As a small business owner, you may be wondering why you should get your property valued. After all, you know how much your property is worth, right?
Wrong. Nitschke Nanncarrow
The value of your property is not static. It can change over time, and valuations can help you keep track of these changes.
There are many reasons why you might need a property valuation, and we’ve outlined a few of the most important ones below.
1. To secure finance
If you’re looking to secure finance from a bank or other lender, they’re going to want to know the value of your property. This is because they’ll use it as collateral for the loan.
2. To buy or sell a property
If you’re buying or selling a property, you’ll need to know how much it’s worth. This is so you can either negotiate a fair price, or make sure you’re not paying too much/selling for too little.
3. To calculate capital gains tax
If you’re selling a property that’s increased in value, you may be liable for capital gains tax. A valuation will help you calculate how much tax you may need to pay.
4. To insure your property
You need to make sure your property is adequately insured, and this will require a valuation. This is so you can make sure you’re not under-insured (which could leave you out of pocket if something happens to your property) or over-insured (which would mean you’re paying more than you need to for your insurance).
5. To settle a dispute
If you find yourself in a dispute with your insurance company, your tenant, or anyone else, a valuation can help to settle the matter. This is because it provides an independent, expert opinion on the value of your property.
A property valuation is an important tool for any small business owner. It can help you secure finance, buy or sell a property, calculate capital gains tax, insure your property, and settle disputes.
If you need a