RICS Valuations

Summary

Whether you are buying or selling a Property, an accurate assessment of its market value can provide important insights. Getting a Property Valuation gives you the ‘market value’ of your home. In a nutshell, the market value is how much a buyer would be happy to pay, assuming that they are willing to pay the current market rate and do not have any pressure to buy. At the same time, it reflects the amount that a property seller would be willing to accept after their home has been on the market for a reasonable period, provided that they are neither over-eager nor reluctant to sell.

Once complete, Residential Property Valuations are normally valid for 3 months.

Why use a RICS registered valuer?

You may hear Property Valuations referred to as ‘Red Book’ valuations. The Red Book is a RICS publication that sets out rules and guidelines for Valuations. It stipulates that RICS Valuations must be carried out by a RICS Surveyor who is also registered as a RICS Valuer. It means that your surveyor is answerable to the RICS and is working to gold standard, professional, ethical and technical principles. This definition of market value is specified by the RICS. This means that surveyors across the country use tried and tested methods to produce reliable valuations that are backed up by concrete evidence. If you choose to use Chris Hodgson Surveyors for your Valuation, then you can be confident that our Surveyor meets these credentials.

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What is a Valuation?

A Valuation of a residential house or flat typically involves a short visit to the property, along with desktop research. Evidence from both the visit and the research are combined to determine the market value of the home. Our Surveyor will make a visual inspection of many aspects of the property when making a Valuation.

 

These can include:

  • how the property was built and what it is made from

  • the size of the buildings and grounds

  • the presence of outbuildings, garages, and parking

  • the structural condition of the property

  • whether there are any serious defects

  • recent improvements to the property, such as extensions or loft conversions

  • the location of the property – its desirability, proximity to local amenities and the quality of the local amenities

  • information on the sale price of three comparable homes nearby that have recently been sold.

It is important to remember that Valuations are not Home Survey Level 3 (Building Surveys), RICS Home Survey Level 2 (HomeBuyer Surveys) or Home Survey Level 1 (Condition Surveys). Properties can have many defects, both major and minor, that do not affect market value but that do require costly repairs and maintenance.  For this reason, if you are purchasing a property it is a good idea to have a Home Survey Level 3 (Building Survey) or RICS Home Survey Level 2 (HomeBuyer) done.

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