Property Valuation Services in UAE

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Ditch These Widespread Residential Property Valuation Myths

Real estate valuation is important to determine the value of a property at the present time. As a seller, everyone wants to get the highest price of his/her property and; as a buyer; everyone wishes to invest in a valuable land.

But, when it comes to residential property valuation in Dubai, a list of myths remains lengthy than the reality. It only creates a big confusion and misleads the owners. And, the myths induce to make your hopes biggest without any relevant reason. There are times when owners expect that they will get a high amount because of these myths. So, it is better that you understand first that how a valuation works.

There are some top most common myths-

1.   Role of swimming pools-

Generally, people think that when it comes to house valuation, swimming pool does not play any role. But, it is a generalization, which is not applicable in every situation. On the flip side, people take it as an advantage in the urban life. Having a swimming pool in the home location can raise the value of your property. So, it depends on different conditions.

2.   Extra bedrooms = more value-

This is the common thinking of every house owner. They think that they will get a good value of their property because it has extra rooms. As the family size has been shrinking, the need of extra bedrooms is comparatively reduced, nowadays. They like to use the extra place of house, as a study room or home office. So, stop assuming that you will get more value just because of additional rooms.

3.   Equivalent to the market value-

Yes, it is true that you will get the similar value estimate of home as a market has. But, don’t expect that you will get the same as the valuated price. It may vary, because of some human factors in the sale process. So, the additional plus and minus in the cost of the property is normal.

4.   Reliability of bank valuation-

It is the common view point of every owner that one can never rely on the bank valuation. But, it is the wrong opinion, because the property valuation UAE work independently. And, they don’t incorporate any wrong step that is illegal or against the bank norms. One wrong report is enough to make them blacklisted from the valuation business. So, you can trust on the bank valuation.

5.   Slump in value-

Most of people think that the valuated value never goes down. But, it is not true in all condition. The value of a property depends on various factors such as development, resources, nearby opportunities, transportation etc. So, due to the development, the price and value can change. It may reduce the rate of any property or may increase. 

These are the common myths, which take the owner’s expectations high with no solid reason. So, it is better you get aware with the truth and make yourself ready for the actual process of valuation. 

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