Some Common Mistakes While Property Or Land Valuation Process

Some Common mistakes while property or land valuation process



There are certain mistakes while property or land valuation process. These mistakes are discussed as below:

The most common error is related to certification statements .These certification changes from time to time. Thus keep in mind that the certification is a very important part of land valuation process.

Second common mistake is identification of the client, intended use of the appraisal and intended user. These are significant and necessary step in the land valuation process. After making these identification it is easy to define the parties to whom you are responsible and why?

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One common mistake is failure to understand market demand for the property. There are some appraisers who do not pay enough attention to completing listings, pending sales and important supply and demand factors. Same careful attention should be given to the completing lists and supply and demand factors. Appraiser must anticipate the most likely actions of buyers under conditions of market uncertainty beyond the effective date of the appraisal.

Not comparing the one type of property with the same kind of property is also a common mistake that people does. People must make comparison of same property only instead of comparing different kinds of property with each other. Estate agents mostly try to make buyers afraid and make them believe that they have many bidders for the property as a way to pressure them in to raising their offers. But never fall for it. It is always better to stick to your original offer, offer that you can afford.

People forget to include the other cost of the property before valuation of a property. Sometimes what happen is that we forget whole bundle of costs we need to take in to consideration before valuation. These may include many things like the parking space, garage, etc. people often fail to get a proper survey. The important of survey is to inform all of the possible work that needs doing on the house further helps in budgeting time and finances.

People who are selling their homes have nostalgic feeling with their homes. They are emotionally attached and thus believe that their home is worth more than that it actually is. One more mistake is to listen to media and be fully dependant on media and trust them without comparing and using your brain. One should not be fully dependant on media. Try to get data from a good source from where data is based on real facts and figures.

Koshal & Associates is the valuation firm specializes in

Property Value


Land Valuation

process in Delhi NCR area of India.

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This entry was posted on Wednesday, September 26th, 2018 at 1:20 am and is filed under Surveyors. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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