Contact Us

    Feel free to ask for details, don't save any questions!





    Contact Us!, In addition to residential, commercial, industrial, agricultural, specialized, development, and personal properties, we also provide valuation services for a range of other property sectors. A wide range of clients, including individuals, banks, businesses, investors, developers, and consultants, are among those to whom we provide our services.

    We believe that we have the most complete data and market research in the industry to guarantee great quality. Our valuation opinions are developed using science, presented to clients in a clear and straightforward manner, and are promised to be economical with reasonable professional fee pricing.

    Head Office

    No.1097/E, Pannipitiya Road,
    Battaramulla
    Sri Lanka.

    Branch Office

    No: 310 3/3, Waragoda Road, Kelaniya, Sri Lanka.

    FAQs

    1. What is an independent property valuation?

    Property valuation is a process of determining an opinion of the value of a property/asset. It is an assessment carried out by a professionally qualified valuation surveyor.

    In this assessment, the valuer will inspect your property, determine the value of the property, and will issue a valuation report. In this process, the valuer has to perform the process of valuation in compliance with the valuation standards and ethical standards.

    Valuation surveyors are independent professionals with no special interest in the property to be valued or any parties in relation to the property or any transaction.

    2. When are valuations necessary?

    There are non-statutory and statutory requirements for valuations. Following are the common purposes/requirements of obtaining valuations.

    • Property buying and selling
    • For taxation purposes (Eg: Capital Gain Taxes/ Stam Duty)
    • For secured lending/ mortgages
    • For accounting purposes (Eg: Financial reporting under IFRS)
    • For Insurance purposes
    • For claiming compensation
    • For solving internal family asset matters
    • For Mergers and Acquisitions
    • For Damage Assessments
    • For rental assessments (New rental agreements and rent renewals)
    • For investment purposes
    • For the assessment of market value submit reports for different requirements such as Applying for Visa, producing reports for educational institutions, etc.

    3. Who is a qualified Valuer?

    A “valuer” is an individual, group of individuals, or individual within an entity, regardless of whether employed (internal) or engaged (contracted/external), possessing the necessary qualifications, ability, and experience to execute a valuation in an objective, unbiased, ethical and competent manner. In some jurisdictions, licensing is required before one can act as a valuer.

    4. What are the documents required for the valuations?

    The documentation requirements change depending on the purpose of the valuation. Following are the general documents for land and building valuation,

    • Copy of the survey plan
    • Copy of title deeds
    • Approved Building Plan
    • Certificate of Conformity
    • Street Line Certificate
    • Building Limit Certificate
    • Non-Vesting Certificate

    These are just a few examples of the types of documents that may be necessary for a valuation. It’s important to consult with a qualified valuation professional to determine the specific requirements of your situation.

    5. How much does a valuation cost?

    The cost of a valuation can vary widely depending on several factors, such as the type and complexity of the asset being valued, the location of the property, and the purpose of the valuation. Accordingly, the cost for valuation assignment will be determined case by case after careful analysis of the scope of work.

    Further, it’s important to note that the cost of a valuation should not be the sole determining factor in choosing a valuation professional or firm. Factors such as their experience, qualifications, and reputation should also be taken into account to ensure that the valuation is accurate and reliable.

    6. How long is a valuation figure valid?

    The validity period of a valuation figure can vary depending on the type of asset being valued and the purpose of the valuation. In some cases, a valuation figure may be valid for only a short period, while in others, it may remain valid for several years.

    For example, in real estate, a valuation figure may remain valid for a period of 3 to 6 months, depending on the market conditions and fluctuations. However, in certain situations, such as for legal or taxation purposes, the valuation may need to be updated more frequently.

    Similarly, for a business valuation, the validity of the valuation figure may depend on factors such as changes in economic conditions, industry trends, or company performance. It’s important to note that a valuation figure is an estimate based on the information available at a given point in time and is subject to change as new information becomes available.

    In general, it’s a good practice to review and update a valuation periodically to ensure that it remains accurate and relevant. The frequency of updates may depend on the type of asset or business being valued and the purpose of the valuation. It’s always best to consult with a qualified valuation professional to determine the appropriate frequency of updates for your specific situation.

    7. How long does a valuation Inspection take?

    The length of a valuation inspection can vary depending on several factors, including the size and complexity of the property, the purpose of the valuation, and the specific requirements of the valuation process.

    In general, a valuation inspection may take anywhere from 30 minutes to several hours or may be several days in special cases. For a simple residential property valuation, the inspection may take around 30 minutes to an hour. During this time, the valuer will inspect the property, take measurements, and photographs, and note any relevant details about the property’s condition, location, and other features.

    For more complex or larger properties, such as commercial properties or multi-unit residential buildings, the valuation inspection may take several hours or even multiple visits to complete. The valuer may need to inspect multiple units, common areas, and other features of the property to gather all the necessary information for the valuation.

    It’s worth noting that the inspection is only one part of the overall valuation process, which may also include research, analysis, and comparison of other similar properties in the area. The length of the entire valuation process will depend on the specific requirements of the valuation and may take several days to several weeks to complete.

    8. How long does a valuation Report will take?

    The time it takes to prepare a valuation report can vary depending on several factors, including the type of the property, complexity, the purpose of the valuation, and the specific requirements of the valuation process.

    For a simple residential property valuation, the report may take one to two days to complete. The valuer will typically need to analyze the data gathered during the inspection, research market data, and compare the property to similar properties in the area. The report will also need to be reviewed and edited before it can be finalized.

    For more complex or larger properties, such as commercial properties or multi-unit residential buildings, and industrial properties the valuation report may take longer to complete. The valuer may need to conduct additional research and analysis, gather more data, and provide more detailed explanations of their valuation methodology.

    In general, it’s important to allow enough time for the valuer to complete the report accurately and thoroughly, as rushing the process could lead to errors or omissions in the final valuation. The specific timeframe for the completion of the valuation report should be discussed and agreed upon with the valuer before the process begins.

    9. Does the valuer do a whole-building inspection?

    The extent of the inspection performed by a valuer depends on the purpose of the valuation and the requirements of the client. In some cases, the valuer may conduct a whole building inspection, while in other cases, they may only inspect specific areas or aspects of the property.

    For a standard residential property valuation, the valuer typically conducts a visual inspection of the property, which includes the interior and exterior of the building, as well as the land and any improvements. This inspection typically includes a review of the property’s physical condition, size, layout, and any unique features that could impact its value.

    For commercial or industrial properties, a more detailed inspection may be required, which could involve a review of the building’s structural integrity, mechanical systems, electrical systems, and other components. The valuer may also need to inspect the property’s zoning and land use restrictions, as well as any environmental issues that could affect its value.

    It’s important to note that the inspection performed by the valuer is not a substitute for a professional building inspection. If a more detailed inspection is required, the valuer may recommend that the client hire a building inspector or other specialist to conduct a more comprehensive examination of the property.

    Overall, the extent of the inspection performed by the valuer will depend on the specific requirements of the valuation and the scope of work agreed upon with the client.

    10. What does a property valuation involve?

    A property valuation typically involves a thorough inspection and analysis of a property’s physical and financial characteristics in order to determine its estimated value. The process typically involves the following steps:

    Inspection: The valuer will visit the property to assess its physical characteristics, such as size, condition, age, location, and any unique features that could impact its value.

    Research: The valuer will research the local market conditions and recent sales of comparable properties in the area to determine the current market value.

    Analysis: Based on the inspection and research, the valuer will analyze the property’s financial characteristics, including income potential, expenses, and potential risks or liabilities.

    Report: The valuer will prepare a detailed report outlining their findings and conclusions, including an estimated value range for the property.

    Review: The report is typically reviewed by a senior valuer or quality control team member to ensure accuracy and compliance with industry standards.

    Overall, a property valuation is a comprehensive process that takes into account a wide range of factors to determine an accurate estimate of a property’s value.

    11. What are the key factors that contribute to a property’s value?

    There are several key factors that can contribute to a property’s value, including:

    Market demand: The supply and demand for properties in a particular area can also impact their value. If there are more buyers than available properties, prices may increase, while prices may decrease if there are more properties available than buyers.

    Economic factors: The overall state of the economy, including interest rates, inflation, and unemployment, can also impact property values. In a strong economy, property values may rise, while they may decline in a weak economy.

    Location: The location of a property is one of the most important factors in determining its value. Properties in desirable locations, such as those with easy access to transportation, good schools, shopping centers, and other amenities, are typically worth more than those in less desirable areas.

    Zoning and land use: The zoning and land use regulations in the area can also impact the value of a property. Valuers will consider whether the property is zoned for residential, commercial, or mixed-use purposes and whether there are any restrictions on the use of the property.

    Size and layout: The size and layout of a property are also important factors in determining its value. Generally, larger properties with more rooms and functional layouts are more valuable than smaller properties.

    Condition: The condition of a property is another important factor. Properties that are well-maintained, updated, and in good condition are typically worth more than those that are outdated or in need of repairs.

    Age: The age of a property can also impact its value. Newer properties are generally worth more than older properties, as they tend to have modern features and amenities.

    These are just a few of the key factors that can contribute to a property’s value. Other factors may include the property’s view, proximity to natural features such as lakes or mountains, and the quality of nearby infrastructure such as roads and public transportation

    12. What’s my property worth?

    This is the common question from the instructing party. The valuer didn’t know how much the property was actually worth at the time. The valuer must go through a number of steps before arriving at a value, beginning with the inspection.

    13. I am buying a property; do I need a valuation?

    You can get an independent professional assessment of a property’s value through a valuation before you purchase it. This might assist you in negotiating the best price and help you save money. A risk analysis that emphasizes any potential opportunities or risks will be provided by valuers, who will also evaluate the property’s title and zoning.

    14. I am selling my property; do I need a valuation?

    Before you sell your property, a valuation can provide you with an independent assessment of your current value before placing your property on the market. This figure may be different from what a real estate agent says your property is worth. The valuation report is a document that can be used as a negotiation instrument to ensure you do not sell a property for less than it is actually worth. A valuer can also provide you with advice on how to add value to your property.

    15. What qualifications and memberships should a professional valuer have?

    The eligibility criteria of a valuer are determined by the regulatory body, professional institution, or client.

    For general purpose valuations such as sale, purchase, internal decision making, transfer of properties, family matters, to produce for applying visa or educational institutes, stamp duty assessment, etc, Chartered Valuation Surveyors: a member of RICS (MRICS or FRICS) and Professional Associate Members or Fellow Members of the Institute of Valuers of Sri Lanka (IVSL), are the qualified professionals to carry out the valuation.

    The eligibility criteria for valuers to carry out valuation for Mortgage Purposes for Licensed Commercial Banks, Licensed Specialized Banks, and Finance companies has been issued by the Central Bank of Sri Lanka (CBSL) with Banking Direction.

    Please refer for more details

    The eligibility criteria for valuers to carry out valuation for assessment of Fair Value has been issued by Chartered Accountants of Sri Lanka.

    Please Refer for more details

    Get in touch

    WikiFrank Chartered Valuers are professionals who are trained to determine the value of the real estate or other property assets. They use a variety of methods to assess the value of a property, such as analyzing market trends, examining the condition of the property, and considering the location and amenities of the property. Their valuation reports are often used by lenders, investors, buyers, sellers, and other parties who need an accurate understanding of the value of a property. Property valuers may work for private companies, government agencies, or as independent consultants. Thank you for your interest in our company. If you have any questions or comments, please don’t hesitate to get in touch with us.

    Contact UsContact Us