Bust These Residential Property Valuation Myths
When it comes to House valuation, a number of myths remain garbed as reality. It only goes further to confuse and mislead the property owners and get their hopes up for no reason. There are times when such myths even lead to extra expenditure that does not help to add to the value of the residence. Therefore, it is necessary to understand for how the property valuation works. Here below are some of the popular myths regarding property valuation. Role of Swimming Pools: It is a general view that when it comes to House valuation, swimming pools do not have any role to play. This is different for different situations and area specific. While suburban properties that cater to families may consider pools and asset it is superfluous in coastal settings. Therefore, when the valuation of residential properties is concerned one need to view it based on the location of the property and then decide whether or not having a swimming pool is an advantage or only an excess one can avoid. Reliability of Bank Valuations: It is a common viewpoint that one can never rely on bank valuation and their estimate is usually a conservative one by any standard.
Property owners who think bank valuation unreliable are nowhere near the truth. Remember that property evaluators are independent works and always provide an unbiased estimate of the residence they evaluate. They cannot afford to go wrong for one can challenge their finding in court and opposing verdicts play havoc with the company reputation and even get it to the blacklists. Therefore, the chance of an evaluator working for the interest of any organization let alone a bank is quite slim and property owners can completely rely on their findings. Value of Extra Bedrooms: It is a common belief that extra bedrooms in a residential property add to its value however, this is a baseless assumption by any standard. With family sizes shrinking and modification of room space being the latest buzzword, spare bedroom no longer remain so in the modern setting. An increasing number of people convert such spaces into a home office or study for optimum utilization of space.
Therefore, those who are looking for an approximate valuation of a residential property should calculate the total available area instead of counting the bedrooms. Slump in Property Value: People who think that real estate value can go in no other direction other than upwards have never seen the opposite. Upward trend of property value is an indicator of strong economic conditions; however, this does not ensure that it will remain so always. Therefore, when the going is good, clever people utilize the situation for their own benefits instead of waiting for the tides to turn or property prices to increase further. After all, it is always a good idea to make hay while the sun shines. Real Estate Valuation myths can get the hopes up even when there is no reason to feel jubilant. Therefore, it is necessary to separate fact from fiction and make intelligent decisions whenever needed.