The Business of Property Valuation - All You Need to Know

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When you want to buy property, it is advisable to seek the professional opinion of a valuer regardless of whether it is your first time as a buyer or seller. The certified valuer will give you a reliable estimate of the value of the property you are interested in buying or selling. Property valuation in the world of real estate today has a lot of benefits for various reasons ranging from sales listing, taxation, financing to property insurance, and investment analysis.

Whether it is commercial real estate or residential properties, there is a process that is implemented to ensure all properties meet the market value so that you, as either the buyer or the seller, get your money's worth.

For every valuation of the property done, the certified valuer will look at four critical elements of the property in question:

• Demand
• Scarcity
• Transferability
• Utility

Demand; you have to have a need for the property in question and the financial capability to acquire the said property.

Scarcity; you need to know how many properties of the same value are in circulation in the market. This will help determine how finite the supply is, which in turn affects your property's value.

Transferability; an equally important aspect of commercial property valuations Brisbane falls under the ability of the ownership rights between the seller to the buyer. The smoother the transference of the property, the better the value of the property.

Utility; when you buy or sell a property, you want to ensure you, as a buyer or a seller, give something worth its value and will satisfy the buyer's needs.

The relationship between value and cost

The cost of the property refers to the expenditure on things like labor and materials. Price, on the other hand, is the amount in total that you will pay for a property.

During the valuation of your property, two types of valuation will be used:

Appraisals

This is the market information that you will need to guide you through pricing and other information you may need on the property.

Formal valuation

The formal evaluation is more accurate in approximating the value of the property you are interested in buying or selling. Under formal evaluations, things like features of the property, local Council zoning, location, the building’s structure and condition/faults, recent sales, etc. will matter. A market valuation is heavily dependent on your buyer's emotions.

Property valuation and market valuation

Property valuation should also not be confused with market valuation as the two have a clear distinction. With market value, you will be looking for the best price that a buyer will be willing to offer for the property in a competitive market. Property valuation, on the other hand, is carried out by a third party, usually a bank, agent, or lender and relies on data rather than human subjectivisms.

The importance of property valuation

There are two benefits associated with carrying out a property valuation of your property. The first benefit is that it gives you a definitive price of your property, which will be based on the current value of your home.

Knowing the asking price of your property also allows you to be able to plan ahead by going over your budget. This will give you an estimate of what you will be able to move as well as afford it during your move. This is important, especially if you are looking to buy another property.

So, what happens during property evaluation?

The first thing you will do is meet with a certified agent who will conduct the valuation for you. You can set up a meeting between you and the agent and give your agent the opportunity and enough time to assess the property you wish to sell.

Your interaction with the agent responsible for valuing your property, you need to do the following:

Be truthful; property valuation is all about facts and needs to be as objective as possible to get the best outcome.

Be open with your information; everything relevant to the property you want to be evaluated should be given upfront to the agent to make their work easier and speedier instead of them having to look for it themselves.

Prepare the paperwork; this is crucial as it gets your agent up to speed on what they need to do for you.

Ask questions; it is better as a property owner to ask as many questions and request clarifications in case of doubt over the valuation process. This will allow you to have all the information you need to make you better prepared to sell your property. This especially so when you feel like the valuation of your property is incorrect.

You should also take note that the whole process of property valuation consumes time and, as such, needs to be done as earliest as possible to meet any deadlines you might have.

The business of property valuation is a crucial part when it comes to buying and selling property, both commercial and residential. Knowing the right agents to approach and the process itself will allow you to not only save time but get your property's worth on the open market.

5 Tips for Keeping Your Driveway Maintained

As one of the most used areas of a property, driveways unfortunately tend to be overlooked when it comes to home maintenance, that is until they crack or stain. To prevent problems further down the line, it’s important that you give attention to your driveway, and ensure that any repairs are made quickly.

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Caring for your driveway can not only extend its life, but help make sure it looks attractive to visitors and potential homebuyers. Whether you’ve recently moved into a new home, or you’re looking to sell your current property, here are a few key tips on how to maintain your driveway.

Prevent Cracks

Cracks in a driveway can become a real nuisance, so taking preventive measures can help stop cracks from forming in the first place. Sealing concrete on an annual basis - and asphalt every couple of years - can help stop water from penetrating, cracking, and freezing. Shrub and tree roots can also produce cracks by pressing up from underneath the surface. To rectify this, you will need to get rid of trees that are near drives.

Fill Cracks

If you notice holes or cracks in your driveway, it’s important that you patch them straight away. Make sure that you have a masonry chisel on hand, which will clear away loose materials. After you have done this, you can apply your crack filler and patching compound. Once the compound has dried, make sure that you seal the driveway entirely. Having a driveway that is level and smooth will also minimize the risk of any tripping accidents when visitors come to your property.

Minimize Water

If you live in an area that’s prone to flooding, winter storms, and hurricanes, the last thing you want is for water and snow to penetrate your driveway. To reduce the risk of slips and falls, clearing a 2 to 3-inch strip around your driveway’s edges will give a runoff area for water and snow.

Plow Carefully

When snow hits your driveway, the last thing you want is for it to cause lasting damage to your driveway. When using a snowplow, make sure that you raise the blade enough to make sure that it does not scrape and cause damage to your driveway’s surface. If you choose to shovel, it’s advised to opt for a plastic shovel which can be used on uneven surfaces, as this will reduce the risk of it catching on your driveway.

Install a New Driveway

If your driveway is beyond repair and you want to start afresh, it may be time to install a new one. Companies like Richfield Blacktop are specialists when it comes to laying down asphalt and concrete driveways, as well as commercial paving. For those who are looking to move, investing in a new driveway can help make the exterior of your home stand out for all the right reasons.

How your driveway looks can be the make or break when it comes to selling a property. The last thing you want is for cracks and stains to damage your driveway. Making use of all the tips listed can help ensure your driveway is well maintained. 

What Data Points Property Valuers Use to Prepare Appraisals

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When it comes to appraisal of the property, the opinion of property valuers can be crucial, especially with the uncertainty and asymmetries of the property market. If you are looking to venture into real estate or just buying a property (either land or house), then you would need the expertise of a licensed valuer. The worst mistake you can do when looking for a property is assuming you know everything and can be able to handle everything thrown your way.

Property valuers are your go-to people, whether it is your first time or you are a more experienced real estate agent. There are specific data points that property valuers use to prepare their appraisals. The property appraisers will be able to gather, analyze, interpret, and assess the various kinds of essential data that will work towards estimating the value of a particular property. One of the best property valuers agencies is Brisbane Property Valuers of  www.valsqld.com.au given in the details you will find more information.

Considering the uncertainty nature of the property markets, in order for the value approximation to be possible, the property valuers use certain data points. These data points include:

•  market value
•  investment value
•  insurable value
•  liquidation value
•  value in use

a) Market value
This data is usually determined by an estimate of the amount by which a buyer and seller are willing to agree upon. The market value is aimed at achieving a fair sale that would be acceptable on the open market. With market value, whether you are the buyer or the seller, you both act with informed decisions and decide on the final price that you are comfortable with without being coerced or compelled.

How it is assessed

The market value can be evaluated using three different approaches; income approach cost approach and sales comparison approach.

Under the sales comparison approach, the value of the property in question is based on what other similar properties had sold for in the same market. It is through comparing similar properties using comparable features such as location, age, square footage, number of rooms, lot size, etc. that you will be able to find a benchmark price.

The income approach, on the other hand, is for leased buildings. This uses the rental income of the building to determine market value. Examples are apartment buildings, duplexes, etc.

Finally cost approach calculates the amount it would take for the rebuilding of the property with exact features using modern construction materials. After that, the property valuer subtracts the total amount accumulated depreciation of the property value due to wear and tear.

b) Investment value

Investment values are in the case of an investor who is willing to pay a given amount of money regardless of the market value of the property. As an investor, you may have your investment value metric that you want to use to invest in a particular property (This could end up being higher or lower than the market value).

This will allow you to compare the price of investment and the rate of return you may look forward to getting.  The value of the property ends up being unique to your objectives.

c) Insurable value

Any property you may look into needs to be insured with standard insurance policies for any indemnity cover. Your property valuer will check whether the insurable value is lower than the market value of the property.

The insurance can cover a wide range of things from the cost of building improvements, replacement costs, or even site improvements. You should be cautious with your insurance cover as some companies have different policies.

d) Liquidation value

This may include the total worth of the physical assets in case of a business failing and going bankrupt. The selling of assets becomes necessary. In the case of a company, this will include fixtures, real estate, equipment, and inventory.
You should note that liquidation value does not in any way include intangible assets, which include brand recognition or intellectual property. You can get assets at a lower price since they are usually sold at a loss due to the urgency of the seller.

e) Value in use

The value in use applies to current cash flows and other benefits that are generated by a specific asset belonging to an owner. Sometimes the value of the asset in use may be higher than the market value of the property you want to acquire.

Whether you are an investor, looking to get into real estate, or you want to buy land/building for other uses, you will need the help of a property valuer. The property valuers will be able to use data points to be able to come up with the best estimate of what your property or the property you want to buy will cost.

Bathroom Design for Teens

Your teenagers probably spend more time in the bathroom than you do. So it’s not a bad idea to dedicate a bathroom just to them. But how do you transform a bathroom from a young kid’s to a teenager’s? Here are a few tips to get you started.

Go from a Shower Curtain to a Showersreen

There’s a fair chance you’ve still got your old shower curtain up from when your children used to play in the tub. However, they’re teenagers now. Get rid of the Winnie the Pooh and superhero shower curtains and put in something more mature. Consider a frameless showerscreen. Make sure it's easy to clean and durable. Consider a semi frameless showerscreen with color accents to give the bathroom a touch of personality. 

Install Natural Materials 

Replace linoleum with stone tile or wood paneling. Note that engineered wood will handle the moisture far better than traditional wood floors. Replace knit bathmats with wool rugs and other natural materials. This isn’t just a move toward more mature décor, but it follows the trend toward more natural materials.

Give them the Storage they Need 

Don’t yell at your kids for covering the bathroom counter with stuff. Install extra storage. This may require hanging storage baskets above the toilet or rearranging the shelves under the sink. Perhaps you could get rid of the stack of hand towels in the linen closet, so your kids have more space for their own beauty items. Note that if things always seem to be a mess, it may be because the trash bin is too small. Put a larger trash bin in the bathroom, and you may not find tissues or makeup pads on the floor as often. Since your kids are getting bigger, there’s a fair chance they’ll need a larger laundry hamper too.

Improve the Lighting 

Consider upgrading the lighting. Replace overhead lights with recessed lights and put in a makeup or shaving mirror. This will show your teenagers that you understand their needs. Extending the mirrors from the top of the sink to the ceiling will reflect more light in the limited space while making it easier for a growing teen to see what they’re doing no matter how tall they are.

3 Ways to Know If Your Potential New Home’s Neighborhood Is Safe

What are the first things you look for when moving into a new neighborhood?

Comfort, low noise, amenities, and accessibility are a few of the most common winning features of a nice, stress-free neighborhood. Though those attributes are worth looking for, safety should be the first priority whenever moving to a new place. Being able to walk freely and get a good night’s sleep depends on how safe you feel in your own house, after all.

You might have found the perfect new home for yourself and your family, but is the vicinity safe? Here are some easy ways to find out.

Get To Know Your Neighbors

The moment you move into a new city/neighborhood/home, it’s important that you get to know who you’ll be living next door to. That’s not only a matter of friendliness, but it’s also a security measure for all those involved.

Being friends with neighbors is a win-win situation because it ensures you’re all reliable people when it comes to everyone’s safety. Let’s see an example:

You’ve planned a trip, but you don’t feel safe being away for too long. In this case, a trusted neighbor could keep one of your house keys so you don’t lose it, and they could also keep an eye out for suspicious activity near your house. If there’s something wrong, they’ll contact you immediately, and vice versa.

It’s important, however, that you know more than just your neighbors’ names before handing anything of value to them. This might involve a background check that you can perform by doing quick research. An easy way to do it is to search mugshots on GoLookUp, which will show potential criminal records of whoever you’re looking for. It’s all 100 percent confidential, and it’ll spot from burglars to sex offenders.

Try not to skip this step. What makes a neighborhood safe is, essentially, who lives in it.

Make Sure There Are No Pest Infestations Around

The only thing worse than having pests in your home is when they’re coming from outside. Mice, roaches, mosquitoes...whatever they are, they’re even more bothersome when the issue isn’t your fault. What should you do in this situation?

If pests from your neighbor’s house are filing into your home, your family members could be at risk for health issues such as bacterial illnesses and respiratory infections. But before you call anyone out, call residential pest control to be sure your home isn’t the problem. If it’s not, you might want to approach your neighbor to discuss the problem politely, and even offer quality pest control services you might know about. Again, this will be easier if you get to know your neighbors on a personal level first.

Be Informed About Local Crime Statistics

Is there a lot of criminal activity in your potential neighborhood? You could be living close to a high violent crime rate neighborhood and not even realize it. Doing the proper research before you move will spare you from having to relocate or deal with risk.

To avoid this kind of threat, there are available tools that’ll help you find out exactly what goes on around the block. Online tools like CrimeReports and SpotCrime are crime databases that’ll give you information about criminal activity in a specific area, including yours. This early research, combined with the previous tips, will help you choose an ideal home in all important aspects.

Keeping your home’s interior safe with security cameras and alarm systems is highly recommended, but you’ll be even safer if there’s less danger outside. That’s why you must scan a prospective neighborhood for bad guys, be them human or nasty pests.