What is a Property Valuation?
A property valuation is an appraisal that determines the value of a property based on specific factors, such as location and property condition. The valuation will be carried out in person by an estate agent. The agent will take notes and photographs of your property and send over a valuation report once it’s completed.
Who carries out a property valuation?
The valuation will be carried out by one of our estate agents. They will consider elements of a property such as;
- Wear and tear
- Size
- Storage space
- Room layout
An agent will also take into consideration the location of the property and similar properties that have been sold in the local area. The combination of these factors will ultimately determine the asking/guide price of the property.
Difference between a mortgage valuation
A mortgage valuation is a less in-depth assessment of a building than a property valuation. A mortgage report is solely for the use of the mortgage lender. Its purpose is to ensure that a property is valid collateral for the loan and will only be around 2-3 pages long. Most often banks will opt to use online sales data in combination with a brief look at the exterior of the property and the area. However, if a property is made of a non-standard material like concrete a surveyor may be sent on behalf of a lender. The cost of a mortgage valuation is usually included in your mortgage fees. Request a property valuation today!
What reasons might you need a property valuation?
The most obvious reason you will want a property valuation done is when you are buying or selling a home. However, this isn’t the only instance where a valuation might be necessary. So let’s go over some of the other reasons for getting a valuation done.
- Shared Ownership Valuations
- Matrimonial Valuations
- Probate Valuations
Shared ownership valuations
If you have a shared ownership property, where you own a portion of the property and pay rent on the rest. In this instance, you can buy more of the property to increase your ownership share and decrease your rent. Every time you buy more of the property you will need a property valuation for the current market value.
Matrimonial valuations
If you are getting a divorce you will want to get a property valuation done. This is to assess the value of your property when organising a settlement or working out how to separate your assets. A property valuation is important here as in most divorce cases the house is the most expensive asset owned.
Probate valuations
If you are designated the executor of an estate with a property in a will, you will need the property valued. This is to ensure that HMRC receives a current value for the property, and it will affect the inheritance tax paid on the property. Additionally, if you are the inheritor of a property a property valuation will better inform you whether to keep or sell the property.
If you are looking to sell your property and want to know its value, then you can check out our free valuation page. Additionally, if you are looking to buy a property, you can check out our available properties.
