We understand that property processes can be challenging to understand. But at BB&J Commercial, we are here to explain the property jargon that may leave you feeling confused. Today, we are covering the basics of property valuations, and answering the all-important question of why do they matter?
A property valuation is the process of getting an estimated worth of property at the time of valuation. A property valuation is key for both the buying and selling of properties.
There are several factors that are considered when carrying out a property valuation. The valuator will consider topography, location, and size of land. The condition of the property as well as external factors covering ease of access for vehicles and useful outdoor buildings will be considered.
Now we have established what a property valuation is, it is time to explain why they are important.
A property valuation is important because, quite often, a bank requests one. These valuations are then used to determine a mortgage, the risk of an asset, and how much banks are willing to give the owner of the property. Property valuations are also important for audits and end-of-year reporting for tax and corporate purposes, as well as to help negotiate a deal.
If you are needing a property valuation for a commercial property in the Derbyshire area, get in contact with us today.
