Basically, your home’s valuation is the price that your property is worth. In other words, what someone is willing to pay to purchase it. But sometimes it is necessary to get a ballpark figure before you negotiate a sale. If you are thinking of selling, determining your property’s value is the first, essential step. That is where Yara Realty can help.
To be more specific, a property valuation is a detailed report of a property’s market value. The market value is determined by the International Valuation Standards Council as the estimated sale price “between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”.
A property valuation is beneficial to both the buyer and the seller. It provides a clear indication of a property’s market value. For the buyer, it reduces the risk of paying too much for a property. For the seller, it helps to decide which, if any, renovations need to be made to increase the property’s value.
However, with all that aside, the main reason that people need a property valuation is because it is requested by their mortgage lender.
According to Matthew Curtis, director of Curtis Valuations, the property valuation serves as a “risk report” for the lending institution, to ensure the security value of the property will cover the loan. In the case of a buyer defaulting on their mortgage, the bank must be assured that it can recover any outstanding amounts owned on the property.
At Home with Yara Realty offers home valuation services to its clients. If you are thinking of selling your property, or making improvements to your home to increase its value, contact us for further information and guidance through the process.