The appraisal is provided by the real estate agent who has some market knowledge and experience. Who finds the property value based on his personal opinion. The appraisal service by the real estate agent is free of cost and usually done on the request. The appraisal value given by reputed and experienced real estate agent to owner which guides the owner in selling the property or to keep it on rent.
Whereas, the property value is actual market value of the property given by registered and qualified property valuer. They gives a property valuation report which contains written analysed information and description of the property that is, well accepted in the legal matters.
The valuer charges the fees for offering valuation services along with report. However, on demanding the revaluation services (that will be needed after six months or a year) some valuers do it for free of cost and some demands money for it.
How is appraisal determined?
As the appraisal value of the property is determined by the real estate agent by making the judgement on the basis of previous property sale in the vicinity and the experience he possesses related to the market.
How is valuation done?
The property valuation is performed by the property valuer, first he visits the property, analyse it, collect the data, study the recent sales records, make comparisons of the property and some calculations to find the exact property value. Along with this, they too provides the property valuation report.
What is the difference between appraisal and valuation?
Appraisal is done by real estate agent whereas valuation is done by property valuer. The valuation figure determined by the valuer is considered as authentic and reliable, because valuer is a professional who evaluates the property value minutely and precisely and gives the property valuation report which is accepted by all legal firms and government. Where we can’t rely on the opinion based appraisal given by appraiser or real estate agent.
Why to pay for valuation when we can have appraisal free of cost?
This is right, we don’t need to pay to appraiser or real estate agents for their services. In general, on request, they provide such a service. It is not a legal and authentic way. And not accepted in disputes & settlement cases.
Paying to the property valuer is an investment we make to get a good return on investment. The property value estimated by the valuer is authentic and accepted by the government and court. The report also helps in solving the serious issues like property disputes, marriage disputes etc.
Even money lenders and banks ask for property valuation report to lend money on the basis of it.
Which one is better?
Valuation gives a definitive value, which is required in most of the cases like – property settlement, refinancing the property, lenders ask for property valuation report, while paying taxes, in case of family dispute settlement, the property valuation report works wonders. As property valuer keep influencing factors into consideration while calculating the property value.
Whereas real estate agents don’t do such hard work to find the right value of the property. Also, the appraisal value given by the appraiser is not helping much to the client, though it is free.
Finding a good property valuer is a tough task. But we are here to provide you best property valuation services as we have experts to help you.