Why it’s Important to know what you can expect from a valuation.
For many, purchasing a home represents the most significant financial commitment of a lifetime, making it crucial to navigate the process with care. In this guide, we outline the essential steps savvy buyers take when acquiring real estate. While emotions can play a role in many decisions, when it comes to buying property, logic and thorough planning should take precedence.
Having a property valuation allows you to discover the genuine value of the property you are selling and to confirm that you are making a sound investment in the property you are buying.
Approaching a property valuation for the first time can be intimidating. The prospect of a professional assessing your property might cause anxiety, but with the right preparation, the process can be straightforward and beneficial. Opt for an independent property valuer who is separate from your estate agent and holds RICS accreditation. This ensures that the valuer uses the best industry practices to provide an accurate and unbiased report. By relying on this comprehensive market-based evaluation, you will be well-equipped to make informed property decisions.
- Photographs may be taken by your property valuer.
Most property valuers will photograph the interior and exterior of your home during the valuation process. These photos are used in the valuation report to corroborate the surveyor’s findings and explanations. Unlike a potential buyer who is interested in the property’s appearance, the surveyor’s photos are meant solely to support their professional analysis. This means you do not need to worry about presenting your property in pristine condition for these photos.
- The outside of your property is just as significant as the inside.
During the valuation, your property valuer will thoroughly examine both the inside and outside of your home. Internally, they will take measurements of the walls and note any fixtures and fittings that could impact the property’s value. Externally, they will evaluate the quality of access, parking facilities, location, and the size of the plot. They will also pay attention to features like the patio, terrace, balcony, garden, garage, brickwork, and roof.
- Ask your valuer any questions you might have, no matter how many.
Do not hesitate to ask your surveyor questions during the valuation. You may be interested in how to improve your property’s value or what repairs are needed. Keep in mind that a valuation is not as detailed as a property survey, which assesses the structural condition of the building in depth. For this level of detail, you will need to arrange a separate survey, such as a homebuyer report or building survey.
- The time required for your valuation appointment can differ.
Completing a thorough property valuation usually takes upwards of an hour, as it involves an in-depth inspection of both the interior and exterior. The actual time depends on factors like the property’s size, plot, and outbuildings. If you have several questions, it may lengthen the valuation. To keep the appointment shorter, you can draft your questions in advance and send them to your valuer before or after the visit.
- Your property valuer will give you an overview of the local property market conditions.
Property values can vary widely based on factors such as condition, renovations, and extensions. Therefore, your property valuer will also examine the local property market and recent sales of comparable properties in your area. This comprehensive analysis will provide a reliable estimate of your property’s value.
We provide customized property valuations that equip you with the insights and details necessary for making well-informed decisions about your property.
If you are seeking a property valuation, please contact us directly or complete our contact form, and we will respond to discuss your needs.