Why we should obtain a property valuation before purchasing a property?
Buyers can benefit from a professional property valuation before purchasing the property. For buyers, a property valuation can reduce the risk of purchasing a property for more than its true market value. In the same time, you will come to know the correct market value of the subject property before you purchase it. Especially if you’re buying privately you can give your offer to the seller of the property based on the valuation that you have already taken from a Valuation Surveyor.
Who is a Professionally Qualified valuer to practice in Sri Lanka?
A formal property valuation can only be undertaken by a qualified valuer who has a membership of the Royal Institution of Chartered Surveyors (RICS) as a valuation surveyor and member of the Institute of Valuers of Sri Lanka (IVSL). They have a systematic approach and take in all factors that can possibly affect the value, providing a comprehensive, unbiased report on the property’s value.
A property valuation is generally completed within 2-3 business days and you have to pay professional fees.