Managing your wealth responsibility is important in securing financial stability and the desired lifestyle for you and your dependents. Part of the responsibility is to understand what your assets and investment portfolio is worth. And while you can guess and assume, you will find greater benefit and efficiencies in consulting a financial consultant for a professional valuation instead. A valuation on your assets produces an official document recognised by legal and financial institutions in Melbourne, and will help you in various circumstances. These include:
Buying and Selling Real Estate
Real estate is a popular and solid choice for investors around Melbourne. You will have various real estate agencies competing for the listing of your property, or for your deposit on a new home. And there is always the odd case of an illegal undervaluation on real estate. Which is why it is very important to seek independent advice to compare a real estate agent’s appraisal. That way, you can have confidence that you are being offered a fair price for the prospect sell or purchase of property.
Settling in Marital Divorce
When two ex-partners are divorcing each other, it can be a difficult to agree on how assets should be split amongst the parties involved. An independent and professional valuation can clear the air and cut through the emotional attachment of involved parties on the assets. Legal representatives will usually require this anyway.
Applying for Credit
Crediting financial institutions in Melbourne will want to know your financial capacity to meet your debt obligations. And this includes the last resort that you become unable to make interest payments in the future. If you are considering putting up an asset as collateral on a loan, credit providers will conduct their own valuations. However, you should also employ an independent valuation consultant to ensure that it is an accurate estimate.
Applying for Insurance
A valuation is a core process when applying for insurance on an asset. Insurance policies are there to cover for the cost of damages on an asset, or replace the value of the asset should an incident occur. An independent valuation entails that you are receiving fair compensation for your claims.
While assets may hold a lifetime of personal and emotional value to you, what really counts in legal terms is its financial valuation, completed by a professional consultant. So if you hold significant assets in Melbourne, be sure you have them professionally valued every now so that you can make the right decisions to protect them, your lifestyle and dependents.