Probate Valuations

Why You Need to Value Inherited Property

At first it may seem that we do not care: we inherit a small apartment, or an old house that has no more value than sentimental, or a plot of land that is worthless. Before we had nothing and now we have something, then, what else gives us its value?

Well, there are several cases, in fact almost all, in which we need to know the exact value of each property if we do not want to lose a lot of money or have problems with the rest of the heirs. Here are the most common cases of inheritance appraisals:

Property of Several Heirs

In an ideal inheritance, it would be best if each heir inherits a different property and none of them shares anything. Unfortunately this is almost never the case, especially considering that many times there is no will and everything is divided equally . In this case, it is usual for one of the heirs of the property to buy their part from the rest. For which it is highly recommended that there be an impartial Property Valuer to determine the value of the property.

Total Unawareness Of The Use of a Property

This usually happens with land or plots in which the heirs do not have an idea, even remotely, of the value of a land, especially if it is urban. There are urban environments of great real estate value that are wasted growing potatoes because of ignorance of their development possibilities, either because the planning has changed and the land has been rezoned, or because of ignorance of their heirs, who believe that, simply, in their land there is no possible construction.

It is true that, sooner or later, someone will be responsible for letting them know by making an economic offer for their land, even more reason to do an appraisal and not give us cat for a hare. If we inherit an urban land in which we do not have clear what can be built or its real value, it is highly recommended that we seek the advice of Property Valuer. We can take many surprises.

Valuation For Probate Purposes

Finally, the most usual and most productive appraisal related to an inheritance is the contradictory expert appraisal, which consists in making an appraisal that corrects the official appraisal of the regional tax agency. When you inherit a property, you have to pay council rates and other expenses related to the property.

Quite often, the rated value of the property can be higher than the market value of the property. If you need to chalenge the Council valuation of the property and reduce the expenses, it is advisable to obtain a Property Valuation using the services of Accredited Property valuer.

If your expert valuation is lesser than the official valuation, you might be entitled to lower council rates and charges. This appraisal must be done by a competent Property Valuer of our choice, in order to be accepted. It is up to you to decide if it is worth getting the valuation done to challenge the officeal valuation, because the whole pricess can be quite costly.

In theory, the expert you designate can assess the good above or below the value of the Municipal Council, because he should do his job in the most impartial way possible. If it is assessed above, it simply does not appear, although it is unlikely that this will happen, as the expert would tell us beforehand that it is not worth doing the appraisal and would not go ahead. If you rate it below, then you have grounds for the challenge.