what is the role of valuers in real estate

what is the role of valuers( appraiser)?

Hi friends hope you are doing great so today i have got a new topic for you that who is valuers what is the role of valuer in real estate , how they are important when we have to buy and sell an asset (property) . So in this article we are going to describe the role of valuer and their work.

who is valuer(appraiser):

A valuer is a person who do valuation of the subject property  it may be land , building ,  etc. Their work is to give the fair market value of the property and they are connected with banks . They  have civil engineering degree and master in valuation degree.

Role of valuer
Role of valuers

Purpose of valuation of the asset:

  • when we have to sell or buy any property or asset
  • Education loan purpose
  • Home loan purpose
  • Visa purpose
  • Capital gain tax purpose
  • When it is required to vet the property (to do the investigation)
  • To know the fair market value of the property (asset)

What are the factors have to be kept in mind while doing valuation of the property                       

  • Location of the property
  • Availability of basic amenities 
  • Size of the property
  • Shape of the property
  • Age of the property ( for building and structure only)
  • Environment of the  surrounding property
  • Liability 
  • Nuisance near the surrounding property

How to do valuation of the property( assets)

How valuers do the valuation on site:

Well its depend on property (asset) where they are going to do the valuation  after getting to know about the property The first thing they do is to carry all the documents , devices, measuring tape etc.
Valuation of the property
Valuation of the property

This is necessary because when you go for valuation you should have all the legal documents. In case a owner of the property  is not able to recognize you so in that case you can make him understand  by showing their own  documents .

The second step is to check the property according to the plan to know whether building is as per plan  or not, if it is not as per the plan then  measurements have to be taken .

 The third step is to check the demarcation of the property or building it consists of north direction,  east direction,  west direction ,south direction. 

The fourth step is to take the photographs of each part of the building , it is very important because by having the photographs any can easily identify the property.

The fifth step is to search or inquiry the market value of the surrounding property it is done on the basis of selling and buying the asset in that locality and many other factors affect while giving the fair market value of the property. so these are some basic step that has to be done while doing valuation of the property .