The Importance of an Accurate Property Valuation

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Whether you are looking to sell a home or your old business premises, you can’t get very far without an accurate property valuation. Whenever you are buying or selling property, knowing the exact value of it is important for a number of reasons. Read on as we delve into the topic further.

A Realistic Starting Point

If you plan on moving house, you will probably want to sell the home you are moving out of. The process of selling a house can be a long and arduous one, and that’s when everything goes relatively smoothly. Getting an accurate valuation for your property right off the bat will give you a useful starting point to work from throughout the process. If you begin with an erroneous evaluation that is either too high or too low, you won’t know what price to put your property on the market at.

Set your price too high and you will find it difficult to attract interested buyers. Set it too low, and you will miss out on potentially hundreds and thousands of pounds. Getting an accurate evaluation from the very beginning will help you to avoid both of these nightmare scenarios and allow you to set your expectations realistically.

Get an Accurate Insurance Quote

Selling your property is just one scenario in which it pays to have an accurate valuation. If you want to insure your property, then you need to know how much it is worth. Insurers cannot insure a property of indeterminate value, and if you provide them with an erroneous evaluation for your home, you could end up paying more than you need to for insurance, or, when the time comes, you may find that your insurer is unwilling to pay out. If you have given them an incorrect evaluation for your home, they might be able to void your entire policy right when you need to invoke it.

Of course, the property in question might not necessarily be a residential one – businesses also need to have their properties properly valued and insured. Businesses like Gerald Eve can provide you with an accurate valuation for any property. They even have experience working with the Victoria and Albert Museum.

Save Time and Money When Selling Your Property

If you are selling a property and make it halfway through the process before you realise that there is an issue with the evaluation you are working with, it can prove to be a very expensive mistake indeed. Not only will you have to shell out the costs of getting another valuation, but if a prospective buyer thinks that your evaluation has been inaccurate, they may be more minded to negotiate with you on price. Instead of risking this, work with a property expert or surveyor who you trust to provide you with an accurate evaluation right off the bat.

Know the Value of Your Investment

If you have purchased a property in the past in the hopes of its value increasing or with the intention of renovating it yourself for that purpose, having it valuated is the only way of ascertaining its current state. Without an accurate valuation, you won’t know what return you are making, if any. More importantly, you won’t know when it’s time to sell up and cash in.

An inaccurate property valuation can cause you all kinds of trouble. Whether it’s your home or your business, you want to know exactly how much your property is worth. Mistakes can prove to be very expensive.

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