Property Valuations, which are sometimes referred to as Real Estate Appraisals, are the process of providing an informed and comprehensive review of the market value of a property and/or its surrounding land. They are necessary for the simple fact that properties, even those built at the same time that remain unaltered will be unique and therefore be priced differently. Obtaining property valuation advice will assist you in obtaining an optimum price for your property. There are numerous factors influencing the final figure quoted for your property; however, a few key example are:
Property Valuators will review the general condition of the house amenities. This includes the aesthetic condition of the property both inside and outside, but it can also include less obvious signs of impending wear. Conversely, assets that have been well maintained will affect the assessment criteria.
This includes internal features that can be altered or additions that can be made. For example, knocking down walls that have no support function in order to improve or change the function of the space. Most commonly, however, Property Valuation services will regard the potential to extend the property in any direction. This could be in the form of a basement development, loft conversion, front or rear extensions, or any other change that might improve the property in a similar manner.
The property valuation report will detail amenities that are within close proximity to the property. These can include shops, schools, leisure facilities and transport links, to name but a few. Such observations will also look at the exterior of the property, the setting of the street, neighbourhood and the general area that, either at the time of valuing or in the immediate future, will have impact on the cost. One example could be a nearby body of water, which may bring value in respect of the property’s scenic nature, but might also pose a risk as regards flooding or unpredictable tidal patterns.
Whilst these criteria go by many names, this is an assessment that you can really benefit from by ensuring you use a professional Property Valuation service. This for more niche or luxury considerations that should be conducted by a certified expert. Certainly, if you think that your property has any period or exceptional features, it is well worth obtaining a full property valuation. This is because such features can substantially affect the market value of your property and are easy to miss if a basic online property valuation is conducted.
Property Valuations can require multiple and often complex calculations to determine the financial impact derived from wear and tear or damage sustained, the location, physical alterations and other features. Investing in a professional property valuation expert can often yield important information. Our professional property valuation services is objective, ensuring that your property is valued realistically so that it performs at an optimum level on the market.
Unlike instant online values, our expert team take the time to conduct a thorough assessment of your property. Our Property Valuation service combines up-to-date knowledge of property assessment criteria and many years of experience in order to provide you with an accurate and useful report.
Whilst the process differs, depending on your needs, property type and other mitigating factors, an overview of the process we undertake with all properties could look something like this:
In addition to our regular Property Valuation services, we also offer Desktop Valuation. These reports are created following a similar process to a regular Property Valuation; however, the key difference is that this service relies on sourced data rather than a physical inspection. This type of valuation is most commonly used as an addendum to an existing report. This might be for the purpose of re-assessing data in respect of changes in the property market. The information can be derived from a previous report or other external sources or a combination of both. This type of approach is reliant on previous available information that can be used by the Property Valuation team.