Revaluation: Is it needed? How long does a house valuation valid?

House valuation is the process to estimate the market value of the property in more appropriate and righteous way. The residential property valuers visit the property, calculates the actual house value and then provides you a house valuation report that works as a guidance for the courts to settle the property disputes among family members and married couples.

Basically valuation report does not carries any expiry date. But ideally, the house valuation report is valid after the six months of valuation or maximum one year. If any sudden change in the market condition and country economy arises or changes, then you can’t afford to go with your previous house valuation report.

It is advisable to have property valuation after every six months.

How much time a valuer needs to have a property valuation – When you call the valuer to visit your property, it takes 1 hour to 3 hours to visit and analysis the property. Meanwhile valuer asks some questions related to the property to the owner, in order to gather information. After this, valuer makes some calculations and prepare the property valuation report. All this process takes around a week or few days.

The time taken by the house valuer to determine the house value is also depends on the level of the valuation required and the size of the property. Obviously, more the details required in the valuation report, more time will be needed.

The more time will be required by the valuer when the property has peculiar structure or some bizzare features which require more time in valuation.

Do I have to pay fees for valuation and revaluation?

Yes, of course. The property valuation is the professional service, which is provided by qualified property valuer who charges some fees for their services. The valuation cost depends upon the size of the property, level of valuation required and the company you are hiring for this services.

The revaluation cost varies. It completely depends upon the valuer. Sometimes they don’t charge, the valuer waive the fees and do the property valuation free of cost. Some surveyor cost for finding the fresh value of the property by keeping all the influencing factors into consideration.

What is the use of property valuation report, in really context?

Property valuation report is very much essential in making any financial decision or property related decision made by – court, owner, money lender, bank, government and more.
Because the report contains enough information related to the property that is needed to make any decision.

The court considers the valuation report as an authentic one. They ask for a valuation report in the case of property settlement and marriage settlement.

The report helps the property owners to make the financial decisions, where to sell it now or not and at which price owner can sell the property.

This also helps the owner to know how much insurance premium and tax amount should be paid.

Make sure to hire a registered and qualified professional who estimates the accurate value of your property and provides the detailed property valuation report that can help you alot.