Before understanding the various things to keep in mind while valuing a property, it would be important to understand why valuation is important and what the purpose is behind it. The main purpose of valuation is two fold. Firstly, property valuation is done to get the right information regarding the fair market value. This plays a big role especially in the mind of the buyer and he decides whether to go in for such purchases or not. Secondly, another important role of valuation is to find out more about the quality of neighborhood around which the property is located. It also throws light on the stage of infrastructure development in the locality and also shares information about the availability or absence of various amenities and facilities.
Now that we have a reasonably good idea about property valuation, it would be pertinent to have some basic idea about the various points to keep in mind while going in for valuation. To begin with, it is important for the valuer to have the right qualification and certification so that he can handle any type of valuations. While some property valuations could be simple, there could be others that are extremely complicated and complex. For example, backdated or retrospective valuations are considered very complicated because it calls for going back in time and digging out old records. While some records may have been digitalized there could be quite a few records that have to be manually found out. So a good valuer is one who can handle any type of valuation quite easily.
Further, good valuation is all about adhering to the timelines set by the clients. All valuations have a timeline attached to it. While some timelines could be quite simple and easily doable, there could be others where the deadlines could be quite demanding. A good property valuer is expected to meet the deadlines however difficult and challenging it might be. It is also important for valuers to understand the need to adopt the right method of valuation. This would depend on a number of factors such as the age of the property, the purpose for which valuation is being sought and so on. Last but not the least, good valuers must offer their services at affordable rates.