How to get property valuation certificate in Pakistan (Step-by-Step)

What is the Valuation Certificate of Property?

A property valuation certificate is an official document prepared by a qualified property valuer showing a property’s market value. The valuation is based on the property’s location, size, condition, age, neighbourhood, and the prices of similar properties in a specific area.

It provides an objective assessment of how much the property is worth at a particular point in time.

A question I often get is, what is the value of my property?

Also, sometimes, you need to present this value in writing.

How Do I Assess Fair Market Value?

Determining the fair market value of your property is essential for various reasons, such as ensuring a fair sale price or meeting legal requirements. A comprehensive property valuation is the key to achieving this. Here’s how it works:

Why You Need a Valuation Certificate

When it comes to property, understanding its true worth is key. Here are the reasons you need a valuation certificate:

• Fair Market Value: Know the actual market value to avoid overpaying or underselling. Before any property transaction in Pakistan, a certified valuer inspects, evaluates, and determines the market value, considering all relevant factors.
• Loan Approval: Banks and financial institutions rely on property valuations to assess risks before approving loans or mortgages, determining the amount they can lend.
• Going Abroad: Planning to move abroad (to the USA, UK, Canada, Australia, etc.)? You’ll need a valuation certificate.
• Legal Requirements: A valuation certificate ensures equitable distribution in inheritance or property disputes.
• Taxation: Property valuations help accurately calculate property taxes, including Capital Gain Tax, Wealth tax, Property Tax, Municipal Tax, and stamp duty.
• Insurance: Insurance companies use the certificate to determine the replacement cost of a property in case of damage or loss.
• Financial Audits: For audit purposes, you need to enter the book value of an asset or property.
• Acquisitions and Mergers: When one company takes over another, properties are valued beforehand to determine the final market cost.

Read Also: ICONS Valuations and Other informative posts like how to get the family registration certificate fast.

Who Can Issue Your Property Valuation Certificate in Pakistan?

Only licensed valuation firms registered with the State Bank of Pakistan (SBP) and other regulatory authorities (like PBA) are authorized to provide certified property valuations in Pakistan. These professionals ensure accuracy and credibility by thoroughly surveying your property before issuing the certificate. The reports issued by these firms are legitimate and acceptable worldwide.

Please note that this is a paid service.

How Quickly Can You Get a Property Valuation Certificate?

Typically, you can receive your Property Valuation Certificate within one working day. However, it might sometimes take 2-3 days, depending on your property’s scale and unique features.

If your property has unique characteristics or special requirements, additional time may be needed for a thorough evaluation.

Property Assessment: All You Need to Know

A property surveyor will visit your site to check everything. They will examine the building’s location, design, interior and exterior, age, history, neighbourhood, nearby amenities, and floor plan. With all this information, they will create your Valuation Certificate.

With that, they discover every detail of your property within the provided document, highlighting essential features. The final property value is based on many factors to give an accurate result.

Schedule Your Property Valuation Now!

Ready to know your property’s true worth? Fill in the required fields to book your property valuation appointment. Next, the valuer will contact you shortly to schedule a convenient time.

Requirements for Obtaining a Property Valuation Certificate

You will need the following essential documents to apply for a property valuation certificate in Pakistan. Having these documents ready will ensure a seamless and efficient valuation process:

• CNIC Copy: Provide a copy of the CNIC (front and back) for the property owner and the applicant.
• Property Ownership Documents: Allotment, Registry, Fard, or Inteqal
• Passport: The first page of your passport, especially for visa purposes.
• Building Approvals: In the case of a house or building, submit the approved building plan and other necessary legal documents. And any approved construction drawings, if available.
• Any Prior Valuation Reports: If the property has been valued, include previous reports for reference.

Here is the Proven Step-by-Step Guide to Obtaining a Property Valuation Report

Securing a Property Valuation Report is straightforward when you follow these steps. Let’s dive in:

What Are the Fees for Property Valuation?

The cost of property valuation varies based on several factors, including property type, location, and the complexity of the assessment. On average, valuation fees for small-scale residential properties in Pakistan range between Rs. 5,000 and Rs. 15,000. Conversely, the fees for commercial properties or high-value assets can start at Rs. 15,000 and go up to Rs. 100,000.

Check with the valuer beforehand for an exact estimate, as fees can differ based on your property’s specifics.

What Determines the Valuation Fee?

A commonly asked question is what factors influence the valuation fee:

Fee Payment

Several factors determine the valuation fee, including:

• Property Type: The fee varies based on whether you’re valuing residential, commercial, constructed, or agricultural land.
• Property Size: The fee is also affected by the size, location, and whether the property is constructed or unbuilt.
• Location: The property’s location is crucial, as valuation charges differ based on where the property is situated. For properties in remote areas, expect extra expenses due to the surveyors’ travel costs.

Before proceeding with the valuation, clarify the purpose of the report. The service fee varies depending on whether the valuation is for a visa, bank loan, or another purpose.

Once you’ve agreed on the fee, pay to enable the valuer to start the process without delay.

✨Pro Tip: Ask the property valuer when you can expect to receive the valuation report.

How do valuers determine a Property’s worth?

Here are the three traditional methods of property valuation:

1. Income Approach: Estimates the value of a property based on its potential to generate income, such as rental yields or capitalization rates.
2. Cost Approach: Calculates the value of a property by estimating the cost of replacing or reproducing it. 
3. Sales Comparison Approach: This approach determines the value of a property by comparing it to similar properties recently sold in the same market.

Discover Property Valuation Certificate Format

 A property valuation certificate (aka valuation report) includes details about the property, ownership, construction quality, fixtures, and age.

Here is the PVC format Pakistan has detailed information breakup a property value certificate encompasses:

Personal information:

• Owner’s Name and Other Particulars
• Applicant’s Name
• Valid CNIC
• Passport No. (If the property valuation certificate is for Visa),
• Address

For Constructed Properties:

• Appearance
• Wear and Tear
• Condition
• Fitting & Fixtures
• Age of Property
• Location
• access to property
• Force Value
• Construction Quality
• What is on every four sides of the property?
• Access approaches the property

and many other features of properties need to be considered etc.

For Non-Constructed Properties:

• Location
• Accessibility to Land/Plot
• Features (Corner/Non-Corner)
• Level/Depression
• Other features and amenities that the property might have

Valuations Analysis Details:

• Size of the land and building,
• Construction reasonable cost (if the property is a house or any constructed)
• Final Market value
• Physical details on the construction and condition.

Wrapping It Up!

To summarise, we’ve covered how to get your property valuation certificate. This involves a detailed market analysis of an immovable property by a registered valuation company.

Follow the 3-step process mentioned above for a fast and smooth property evaluation.

For any queries, reach out to ICONS Valuation.

We hope you enjoyed our blog post on property valuation.

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FAQs

What is a property valuation report?

A property valuation report is a legitimate document showing a property’s worth, such as a house, apartment, land’s fair market value, location, size, and other details.

Who does the FBR valuation of the property?

You may contact/consult a licensed lawyer or any other professional sales agent who guides you through the process. 

The Federal Board of Revenue and Excise offices of any location issue the property valuation assessment. 

Here are the website links to find out the property valuation on Excise department websites:

Punjab: https://excise.punjab.gov.pk/

KPK: https://www.kpexcise.gov.pk/app/

Islamabad: https://islamabadexcise.gov.pk/

Sindh: https://excise.gos.pk/

Balochistan: https://pabalochistan.gov.pk/new/

Can I get a free valuation on my house?

You can get an assessment of your house through a real estate agent in Pakistan.

To get a property valuation for a house, you need to contact a registered valuer. This is a paid service, whereas the assessment done by a real estate agent is free.

Who is a registered valuation surveyor?

A professional certified surveyor and licensed holder by the Govt of Pakistan may conduct a valuation including residential, commercial, or industrial property.

How to get property valuation certificate for canadian visa?

To get a property valuation certificate for a Canada visa, follow the steps mentioned in this article. It can be used for a student visa/f1 visa/Business Visa or the USA (The United States of America).

What is a valuation certificate?

A valuation certificate is a legitimate document showing the fair market value, features, and other details of an asset being evaluated and produced for a specific purpose.

Can I get Property valuation certificate free of my property?

The answer to this question is straightforward: “No.” The valuation services are paid service for and provided by a professional valuer.

Which is the best valuation approach for residential property?

The market data approach, or sales comparison method, is widely preferred. It estimates value by comparing the property to recently sold ones with similar characteristics.

What are the 3 appraisal methods?

Three globally accepted property valuation methods are the cost approach, sales comparison approach, and income approach. Depending on the property type, assessors may use one or more.

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