If you’re considering buying, selling, or refinancing a property, a property valuation is an essential step in the process. This assessment provides an estimated value of the property based on various factors. Location is a key element in determining a property’s value and this blog will help you understand what else you can expect from a property valuation.
1. INSPECTION
A property valuation begins with a thorough inspection of the property. This serves to assess the overall condition of the property and identify any issues that may need to be addressed.
A qualified surveyor will examine the building’s age, general condition, size and layout. They will take measurements and note any renovations or improvements made.
This detailed inspection ensures that the property’s physical characteristics are accurately considered in the valuation.
2. DEFECTS
The surveyor will check for any defects, or potential defects, with the property. Signs of damp, mould, leaks or blockages may impact the overall property valuation. As well as inspecting inside the property, the surveyor will check outside, looking for any structural damage, missing roof tiles, timber rot, cracks in the walls, ill-fitting doors / windows for example. If there are any outbuildings, those will be checked too.
If you are worried about certain aspects that may have been thrown up from a property valuation, contact me for a Specific Defect Report.
3. ENVIRONMENTAL FACTORS
Another crucial aspect of property valuation is the consideration of environmental factors. These may include proximity to parks, schools, shopping centres and transport links as well as factors like flood risk and electromagnetic fields (EMF).
Flood risk is a significant concern. The valuer will assess the risk associated with the property’s location and will take into account historical flood data associated with that property and those surrounding it.
In recent years, electromagnetic fields (EMF) have become a growing consideration in property valuation. EMF refers to the invisible fields of energy associated with electronic devices and power lines. Some studies suggest that high EMF levels may have health implications. Valuers may consider EMF levels in a property, as it can influence buyer and seller decisions, particularly in health-conscious markets.
4. COMPARABLE SALES
Valuers use a comparative approach when assessing a property’s value. They consider the prices of similar properties in the area that have recently sold. Understanding the values of comparable properties helps establish a fair market value for the property in question.
5. PROBATE
In cases involving probate, a property valuation is often needed to determine the value of an estate for inheritance or legal purposes. The value will be based on what it would reasonably fetch if sold on the open market to a buyer on the date of transfer (usually the date of death). This means the value will be based more heavily on backdated sales evidence.
Many clients find having a valuation of their property a stressful and anxious time. Sometimes there can be a lot at stake and a valuation in some cases can make or break a deal. Please feel re-assured that our valuer is a professional RICS Registered Valuer and knows what to look for. We are not there to focus on your furniture, laundry or any other personal matters. We check measurements, location and the general condition of the property, not the contents.
Steve Stone
If you would like more information about property valuations or would like to book my services then please get in touch.
