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Property valuation FAQ's

  • How much does it cost to get a house valuation done?

    The short answer is nothing! Realtor reviews are usually free because they know it's a good time to view the property, offer their services, and sell to you. It is known as contact time with the client and is an important part of the real estate agent's business model.

  • What can I expect from a home valuation?

    When conducting a real estate valuation, the appraiser behaves similarly to a prospective buyer. They evaluate the property the property is on based on factors such as the property's topography, location, and size, as well as the property's zoning and future development potential.

  • Are bank valuations below market value?

    A bank appraisal serves as an internal regulatory and precautionary tool for lenders to reflect what reasonable amount can be claimed if the property needs to be repossessed and sold in a distressed state. For this reason, the valuation price must be below the market value.

  • How to determine the value of a home

    • Use online valuation tools. Searching "How much is my house worth?" online revealed dozens of home appraisers.
    • Get a comparative market analysis.
    • Hire a professional appraiser.
    • Compare comparable objects.

  • What is the difference between valuation and evaluation?

    The evaluation describes a more informal ad hoc evaluation; An valuation is a formal report that covers all aspects of value with supporting documentation. Others may define each a little differently or conclude that there is no difference between the two.

  • What if the valuation is below the purchase price?

    If the mortgage valuation is lower than the sale price, it can affect your financing. This is because the amount you can borrow is generally based on a percentage of the property's value. If your lender's appraiser determines that the property is worth less, the lender may reduce the amount they are lending you.

  • Do I have to reevaluate my home before  remortgaging  it?

    It is not necessary to appraise your property before receiving a debt rescheduling. However, you need to know the approximate market value before beginning any debt restructuring.