Valuation of Your Property in Laos
By Work Live Laos
Are you looking to purchase a plot of land, or perhaps a new family home? Or have you inherited some property and are unsure of the value? Maybe you have a portfolio of investment properties and need appraisal? In order to know the true value of your property, you’ll need professional valuation.
Despite the recent entrance of large real estate firms such as Century 21, real property valuation in Laos has not yet been officially authorized as a business activity for the private sector. Currently, certified valuation or appraisal is undertaken by the Department of Registration and Valuation, under the National Land Management Authority. It is possible to request a certified appraisal from this department, and it will be appraised in accordance with the department’s internal land pricing index.
Ask for a Valuation Consultation
To get an idea of your property’s true market value, however, it is worthwhile contacting a professional real estate agency who can offer you some assistance in understanding it. While this won’t be a certified valuation that can be used as verification for a loan or mortgage, it will give you a more accurate picture of market value.
Valuers in other countries use a variety of different methods to appraise a property. These approaches are often less applicable to the conditions of property ownership in Laos, and so real estate firms in Laos normally appraise property using what is known as the “comparative method.”
The comparative method, or sales comparison approach, is a simple process of comparing sales of recent properties in a given area. Assuming that a buyer will not be willing to pay more for a property than those directly comparable, research into recently traded properties will provide a valuable insight.
A real estate firm has access to a vast database of information regarding recent sales and market prices, and can therefore make a simple valuation for you based on some quick research. While there are a number of agencies offering this service, Work Live Laos real estate agency is qualified and backed up by a number of satisfied clients.
This article supplied by Work Live Laos real estate agency.