As a property owner, you may be curious about how valuers come up with the estimated value of your home. Here is a brief overview of the process:
Most valuations are done by a professional body such as the Royal Institution of Chartered Surveyors (RICS). The valuer will visit the property and take into account a range of factors, including the condition of the property, its location, the size and any features or extras that may add to its value.
The valuer will also look at comparable properties in the area that have been sold recently, as well as any that are currently on the market. This will give them an idea of the current market value of similar properties.
Once the valuer has taken all of these factors into account, they will come up with an estimated value for the property. This figure is usually given as a range, with a lower and upper estimate.
The valuation is not an exact science, and there is always some margin for error. However, it should give you a good idea of how much your property is worth on the current market.
A property valuation report is an estimate of the current market value of a property, usually prepared by a professional valuer.
A valuation report can be useful for a number of reasons, including :
– When you are buying or selling a property, a valuation report can give you an idea of what the property is worth.
– If you are planning to borrow money against your property, a valuation report can be used to assess how much equity you have in the property.
– If you are thinking of making improvements to your property, a valuation report can help you to assess the likely increase in value that the improvements will achieve.
– If you are involved in a dispute over the value of a property, a valuation report can provide an independent expert opinion on the value of the property.
