Many valuers and intending homeowners make certain mistakes while appraising a property which over time result in detrimental decisions and loss of money.
Well, it’s not a bad thing to make a mistake, how often and when such mistakes are repeated is all that matters.
In this post, you will be shown common mistakes to avoid during property valuation.
Here we go…
One of the biggest mistakes most intending homeowners make is basing the value of their property solely on emotion. They get carried away with all the pageantry of the house thereby neglecting the basic requirements as to the location and the necessary amenities around. Click here to know more.
Looks might be deceiving. No better place this quote comes to play than through property valuation. The house may be glam but then, it will be a good idea to consult friends and family before making a final decision.
Many intending homeowners go out with the mindset of budgeting more than enough for their homes. While this may be good, it tends to sway them into making a bad decision that will overshoot their budget.
Before setting out for a property valuation, ensure the intended property is well within your means. This will ensure that you do not make a wrong decision as regards the price and value of the property.
Failing to consider other expenses, most buyers during property valuation just surmised the cost of the house and another necessary cost like legal assistance fees of estate agents. But then, there are other costs involved that make up the cost of buying a house.
Not Hiring Professional
As much as the valuation of property is very crucial in knowing the status of the house, it is a disgrace that most intending homeowners do scrap professional valuation entirely. Hiring the service of a property valuator will ensure that factors like the state of the house foundation, location of the house, repairs needed to be carried out, pests and mildew infestation e.t.c are ensured and are in a good state suitable to your interest.
Not Listening to the Valuers
Most homeowners do obsess much on the price of their house while neglecting the actual value it is worth. The overthink about the property and is largely caused by over-attachment to the property.
The price of the house is largely dependant on the buyer while the actual value of the house is determined by the condition of the house, the location, and supply and demand about houses around.
This final thought is for both seller and house buyer. A professional valuer will fitfully understand the value of a house and would have a recommendation in place if such doesn’t meet your aspiration.
Lastly, the best way to ensures that a valuer has carried out a fit assessment of a property is by asking for comparable evidence and a written statement detailing all exercises carried out. Also, you can hire another valuer when in doubt about the earlier one and hold both to due scrutiny.