Massy Realty does appraisals every day when our professionals visit your properties for sale and for rent. However, to obtain a written appraisal we do charge a fee. Remember “our time and our services are our stock in trade.” Abraham Lincoln.
We have the Massy Group stamp of approval on all of our appraisals. We appraise properties for sale, for insurance, as well as for stamp duty purposes since in the event of the latter, the valuation division of the Ministry of Finance sometimes requires a written appraisal prior to registering a Deed.
There are at least four (4) different ways to Appraise a property:
- There are Appraisals for the sale of property – In this event, the current market conditions of supply and demand as well as location are taken into consideration. Massy Realty can easily do this appraisal very efficiently and within approximately 24 hours, by utilising the historical comparable data that we capture from our inactive multiple listing database of properties. Our database is up-dated daily with current information that is vital to this type of valuation.
- We can provide an Appraisal by using the investment potential of the property. This type of appraisal requires some thought! We look at the annual rental income as well as the expenditure, the latter of which is based on a combination of the total sum of the outgoings that is required to maintain the property plus the insurance, and the rates and taxes. We can then assume a value based on the internal rate of return over a period of say 3-5 years, which would reflect the worth of the property.
- We provide an Appraisal to cement the value of a property based on its potential for development and/or subdivision of the real estate. The advantage we have is that we know our market and know the BEST USE of each and every parcel of land or property.
- Replaceable Cost Valuation. This type of valuation is really only used for insurance purposes. The value of the building and the value of the land are taken into consideration. We can supply these values based on our knowledge of the market acquired from our database as well as current construction costs.
DOCUMENTS REQUIRED FOR AN APPRAISAL OR VALUATION
- The Deed of Ownership
- Survey Plan
- Town & Country Planning Division Approval (TCPD)