices are going to drop or go up as this is not a trustworthy source of information but just an estimation.

READ ALSO: SIMPLE TIPS TO CONSIDER BEFORE RENTING A HOUSE

Property Valuation: What does a professional property valuer in Kenya do?

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