Liket Property Services plc
Valuation and Market Value:
Valuation: A crucial process in the real estate industry. involves developing an opinion of market value by a licensed individual or company. For instance, a valuer may determine a property’s market value by comparing similar properties sold. This opinion is then presented as a comprehensive report, complete with photographs, measurements, plans, and market analysis, all aimed at determining the property’s market value.
Market Value: It is the fair price at which a knowledgeable, willing, and unpressured buyer and seller would transact. It’s important to note that this value is distinct from the intrinsic value. Which is the worth an individual may assign to the same asset based on their personal preferences and circumstances. This distinction ensures a fair and unbiased valuation process, providing reassurance to the audience.