Bust These Residential Property Valuation Myths

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.