An integral part of selling and buying property is to assess its value and determine its worth in the estate market. A residential property valuation is necessary to obtain any mortgage. It gives your property a market value. The market value of any property is an indicator of how much a buyer is ready to pay out and the seller is ready to accept.
A buyer intending to purchase a house must get the property evaluated by an experienced and registered at the Royal Institution of Chartered Surveyors. This evaluator will give a comprehensive report from his findings and analysis after visiting and inspecting the said property. You can get your house evaluated by estate agents in Gravesend.
What is Property Valuation?
It is always advisable to do your own research. Check your locality for price comparisons of similar properties in your area.
Always compare the values of properties which have been sold most recently, because prices tend to fluctuate a lot. Hire a registered evaluator to survey the property you have chosen. A surveyor’s report would be of extreme value since it is considered a prerequisite by the mortgage lender, to make certain that the price for the intended property is fair.
However, if you are a seller who aims at selling his house, then you should take more than a couple of valuation estate agents’ reports to arrive at the asking price of your house. You neither want to overvalue your property nor devalue it. Take the average of all the quoted prices of your property by the agents.
What is a Valuation Report?
The valuation report is a short assessment of the value of the property, mentioning defects, if any, which could affect the prices. The Valuation reports are valid for three months and can be extended for a maximum of another three months, by the surveyor.
What does a Valuation entail?
The surveyor visits the property intended for purchase, gives it a proper check and does some desk research, corroborating both the data, he will make his valuation report. The visitation assessment includes,
- Size of the property and its grounds
- The structural strength and condition of the building
- Does the property include garages, parking or outhouses
- Search for any defects in the property
- Location suitability for example- the presence of facilities and their quality – exclusive schools and luxury retails etc
- The materials used in making the property and the age of the structure.
- Renovations done, if any, like building extensions, etc.
- The sale price of three similar properties sold recently in the same area
It is imperative to understand that defects (either minor or major) do not affect the value of the property, rather they require repairs and maintenance which adds considerable costs to the buyer. Valuation gives an idea to the buyer, about what he is buying.
Evaluating a property is a tricky business, arriving at an accurate value involves complicated assessments. That is why professional services of a Valuation Company are sought by both the investor in the property and also the seller who wants a fair price for their property.
The surveyors and estate agents use their experience and expertise to value the houses they evaluate. In Fact, a buyer or seller can look for a valuation of their property right from the comforts of home. They can use online tools for the evaluation of the property as a starting point to arrive at a rough estimate of the value of the estate.
The sale and purchase of property is a time-consuming and complicated process. It’s crucial to understand the importance of valuation, its details, and the necessity of hiring an expert and professional to conduct them.