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Buy or sell a property , keep it for private or business use or just as a investment, whatever is it, if you are related to a property, you need to get your hands on all kinds of property related laws and regulations. Some of them might not be according to your set up but eventually each of us has to go through it at some point of our life. Dealing with property and other things that are related to it, can't be done alone. The services and supervision of highly qualified, experienced and trained professionals are required. These professionals strive their best to save you a lot of cost and mental stress. Whether you are going to buy or sell a property, the most important part is the property valuation. Property valuation is a procedure where all the aspects of a property are carefully analyzed and observed but the professionals before putting a price tag to it. For the purpose of property valuation, the help of expert property valuers in required. These valuers are highly skilled in the procedure of valuing your property. Valuers value your property according to its location, its area in terms of size, it commercial and business importance, its usage (whether private, commercial or a investment). Valuers do all this in accordance with the market, after doing a proper market survey. The valuers value your property according to any of the following types of valuation. 1. Market Value 2. Value-in-use 3. Investment value 4. Insurable value The property valuers use several methods for the property valuation process; some of them are as follows: 1. Income Method 2. The Cost Approach 3. The Comparable Sales method 4. Automated valuation models. Another important thing that the property valuers must know about is the "Tax depreciation". What is tax depreciation? Depreciation is an income tax deduction that allows a taxpayer to recover the cost or other basis of certain property. It is an annual allowance for the wear and tear, deterioration, or obsolescence of the rental real estate property. Depreciation means the cost of the asset is spread, so it is written off against the profits of several years rather than just the year of purchase. Tax depreciation can be allowed on a property only if it fulfills the following requirements: 1. The taxpayer must use the property in business or in an income-producing activity. 2. The taxpayer must own the property. 3. The property must have a determinable useful life of more than one year. For a more proper and professional way of depreciation, a depreciation schedule is organized by the professional quantity surveyors. This depreciation schedule shows the amount of depreciation able to be claimed in the property over the life of the building. A depreciation schedule should include the following components: 1. Assets decline 2. Capital Works deduction The Asset Depreciation Schedule is divided into major asset categories such as buildings, equipment, hardware, and software. Quantity surveyors are the professional that are responsible for setting up the tax depreciation schedule.
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quantity surveyors, valuers, tax depreciation, depreciation schedule,
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