Property Valuation Requirements in Barbados
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Property Valuation Requirements
Property Valuations are far simpler than they sound, and for their smooth and efficient execution we must work hand-in-hand with our client.
First, we need
a copy of the most recent land tax bill a
a copy of the surveyor’s plot plan for the land.
A copy of the house or property architectural plans to determine the size of the property, if available, would also be useful.
Before we begin,we usually need to be briefed by the client as to the purpose of the Valuation.
Is it for insurance purposes?
To obtain a mortgage from the bank or credit union?
maybe the client just wants to know for his personal information.
Very often, the property owner is interested in the “Fair Market Value” of the property based on comparable values of similar properties in the same or comparable areas across the island, or its “Replacement Cost” (as would be prepared by a Quantity Surveyor) for insurance purposes.
In the case of commercial properties, we will need to know the rental income generated by the building to determine the potential Rate of Return or Return on Investment (ROI) as it is also known. Financial Statements comprising an Income Statement and Balance Sheet (if available) would also be useful.
Once the paperwork is out of the way, we visit the property to take photographs of the land and buildings – inside and out, making sure to include the surroundings and amenities. When the property assessments are completed we research real estate websites and other sources to determine what similar properties sold for or are listed at to determine comparable values. At this point, we compare these values with a “Replacement Cost Analysis” of the property in support of our valuation.
Finally, we write up the Valuation Report, clearly stating our remit, its purpose, who requested it, and to whom it will be presented. We describe the area and location of the property, the structure of the building and the materials and finishes used in construction. We also report on the external landscaping, curb appeal, security and fencing, and ALL other features that will have a material positive impact on the value of the property.
The report further explains the three main methods used by valuers and accepted by all major international associations agencies and organizations. We provide proof of our comparable information, and outline the cost values used for our comparable cost analysis, thus establishing our proposed value of the property in question.
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