Valuers to be aware of the market trend: Dr Hassan
Board Chair Dr Abdul Hassan says the valuers need to be quick with all the information that is required before undertaking property appraisals.
Dr Hassan highlighted the three methods through which the value of the property is finalized.
“One is that they are looking at the sales dividend available in any particular locality. That is one of the basis. The other one is the rental market and the third one is the cost approach where the valuers will value different components of the property to produce the final value of the property.”
Bayshore Real Estate Director Arif Khan says valuers play a vital role in the real estate sector and Fijians need to involve only those who are registered with the board.
“I would highly recommend that consumers be aware of the panel of valuers who are approved from lenders and seek clarification from potential valuation companies.”
Khan adds the general guidelines of valuation needs to be followed to ensure properties are sold at realistic prices.
Credit: FBC
Date: 5/10/2020
