A house valuation in Dubai is usually an official, certified appraisal done by an experienced, certified real estate appraiser. It is also a binding document legally; however, an appraisal isn’t a legally binding document. You cannot use it as a basis for your application for a loan. Appraisals are normally for selling or buying residential real estate.
Reasons to Get House Valuation
- Why would anyone want to get a house valuation or you can say a home inspection in Dubai? Most people are concerned with how much it will cost them if they decide to sell.
- Others are concerned with the market value that the house will be worth after they pay off their mortgage. There are many reasons why a real estate appraisal could be used.
- The best reason is that it allows you to have a fair estimate of what the house may be worth.
Process of House Valuation
Step 1: When you have a house valuation done, the real estate agent that preparing your papers will make sure to give you the exact market value of the property. Most lenders use this figure to determine whether or not they will allow you to borrow money to purchase or to refinance the property. The lender needs to know the market value of the house. They will also want to know if the appraisal was done by a certified appraisal service.
Step 2: When you go to get your house valuation appointment, there are several things you need to bring with you. You will need:
- proof of income
- bank statements
- your most recent tax return
You will also need a list of the debts and expenses you currently have with your credit card companies and the amounts. This information should not be given over the phone.
Step 3: Once you visit the lender to get your house valuation, they will take some documents with them that will be needed when the actual appraisal process takes place. These documents include your:
- appraisal report
- appraisals in the past
- the list of debts and expenses that you currently have
You will sign this document indicating that you understand the terms of the house valuation process. In order to get an accurate estimate, the valuer may ask you to supply a document of your income.
Step 4: When you get the house valuation, it is important that you have someone there who can verify that the numbers on the report are correct. There is nothing worse than having a lower estimate than what the house is really worth.