Importance of Property Valuations

At the time buying or selling real estate, among the first determinations that must be made is a property valuation. This is key to purchasers paying fair price for a property and sellers receiving fair market price in exchange for a particular property.

Aspects that Determine Property Value

The value of any given property is generally assessed via the expert services of a certified real estate appraiser. A number of aspects are considered while determining Property Valuations for residential as well as commercial real estate.

Two of the key factors which are used in deciding the value of a property are the locality and the condition of the property. The value of recently sold properties in the neighborhood is one other influential factor. Soon after assessing the value of property, the appraiser provides a report or a written summary to the client which states the appraisal of the property.

In the process of financing on a property, the written appraisal report is important. It is important to understand that property valuations are not restricted in any respect to real estate. These areas involve splitting the assets in a divorce, doing estate planning and taxation related issues.

The resulting identified value or market price of any type of property is regarded as the value an item or property would get in a totally free and open marketplace. Valuations may also be used while determining insurance related issues.

Property ValueReal Estate Appraisal Standards

In the matter of real estate the appraisal is generally estimated on a professional inspection of the property. The home inspection helps in producing a more accurate and fairer appraisal. In accordance with the current law appraisers of property should be accredited and licensed by the state within which they want to work.

These standards play an important role in ensuring consistent property value determination. Many respected appraisers belong to one of the many professional establishments focused on maintaining industry standards at the greatest levels.

American Society of Appraisers is one such organization. In recent times this organization has been absorbed by another appraisal organization known as the National Association of Independent Fee Appraisers. Possibly the most widely acknowledged professional real estate appraisal institution is the Appraisal Institute.

This organization divides it appraisers in two categories namely residential appraisers and commercial appraisers.

No doubt that real estate is the biggest investment that an individual can make. At the time of buying or selling the property, it is important to know the reviews and the real value of estimate of the value of that property.

Professionals who are responsible for determining this value are a significant part of the buying and selling process. One cannot see if one is getting a fair deal or not if an accurate value has not been established prior to the property deal.

Building Inspection

What is a pre-purchase Building Inspection?

A visual inspection of all accessible areas of the building, it will inform you about major structural defects and smaller maintenances issues that can have an effect on the structure over time.

Why should I have a building report regardless age of the property?

I have found over the years that significant defects or maintenance issues are present in most buildings inspected whether old or new after years in the building industry. I have gained valuable practical knowledge over many years that I use to identify even difficult hidden defects.

Old Pipes

Can I be present during the inspection?

Yes, you’re encouraged to be present for your inspection if this fits your schedule, this enables you to observe the inspection process, to have any questions answered first hand or voice any concerns you may have so that the inspector may address them.

Why can’t I just inspect the house myself?

If you possess the expertise and knowledge necessary to examine all of the complex systems that make up a house, then there is no technical reason why you cannot do it yourself. Most of us, however, do not have this expertise.

That is where a certified building inspector comes in. They provide the expertise you need to help you make an informed decision. And even if you do have the expertise to do the job yourself, it’s still not a bad idea to have an independent third party perform a completely objective and unbiased examination of the property.

How long does a Building inspection take?

It depends on the size and style of the property generally the inspection process can take anywhere from one to two hours.

Should new houses be inspected to?

Absolutely! New houses have the potential to carry with them their own unique variety of problems ranging from work that was accidentally omitted during construction, to defective factory components.

Is the roof space inspected too?

Yes, your inspector will inspect the whole roof space, as long as there is enough clearance to get in and out.

Does a building inspection come with a warranty or a guarantee?

No. An inspection is a written professional opinion of the condition of the property at the time of the inspection and the inspection itself is limited to what is visibly accessible at the time.

Can call to clarify something after receiving my report?

Definitely it’s important before the finalising of a contract that you fully know the condition of the property.

 

Buying Land for Construction

Buying Land for construction is one of the first steps in home building. In this article I would like to give you some ideas on how to locate the land you need.

Buying Land for Construction

If this is your first home building experience you need to take some time to think about what type of land you would like to build your new home on. Do you want your land in a rural setting or do you want to be close to all the amenities that the city offers.

Land for Construction

Land close to the city is more expensive and harder to come by than rural property. This leaves you with some important choices. When we built our last home we wanted to be as close to a major city as possible for work, and still get the best land price we could at the same time.

What I would suggest is taking the time to explore the area you are interested in thoroughly. If you want maximum appreciation of your property you should start looking for land in the direction of growth.

Cities and Towns grow along major traffic arteries such as interstates, or state highways. This is a great place to start your search for available land. Get in your car and explore the areas that appeal to you. Take a camera, and take pictures of the land that you are interested in. Make notes that you can review later, so you can make an intelligent decision.

A good realtor can help you speed up the process. Choose a realtor that specializes in land in your area. I have included a realty services below that can help you find a realtor in your area.

Below you will also find the most extensive database of available land that I have ever seen. This can help you speed up your land search also.

Land Lister

One last piece of advice. Once you have narrowed down your search to three or four pieces of land take the time to check out the traffic patterns during rush hour. We actually drove to and from or land during morning, and evening rush to make sure the traffic was acceptable before we bought it. Of course this only applies to those of you that live near a Metro area.