Here at Surveying People, we understand the benefits that both surveys and valuations can have for a property. Whether this is a commercial or residential building. A homebuyer or seller’s peace of mind needs to gain a further understanding of the valuation of a property.
But, why are valuations so important? Find out more here from a team of RICS-qualified London surveyors.
What is a Valuation of a Property?
Simply put, a property valuation is a thorough analysis of a property’s market value based on location, condition and several other criteria. Without having important knowledge of the current state of the real estate market, it may be impossible for a lender to understand the amount of money needed to purchase or sell a property.
As it can be difficult to forecast how people’s emotions, market knowledge and other things can affect the talks, it is important to keep in mind that the sale price is typically different from the values given in the reports. But as a buyer or seller, knowing the value of property will help you negotiate effectively and secure the best possible offer.
Helps Insures a Property
To ensure your home is covered appropriately, homeowners must get an accurate appraisal of their property. And this is where valuations can help. By hiring professional surveyors, RICS-qualified professionals can assess several factors to determine an educated estimate for your property.
Without this, homeowners run the damage of not having enough coverage by telling their insurance company a value that is too low for the property. Similarly, if you give your insurance company a high figure, homeowners may be charged a far more expensive rate.
If You Plan On Selling Your Home
An accurate valuation of a property is vitally important when it comes to selling your home. If homeowners list their houses for a price that is too low, you could attract a lot of interest. However, if it sells for that amount, the homeowners lose money. And a valuation is a great way to further understand what amount it should be sold for. Especially in the current market environment.
What is the Purpose of House Valuations?
Before a valuation can commence, one must establish the purpose of the assessment. More often than not, a valuation will be for mortgage purposes. In this case, the bank will typically arrange its own surveyor.
In the instance the valuation is not for lending purposes, the client will have to explain what they require a valuation for. This can include a variety of reasons for a valuation of a property, including:
- Capital Valuations
- Staircasing
- Help to Buy Loan Redemption
- Insurance Reinstatement
- Lease Extension
Here at Surveying People, all our house valuations are performed by RICS-qualified surveyors.
Building Surveys
Though valuations are important, in certain cases, they do not give enough information and do not provide details on how to fix issues. Therefore, a building survey is occasionally the preferred choice. A building survey will carefully examine every component of a property and provide a detailed description of its state, along with any flaws or necessary repairs.
The building survey will list any flaws with the property, their apparent source, the necessity of making repairs right away, and any costs associated with doing those repairs. Find out more about our surveys here.
Compare London Surveyors
With over 30 years of experience in the construction and surveying industry, our team at Surveying People consists of RICS-qualified surveyors and EPC inspectors. Our London surveyors cover areas including the North, North West, Harrow and Central boroughs. All our surveys are completely bespoke and meet your specific requirements. So, when it comes to the valuation of a property, consider Surveying People!
For more information, or to receive a quote on our residential surveys, fill in our form here. Or, speak to one of our homebuyer surveyors today and call us on 020 8203 1281.