Hire a Professional Property Valuation Surveyor
Are you looking for an experienced, qualified professional valuation surveyor to provide accurate and insightful property valuation advice? With more than 20 years of valuation experience, Oakfield Chartered Surveyors is one of the leading property valuation firms in the home counties and is well-versed in providing clear, accurate reports that you can use to make informed decisions about your property. Here, we will discuss how a surveyor values a property, the services offered by Oakfield Chartered Surveyors, and how you can get the most out of your property valuation survey.
What is a property valuation survey?
A property valuation survey is a detailed assessment of a property’s worth by a qualified residential surveyor. Lenders, buyers, and sellers frequently use this type of survey to ascertain the fair market value of a property. A property valuation survey considers the property’s location, size, condition, and any upgrades or renovations. This information can then be used to make informed decisions about buying, selling, or refinancing a property.
How do valuation surveyors value a property?
When valuing your home, a surveyor will do a physical assessment and compile a detailed report based on their findings. Any factors that could increase – or decrease – the value of your home will be investigated to ensure the projected price is correct. Some of the things they will look at include:
Where a property is located is crucial when estimating a house price. If a property is well-served by public transport and close to local amenities and shops, it will have a significant impact on the valuation assessment. For example, owning a house near a school with an excellent reputation will almost certainly increase its value.
This normally provides a broad description of the property, such as the number of storeys and the year it was built. The report will also briefly assess how well the property has been cared for.
The type of house and the number of bedrooms are other important factors in determining the price. In this stage, your surveyor will take property measurements and make notes on the plan. These measurements are usually approximate and are taken per the Royal Institution of Chartered Surveyors (RICS) standards.
Utilities such as gas, water, and electricity are included. Surveyors will simply assess the visible elements of these services and will not conduct any extra tests to confirm their viability, according to RICS guidance. This is because, in most situations, these are built into the property’s construction.
This section provides a more comprehensive account of the house. You can request that some areas of your value report not be addressed.
The owner is responsible for providing any pertinent information about the property to the surveyor. Verbal inquiries will be made when needed. If specific portions of the property are inaccessible, they will not be inspected and assumed to be in acceptable condition, unless otherwise mentioned in a “Limitations” section.
Leasehold homes are typically less expensive than freehold properties, thus a valuation assessment will take this into account as well. The property title will be examined to see whether there are any charges or restrictions on the property.
A valuation report is prepared assuming the property complies with all building codes. As a result, the owner must ensure that all planning data and certificates are in order.
An estimated price will be determined based on sales of comparable properties in the area. A valuation assessment will evaluate the average price, but will also consider recent sales when boosting or decreasing the value of yours. Neighbouring properties selling for less or more than their worth can impact your house’s selling price.
We are one of the leading Chartered Surveyors covering London, Buckinghamshire, Marlow and Oxfordshire and regulated by the Royal Institution of Chartered Surveyors (RICS).
Our team is dedicated to providing the highest quality building surveys.
Contact us to discuss your requirements further.
What sort of things can make a residential property lose value?
A whole range of things can decrease the value of a property. These include:
Not looking after a property can lead to serious structural damage over time. In turn,this can have a significant impact on the estimated price of a house.
The location of a property is a crucial factor when estimating its value. The condition of surrounding properties can influence their sale price, which will, in turn, affect the value of your property. The absence of local amenities, such as shops or good schools, can also devalue your property.
Shifts in the market, such as an increase in the base rate or the impact of events like COVID-19, can decrease a property’s value.
Local planning applications can provide insight into how the value of your property may be affected by nearby developments.
Is a residential valuation by a qualified surveyor accurate?
Surveyor valuations are reliable as they aim to provide a realistic assessment of a property’s worth. This is achieved by conducting a thorough analysis of all the factors that can impact the property’s value.
Internal and external factors affecting an RICS valuation
During a property valuation, the surveyor considers both internal and external factors. Internal factors include the property’s description, the number of bedrooms and stories, as well as the services it has access to. External factors refer to the surrounding neighbourhood, proximity to local amenities, and any perceived risks.
How to prepare for valuations
When getting your house ready for a valuation, it’s important to highlight its most appealing features. Ensure the space is tidy and adequately illuminated while also presenting an inviting exterior. Gardening may be a useful way to improve the property’s appearance.
Keep in mind that some factors are beyond your control. Therefore, it’s crucial to maintain realistic expectations and avoid stressing over the valuation’s outcome.
Valuations We Offer
No matter what type of valuation you require, we will always ensure that an experienced MRICS Chartered surveyor is on hand to assist you.
If you would like to hear more about our valuation services or are looking for a quote, please do get in touch with us.
Our RICS compliant Market Valuation will provide an impartial and accurate figure of what a property is worth at an exact date in time.
When a person passes away, their estate may need to be valued for inheritance tax purposes. This is usually determined by the next of kin’s solicitor or accountant.
Help To Buy
This is aimed at first time home owners and is governed by regional property price limits to ensure the scheme is used by people who need it the most.
The Shared Ownership scheme gives you the opportunity to buy a share of your home whilst paying rent on the remaining share.
When couples separate, an impartial matrimonial valuation will be required if the couple cannot decide how to proportion their assets fairly.