When
you are buying or selling a property, valuation is an imperative part
of the transaction process. While several property owners believe that
annual commercial property valuation is an unwanted expense of time and
money, this process will actually prove to be an asset for a business.
Here are 4 main reasons as to why commercial property owners should
conduct valuation of real estate in Yangon regularly:
Receive Financing:
If you need funding from a bank to either purchase a new property or
for any other purpose such as development or maintenance, the loan that
you acquire will have to be secured against an asset. This asset must
be something that is registered in the name of the person or business.
At this time, a bank officer will evaluate the value of your
commercial property. When your property value grows in time and you are
aware of the same through valuation, it gives you the ability to
renegotiate the bank’s lending terms and even apply for additional
funding if required.
Determine the Best Use of a Property:
Determining the best use of a property will help you sell it at the
most profitable selling price, or receive great rental yields. For
instance, if a residential property has to be transformed into a
commercial property, the market value of the same increases. After
considering which asset category – such as commercial, industrial etc. -
is best suited for your property, you could earn the best rentals and
tenants.
End of Lease Repairs:
After a lease comes to an end, the landlord will claim for damages,
if any. If proper valuation is done at the beginning of the lease, which
is then compared with the valuation done at the end of lease, relevant
information about the damages suffered will be available for easy
reference. When the valuation is conducted, the current condition of the
property, required maintenance works, and the costs associated with
repairs will all be duly noted.
Assess Expenses on Property:
Periodical valuation of property will be helpful in enhancing the
value of the property down the road. Through property valuation, all the
expenses incurred on the property in Yangon shall be analysed after
which, proper measures could be taken to bring down such costs. This
would in turn help in increasing the value of the property.
Valuation of real estate in Yangon on a regular basis will be
helpful in making your property attractive in the market. When conducted
with the help of trained professionals, the information gathered will
be helpful for various parties such as mortgage lenders, investors,
buyers, and sellers of a property
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