How Knowing the Value of a Property helps Make Informed Real Estate Decisions

Estimating and know the real value of any real estate property is equally important for anyone involved in the business such as buyers, sellers, mortgage lenders, investors, and others. Having a vague idea about the property value might possibly lead to underwhelming results such as excess loss of money. Here’s why real estate valuation in Yangon is important:

Purchasing a Property:

First-time homebuyers might fall for initial buying offers out of pure excitement. If you are buying the property using mortgage, you should be extra careful. Banks usually provide mortgage based on the appraised value and NOT the purchase price. So, if you inadvertently purchase a property for a price that’s higher than the appraised value, you wouldn’t obtain a mortgage that covers the full amount to be paid. You could prevent this hassle by knowing the actual value of the property.

Selling a Property:

Similar to property purchase, no one would want to sell their property at a price that is lower than the real market value of it. Getting the assistance of a real estate consultancy in Yangon will be helpful, as they conduct a proper market analysis, after which they would determine a suitable selling price for the property.

Property Renovations:

Several people are under the impression that more renovations and upgrades done to a property would increase its chances of sale. That is not always possible. Before you invest, make sure you are performing the right kind of upgrades, after which the appraiser would be able to provide the real value of your property upon noting the renovations.

Litigation:

In litigations where your property is involved, knowing the actual value of the same would be useful. Getting proper real estate valuation from the professionals and knowing the actual value of the property will be ideal, as it prevents or resolves disputes and facilitates fair distribution of the property.

Proper Estate Planning:

Securing your real estate assets is important not just for you, but also for your children and other family members to whom you’d want to pass on the properties after your death. Analysing and knowing the real market value of your property will help you to distribute such properties justly.

Capital Gains:

If you want to make sure that the capital gains you obtained with the sale of your property are in compliance with the fair market value, getting a property valuation in Yangon would be helpful. By understanding the real value of your property, you would be able to know if you are paying the right amount of tax.

Get in touch with a real estate valuation and advisory firm to get your property valuated. Don’t hesitate to ask them any questions you may have.

The author is working in a recognised Yangon real estate firm and has over 4 years of experience in real estate services. He explains the importance of real estate property valuation for the readers in this article. For more, visit https://sps-myanmar.com

We source real estate advice, and negotiate on behalf of our clients with the aim of saving the client time and money while obtaining favourable lease terms. For more details, call @ +95 (0) 9 799 650 076 or visit http://sps-myanmar.com/