Saturday 27 August 2022

Why Is Property Valuation Important?

 Property surveys may not be legally required but in order to do a due dilligence, they are a must. Most surveyors will do a property valuation for income tax purposes, capital tax calculations, wealth tax, rent and depreciation, property transfer, bank guarantees, auction, stamp duty, acquisition by the authorities, will and testament, home loans, division of property, etc.


When should you go for property surveys/valuation?

There is no law that states you should get your property evaluated by a professional before you sell/purchase it. This is more of a precautionary measure, to be safe than sorry in future. Customers often use professional help for a property evaluation, to sort out income tax-related matters. The same is also done before renting, bank guarantees, auctioning, stamp duty payment, acquisition by the authorities, preparing will and testament, availing of home loans, division of property, etc.


Who is a valuer?

A valuer is someone with a professional degree and a licence from the Institution of Valuers. These law-recognised valuers get licences from the state body before they start their practice. While a property brokers helps you understand the pulse of the market; those facts could be questioned. An approved valuer does everything on paper, citing facts. This document helps you deal with banks, solicitors and investors, etc.


How does property valuation help?

What is the value of the land or building? Are there any improvements that can help you increase the value of your property? These are some of the aspects that valuers help you decide. You would also get a certificate, validating the worth of your property (and other assets) admissible in a court of law.


What do I have to pay for a property valuation?

There is no standard pricing for valuations. Depending upon the exact location, size, kind of property as well as the kind of certificate/document you require (short-form or long- form), the pricing may vary. Do note that usually, valuation services are tax deductible. However, even if it isn’t, the cost is far too less when compared to what you are getting in the form of an established fair price of the property.


Is property valuation a smart move?

In case you are a seller, a legal piece of document certifying the true worth of the property would be of great help. The buyer could in no way accuse you of overvaluation, and this also ends the scope for bargaining. Your property valuer could also tell you ways in which you could add value to your existing property. A tax depreciation schedule from a valuer can also help you minimise your tax burden. From a buyer’s perspective, valuations help them understand the risk profile of a said property. They can make a sound investment on the basis of such information.


Friday 5 August 2022

Busting Myths About Co-Working Spaces

 Co-working spaces grew rapidly over the years as small and large organisations joined the bandwagon. However, many enterprises have not yet warmed up to the idea of operating from the novel office space as they have many misconceptions. It is time to disentangle facts from myth.


The emergence of co-working spaces has been viewed as the go-to option for many businesses and corporations, offering more affordable work choices with good amenities. Yet, there are some myths that are often encountered with the modern office spaces that need to be busted for lending a new perspective on your way of work in the present and the future.


Co-working spaces are excessively noisy

Many people have formed an opinion that these offices are noisy and block concentration. Notwithstanding, co-working spaces have explicitly defined rules and regulations, and most members observe basic work etiquette. At the same time, there are private spaces available for getting work done as well.


They are only for a particular set of people

Many still believe that co-working spaces are only for freelancers, self-employed professionals and emerging start-ups. However, nothing could be farther from the truth. The space is not only ideal for the newly-formed enterprises and pro; even companies such as KPMG, Microsoft, Spotify, Zomato and others are taking up co-working spaces for their employees.


Co-working is a costly proposition

This is another myth about these new-age office spaces. In fact, people choose co-working spaces for their affordability and flexible pricing models. Companies can start with a smaller number of seats and save costs while eventually upgrading to more space with future expansion.


The spaces are not professional enough

Many people feel that co-working offices are not professional enough for holding meetings for their business partners and clients. Nonetheless, the modern office space come with sleek meeting rooms and conference facilities that can be booked in advance. They also come with the cafeteria or pantry services, reception and waiting areas and more.


There is zero privacy in a co-working space

Co-working spaces also have their own nooks and corners along with socially distanced desks at times. They also come with private meeting and conference rooms that you may book anytime. Hence, the lack of privacy is nothing but a myth.


Co-working spaces are only for short-term needs

These office spaces cater to customer needs not just for the short-term, but also for longer durations. It all depends on the tenant and his or her requirements.

So, these are some of the biggest myths that need to be busted about co-working spaces.