March 3, 2017

Property valuations explained

House price tag

The property valuation process

 

Whether you are buying or selling a property, the valuation is a key part of the process. Andrew Granger & Co is one of the leading independent firms of Chartered Surveyors in Leicestershire. Here’s what to expect when you’re undertaking a property valuation, the procedure and how you can ensure that your property is subject to a full and fair valuation:

What is a surveyor?

Chartered surveyors are members of the Royal Institution of Chartered Surveyors (RICS) and are fully certified property professionals qualified to ascertain how much a property is worth in accordance with its condition and current market value. 

How do surveyors value a property?

A surveyor will assess both the inside and outside of a property using a detailed inspection to review every room. General aspects that are taken into account by a surveyor when valuing a property include the location, demand, desirability, age, size, size and condition of any land, room layout, storage space and parking.

Other areas that will be looked at include:

–   Whether electrics and heating are modern and in good working order

–   Whether the property is double glazed or has other energy efficient features

–   How much wear and tear there is on the inside and outside of the property

–   Whether there have been structural improvements made to the property

–   Whether fittings are in place and what condition they are in

–   Whether there are any leaks, damp or plumbing problems

Tips for obtaining the best valuation possible

Before a valuation takes place

There are two main things that you can do to increase your chances of getting the best valuation before a surveyor arrives to value your property: enhance the appearance and make the most of the space. This includes making sure that the outside of the property looks as clean and tidy as the inside. For example, by cutting the lawn and weeding any patios. Even when an inspection is highly detailed, first appearances count.

Whilst a valuation is taking place

It pays to be there when a surveyor is assessing your property, as you will be able to make them aware of factors which could improve the valuation.  Things that you should let a surveyor know about during their visit, include any value you have added to the property, whether the figure that you paid for the property what you paid for the property had any contributing factors, home improvements, structural improvements or extensions, previous valuations, rental value and if you have had any other offers already

Behind the scenes

Either before or after they have assessed your property, a surveyor will also research how much properties in your local area have increased in price and demand recently, as well as how much properties similar to yours have sold for within the last few months.

If you think that an aspect of your property could make a difference to its valuation, it’s worthwhile discussing this with your estate agent when they value it, so that they can either put your mind at rest or give you advice on how to improve any problems.

Andrew Granger & Co offer a full valuation service carried out by our team of chartered surveyors in Leicester, Market Harborough and Loughborough. Contact the branch closest to your property today:

Leicester: 0116 242 9922
Loughborough: 01509 235 534
Market Harborough: 01858 431 315