The Property Valuation Process
Property valuation is a crucial step towards selling your property. This is because through a valuation you are able to determine how much your property is worth and consequently quote a reasonable asking and selling price. Thus, a valuation report will take into account all the factors that affect the value of your house.
Generally, it is only a registered valuer who are regulated by the Royal Institute of Chartered Surveyors that is qualified to conduct property valuation. Thus, when choosing your valuer, you need to ensure they demonstrate considerable knowledge of the properties within the area where your property is situated.
Independent valuers are usually a good option choice of commercial and residential valuation requirements. Before requesting for a valuation, it is important to know the numerous factors that affect the value of your property including the valuation process that involves the following:
- The valuer assesses various aspects of the property starting through an external and internal inspection. In addition, they will also visit the neighbourhood surrounding your property and consider it. At this stage, both the detriments and assets of the property are taken into account.
- In the case of a residential property, the overall size of the plot, gross living space, layout, quality of construction as well as location are taken into consideration. Other aspects that will play a part in the overall valuation include fencing, landscaping, heating, condition, renovations, decking and local amenities.
- Lastly, the valuer will analyse the sales from the local market both current and historical for the area that compares to the premises. This comparison takes into account various industry sources and their knowledge of the local market.
The property valuation process is intricate as it takes into account numerous factors that have a direct impact on the price of your property.