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Reasons Why Should You Get Your Property Evaluated

In the recent times, the real estate sector is experiencing a wide growth, which denotes your property has accumulated a better ...

In the recent times, the real estate sector is experiencing a wide growth, which denotes your property has accumulated a better value. So, it is important to know the present value of the property you own, as it will help you while making important financial decisions in the future. Valuation of a property is very important during the purchase made in real estate industry, as it helps both the potential sellers as well as the buyers know the actual worth of the property that they are going to invest and to stay assured that their investment will not get affected in any way.

Why Should You Opt For Property Valuation?
Even if you are not selling your property, it is important to get it evaluated properly. The current valuation of your property will help in knowing the real worth of the asset that you own. However, approaching a professional property valuer to evaluate property will be helpful for a lot of reasons. You might have to consider having a property valuation for the following conditions that are explained below.

1. Renovation Plans
If you are planning to renovate your property like adding a backyard, enhance home interiors or building a swimming pool, then it is important to have independent property valuations. The process of property renovation can be an expensive one, and so, it is imperative to have better control over the budget to avoid spending more on your renovation project. Therefore, it is easier to know the property’s value accurately by approaching a renowned property valuer.

2. Purchase Of A New Property
If you are keen to invest in real estate and wish to purchase another property, then your residential home will be considered as the collateral for the second property purchase. Usually, financial institutions like banks will offer up to 80% of the loan amount from the purchase value of the property intended for the investment when you are utilizing the primary residence to provide collateral support. Evaluating the property would help you learn the amount of equity your primary residence holds and will help you know the actual loan amount you will be receiving while purchasing the second one.

3. Refinance Loan
If your residential property is under the mortgage or if your primary loan is coming to an end or if you wish to look forward to changing the lenders or loan schemes, then it is important to opt for property valuation. Based on your preference of the loan products or lenders, you can go for the property valuation with the help of a third party valuer or through an experienced property valuer after considering your lender’s preferences. If you are going to change to another loan product that offers a much lower interest rate. Which can help you save more money, then the property valuation will help in realizing the Loan To Value ratio. You can proceed to change the loan products with less amount of interest if the LTV rate is 80% or more.