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Important Facts about valuation-Released by CJ Valuers Limited
Updated on: July 29, 2022, 5:23 a.m.
Published on: July 25, 2022, 7:01 a.m.
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Home Loans & Insurance

Important Facts about valuation-Released by CJ Valuers Limited


Who are CJ Valuers Limited?

CJ Valuers Limited is an independent valuation firm, built for quality and credibility, specialized in providing all types of Valuations.
Has been in the business for the past 10 years as Yagur Property Valuations and now transitioned into CJ Valuers Limited.

Company has a portfolio of 500 ,000 valuations, both locally and internationally to date. Pursuing the vision to be the household name in the valuation profession throughout PNG and expand into the pacific in the next decade. With the aim to accomplish the Mission to secure 50% of the market share in PNG with top quality and efficient service.

Ms. Janet MH Yagur, one of the few registered prominent female valuers in PNG is a co-founder founder and CEO of the company.

 

Fact about Valuation

Many do not understand the importance of valuations. People ask why valuation is important? Well, in today’s world of business and Real Estate Industry, valuation is mandatory requirement in any legal property dealings/proceedings, in terms of property sale or purchase including land, buildings, houses, stocks/ securities etc.  CJ Valuers Limited, a service provider of all types of valuations have seen the need to educate people to understand the importance of Valuation. “We value your worth is our business”.

 

Why is Valuation important?

Valuation is important, it provides information on the current market value on any property type. It gives a professional opinion on which it can be relied on by various interested parties like the financial institutions (Lenders), Property owners, Property buyers, developers, investors & others involved in the Real Estate Industry/Business.

 

The properties are assessed & reported with the detail descriptions by the professionals in the Real Estate Industry called Valuers. A property valuer performs the following roles:

  • Inspects a property, and Take pictures of the exterior and interior of a property for later review and to include in their report. Measure the exterior and interior of the property.
  • Look around the exterior of the property and take notes of any potential damages or structural issues like a damaged roof, broken window, chipping paint or termite damage. Look around the exterior of the property and take notes on any significant improvements that could increase the value of the property like a new roof, fresh paint, well-kept lawn or add-ons to the existing structure.
  • Survey the interior of the property to identify the number of rooms, bathrooms and amenities like updated kitchen appliances, fireplace, modern light fixtures and wood floors. Survey the interior of the property to identify potential structural issues or damages like chipping paint, slanted floors or ceilings, holes in the floor or wall, outdated/stained flooring, lack of natural light or signs of damage.
  • Review local zoning codes. Compare the property’s selling value to other buildings in the area. Draft a report using the notes and photos taken at the property.

 

Based on their inspections and strong opinion a brief report is provided, complemented by a certificate of valuation. This report is called a Valuation/Appraisal Report.

A Valuation/Appraisal Report is a Legal document thus a very important practice/process within the Real Estate Industry. The report guarantees Contracts of Exchange that is Buying, Selling, Management, Insurance Cover, IRC Taxes, Bank Mortgages etc between parties involved.

 

What are the factors considered when valuing the house?

We at CJ Valuers Ltd apply multi-disciplinary approach to valuations/ appraisal on an asset. By deploying a wholistic approach to the valuation of assets with the incorporation of key value determinants such as Economics, Finance, Engineering and Environmental aspects. There are many factors taken into consideration when conducting valuation assessment/inspection.

Below are the main key factors;

  • Location of the property
  • Neighborhood comparable
  • Size and square footage of the properties
  • Building improvements
  • Interior and exterior features of properties
  • Building specifications and materials

 

Others:

  • Check Ownership-legal Title/State Lease.
  • Exogenous factors
  • Basic service amenities

The factors discussed in here are typically what all home valuers follow when valuing a home.

 

What can you do to increase the value of your property?

There are improvements you can make to a property/house that can have an average to high cost depending on the extent of the renovation done and the materials chosen. The more attractive your property the higher the demand.

The best practice to increase the value of your house the most is to make additional improvements to the building that is extensions to the main building, upgrading the main building, converting ground floor to units, building units on the upper floor include additional features and backup amenities.

For the Land, value can be determined by location and proximity/access to services and amenities but the improvement value will be determined by the type of quality materials and size of the property. Therefore, the best practice is to maximize the improvement size and upgrade quality

These types of updates have the potential to add significant value to your property/houses.

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