VALUATION DESCRIPTION & DEFINITION
Our service uses the MARKET APPROACH which examines the title, state, age and condition of the property, the major selling features and compares similar property in the local area and takes into account current market factors, the immediate local environment and any encumbrances to arrive at a fair market price in the present market.
The valuation does not review due diligence either right of property or access rights or title ownership. Public utilities and services are also not considered. Due diligence should be carried out by a lawyer.
Client confidentiality is an important part of our business. We take measures to ensure client confidentiality is maintained at all times. If we believe there could be a conflict of interest in accepting an instruction, we will disclose this to both parties in advance.
Our valuation service is available by appointment
"Valuation is a process of estimation of the most probable price which would be paid for a property under typical market conditions applying at the date of valuation..."
"The value of a property is the present value of all future benefits expected to be obtained from possession of the property."
The ability to provide a professional and accurate Valuation Service relies on a combination of the professionalism of our valuation consultants and the quality of available market information.
The residential valuation model used is the Market Approach. Homes are valued based on what an average person would be willing to pay for a similar property. This data is compared at current sales in Phuket. Every attempt is made to use sales that have the same characteristics as the property to be valued (subject property). These would include but are not limited to; area, number of bedrooms, baths etc., if it has a garage etc. If a subject property doesn’t have enough matching sales, adjustments are made to the sale properties most closely resembling that property to create a more equitable value. An example of this would be; if the sale property had a swimming pool and the subject didn’t the sale price would be adjusted to reflect not having a pool.
A sale at fair market value is by definition: The amount of money a well-informed buyer would pay and a well-informed seller would accept for property that has been on the open market for a reasonable amount of time, assuming neither buyer nor seller is acting under pressure. When a sale is deemed valid it can be used to help determine fair market value for other similar properties. The goal is to value all properties fairly and equally, while being as close to fair market value as possible.
The MARKET APPROACH involves comparison of a property with the characteristics of similar properties that have recently been sold. Lastly, the INCOME APPROACH is an analysis of a property’s value based on its capacity to generate revenue for the owner. Due to the embryonic nature of the Phuket property market the “Market approach” is used.