A commercial property valuation refers to the professional assessment conducted by qualified valuers to determine the market value of a commercial property. This valuation process considers numerous factors such as the property’s location, size, condition, income potential, comparable sales, rental income, expenses, and prevailing market trends. It aims to ascertain the worth of the property […]
A residential property valuation is an assessment conducted by a certified professional to determine the current market value or replacement cost of a residential property. This valuation considers various factors such as the property’s location, size, condition, comparable sales in the area, and specific features to estimate its worth. It serves as a crucial tool […]
Being a trustee of a body corporate is often a thankless task, but also a position that is seldom occupied by someone deemed to be adequately qualified to carry such tremendous responsibility. Trustees have a fiduciary duty to administer the body corporate’s financials on behalf of its members.
Did you know that many bodies corporate lose money on insurance premiums by skimping on the valuation? In some cases, the reason might be that the body corporate has not met its obligation to obtain the mandatory 3-yearly replacement cost valuation – this usually leads to over-escalating the sum insured by applying the same “on-the-safe-side” escalation rate of 10% year after year.
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