Valuation of property is not mandatory by law but is required for the calculation of capital tax and income tax. This survey also plays a vital role in calculating wealth tax, property transfers, home loans, mortgages, and the stamp duty. Property valuation is also vital in wills, property, auction, acquisition of property, and calculation of rent as well as depreciation.
Though valuation is not a legal requirement when buying or selling property, it is a wise precautionary measure to take. This process is undertaken with the help of a professional valuer who is duly licensed by the Institution of Valuers. These legally-licensed valuers provide sellers and buyers with clear legal documentation that helps with everything property-related, including banks, loans, etc.
Valuation of property gives the owner/buyer a clear idea of what the value is of the building or the land. This process also includes suggestions on various improvements that can be made to increase the overall value of the property. A legal certificate is provided to the owner, and this validates the net worth of the property, including other assets.
Charges for property valuation depend upon the size, type of property and its location, and the type of certification required. This may include short-form or long-form documentation, and the charges levied by professionals for property valuation are usually tax deductible. Even if not tax deductible, the amount you spend is less when compared to the benefits derived from the process.
In the case of resale properties, having a legal certificate of the value of your property is a great help. Buyers cannot accuse you of overvaluing your property, effectively limiting the scope for buyers to negotiate greatly on the price. For buyers, this certificate can help with information on expected returns of investment on a property and its risk profile.
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