How to get a valuation of a property15/04/21
Why do you need a property valuation?
Property needs to be valued so that you know how much it is worth. This could be for various reasons, however the most obvious one is because you wish to put your property up for sale. You use the valuation when you put the property on the market for a number of reasons, maybe you’re downsizing, separating from a partner who owns part of your property, or dealing with probate. A valuation is also essential if you are renting out a property.
Here are six reasons why you may need a property valuation:
Selling or buying
A proper valuation will ensure that you get a grasp of the market value of the property before you sell it. The assessment will determine a competitive and fair rate. Included in the assessment will be factors such as whether the real estate market is buoyant, the property’s state of repair, desirability and local amenities.
You may think that you can just rent a property by comparing it to one that is similar on the market but a property valuation is a way of getting an independent assessment of a fair and competitive rent. This is usually calculated at around 6%-10% of the estimated price of the property.
For mortgage purposes
For various reasons it could be that you need a loan secured against the value of your house. In this case, whatever the price it is valued at will determine how much money you can borrow.
Transferring to someone else
If someone wants to transfer property to someone else, its value will have to be assessed beforehand.
Properties come under compulsory acquisition when bankruptcy is declared. They are usually auctioned off and a valuation is made so that the base value is determined.
For tax purposes
The estimated price of a property comes into play when there are various taxes such as ground rent tax, wealth tax, municipal tax and property tax are being considered.
Who carries out a property valuation?
A property valuation is carried out by a surveyor or an estate agent who will take into account various elements before making an assessment. A professional who carries out the valuation isn’t just looking at the size of the property or the lovely wallpaper but will have taken in a huge amount of information even before stepping through the door.
What they’ll be looking for is:
What is involved?
The surveyor or estate agent from the property valuation company should have amazing local knowledge and already understand the area and surrounding neighbourhood. They’ll be aware of the most recent sales of similar properties and how much they achieved, even before they make their visit.
When the estate agent or surveyor carries out their valuation they’ll look at specific factors relating to the building these will include:
- Age of the property
- Size and number of bedrooms/bathrooms
- Wear and tear
- Structural improvements that have been made
- Room layout
- Extras (e.g. double glazing, air conditioning)
- Storage space
The surveyor will make a detailed inspection, during which each room is assessed under various criteria. Any external structures such as garages and outbuildings will also be taken into account. Measurements will be taken and so will professional photographs. The reason for this is to give you a realistic idea of what your property is worth and give potential buyers a figure on which to base a mortgage.
How to arrange a valuation of your property
You can get a free valuation from your trusted, local property valuation company by simply contacting them by telephone or online. The valuation takes around an hour although the amount of time it takes will depend upon the size of the property.
What will the result be? And what will it mean?
A good property valuation company will ensure that you will get a realistic valuation figure by weighing up all the evidence, like comparing your property to others that have sold in the area, condition and desirability and if you are happy then you can set the sale or letting process in motion.
Grow Property offers free, no-obligation property valuations in Wrexham, Chester and surrounding area. We are a property valuation company that has a wealth of local knowledge and expertise and are here to advise you on every aspect of property sales and rental. We’ll listen to your goals and help you achieve them, supporting you throughout the process with advice and expert coordination. No sale is too big or too small so contact us now for a free valuation.