In layman terms, the worth of your property is what the buyer is prepared to pay for it. However, it is not uncommon for homeowners to get their property evaluated by professionals.
As conducted by the expert property valuers, property valuation is a detailed market value report of the property considering the current market rates and several other factors. This article lists the various factors that affect the value of your property and provides details on the valuation of unimproved property.
Factors Affecting Property Valuations
Property Valuers have the right technique to evaluate your property’s value and do so after considering a wide range of factors. There are many reasons why homeowners would need to estimate land value. Some of the common reasons include the plan to rent it to someone or sell it. Listed here are the main factors that affect land value:
- In Brisbane, the land value can be calculated using one technique, i.e., comparing other similar real estate’s with relevant areas of the land and its features.
- The location of the property is one of the major factors when evaluating the property. For example, assessing the rate of a property, when it is in close proximity to the city; with all basic amenities close by, is likely to be higher than the one which is located in a remote location (away from schools and offices).
- A property in natural calamity prone areas like an earthquake, flood or drought will usually have a lower value.
- The current demand and supply also affect the overall property cost; this is also one of the reasons why the value of the property tends to change every often.
- Factors that might be expected to affect the property in the future can also influence the property’s value. This can either mean an increase or decrease in the property value due to those factors.
- Type of soil and air quality can affect the land-value. Other factors like basic facilities, availability of water, power and amenities influence the price value. The neighborhood plays a significant role during the valuations process, the population, standard of living, and education of the people living there.
- A property with a fence can benefit the residents and also increase the value of the property.
- A good garden or landscape can also increase the value of your property.
- Reason for selling the property and the economic conditions can also affect the value of the property.
What is Unimproved Land Value?
In Brisbane, valuation service can assist in assessing all types of properties. However, the land with no improvements like fence, house, uniform levelling, clearing, etc. is referred to as unimproved land value, and usually, the price of it differs on many levels.
The Queensland Government website will have an updated list of a property’s unimproved land value for more information. The valuation of this type of property is also performed in the same manner.
Benefits of Professionals Property Valuers
Property valuation is a service offered by many agencies. However, it is best to opt for the professionals since they would usually be a member of the Australian Property Institute and fully certified to conduct such evaluations.
The professional valuers will have the skills to estimate the value of many residential and commercial properties.