Valuation Reports in Canterbury
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What exactly is a Canterbury property valuation report?
A property valuation, also referred to as a market valuation or property appraisal, is an unbiased estimate of a property’s market value, or what it could be sold for, at a given time.
The estimate is performed by a qualified and trained appraiser or valuer. Canterbury provides this helpful report to ensure all parties involved in a property transaction have a clear understanding of the property’s value.
Reports on market valuation offer insight into a home’s overall financial performance based on factors such as:
- the square footage of both the indoor and outdoor spaces
- the year the house was built and how well it’s been maintained since then
- the location both in terms of community and amenities
- any defects and what you can access nearby
House valuations differ from building surveys and RICS HomeBuyer Reports as they do not inform the interested party of the condition of the property nor its defects, which can be numerous and significant. While surveyors do carry out inspections and condition reports, the Chartered Surveyors who issue the property-valuation reports do not ordinarily make comments on the condition of the property nor its defects. This is a very important difference and explains why clients often purchase both a building survey and valuation report together.
The Benefits of a Property Valuation Report
Several factors can influence the price of an RICS valuation report, including property type, location, and purpose. For standard residential properties, an RICS valuation is generally priced at a minimum £700. For larger and more valuable residential properties, the cost can go up to £1,500 or more. Valuing commercial and specialised properties will be more expensive as the valuing surveyor will require extra time and expertise and therefore will charge more.
Different Types of Valuation: when are RICS valuations necessary?
A proper and detailed valuation of a property should be done in the following instances:
- Buying/selling
- Mortgage
- Transferring assets into SIPP
- Capital Gains Tax
- Probate or transfer of estate (Inheritance tax)
- Right to Buy
- Help to Buy
- Shared ownership
- Divorce (Matrimonial Valuation Report)
- Rent reviews or negotiations
- Reinstatement Cost (Rebuild)
- Shared Ownership
- Tax planning
- Dispute resolution (e.g. mediation)
Property Price Factors
RICS appraisers factor in the following property elements to assess a house’s worth:
- dimensions and size
- age
- state of repair
- building method and materials
- count of sleeping rooms
- site and local zoning
- permits for proposed use
- alterations (e.g. new rooms)
- comparables
- type of tenure
Is an RICS valuation something you require?
There are many occasions when people find it essential to obtain one. When applying for a mortgage, for instance, a lender almost always insists on a mortgage valuation. This is performed by a CIOB, RPSA or RICS surveyor who is instructed to confirm that the property is worth enough to secure the loan in question.
Moreover, if you are looking to buy or sell a property, a valuation by your surveyor will provide you with assurance. You will know that the decisions you are making are based on the true and accurate market value of that property. This fact alone can help you immensely when it comes time to negotiate, whether you are dealing directly with a seller or working through an estate agent. You will have a solid foundation upon which to build your negotiations.
Why is a Valuation necessary?
There are many reasons that make a valuation necessary. First and foremost, the RICS valuation report, based on international standards, is one of the most precise methods of valuing something.
Adhering to rules and guidelines that are as stringent as those demanded of any financial institution ensures objectivity and impartiality, meaning that the surveyor is not unduly influenced.
Reduced Risk: an RICS report allows for early identification of potential property problems and is a good basis for understanding what sorts of issues might crop up in the future.
Valuations are also key to legal disputes, tax planning, and compliance. They ensure objectivity in disputes, fair treatment in legal cases, and adherence to regulations.
Valuations aren’t just for legal purposes, of course. They are also crucial for insurance. Unless a business knows the true value of its assets, it can not realistically insure them.
Investment: an investment strategy helps an investor make decisions about their investment portfolio. Valuations would help in this decision-making process.
Sustainability: efficiency in construction, environmentally friendly features, and products that are sustainable are part of numerous RICS evaluations today.
Global Acknowledgment: CIOB and RICS enjoy a global standing, which brings a level of respect and acceptance to its property appraisal reports when they are used for international business dealings.
Valuation for Divorce (Matrimonial)
A Divorce Settlement Valuation is a service that will enable you to split them appropriately in the divorce settlement. It guarantees that no matter what the terms of the settlement are, the equity is divided proportionately.
Contact us for Property Valuation Canterbury
When you get a property valuation report from a Chartered Surveyor, you can:
- grasp how accurate your agreed purchase price is
- not have to worry about purchasing an overvalued house
- negotiate the price
- know if the property is right for you and your family
However, a market valuation does not give estimates for repair costs, assessment of defects, or give recommendations for repair.
Bear in mind you are making a long-term financial commitment when you purchase a house in Canterbury, London, Bristol, Birmingham, Manchester and Cardiff. Therefore, it is key that you know the accurate value of the property you want to purchase before you put in an offer. This is exactly where we can assist you. Don’t waste your time with dubious online tools, or comparing your property with similar ones in your street. Instead, let a registered valuer give you an accurate market valuation.
