The Property Valuation Process
Sun 16 Apr 2023
Holly Butcher, Residential Valuer
House valuations in the UK are typically performed by professional surveyors or estate agents. These valuations are used for a variety of purposes, such as determining the market value of a property for sale, assessing the rental value of a property, or for inheritance tax purposes.
The most commonly used method for valuing a property is the market comparison approach. This involves comparing the property to similar properties that have recently been sold in the same area. The surveyor will take into account the age, size, location, and condition of the property when making their valuation. Other factors that can influence the value of a property include the proximity to schools, transport links, and local amenities. The surveyor may also take into account any planning permission that has been granted or any potential developments in the area that could impact the value of the property.
In addition to market valuations, there are also home valuations offered by online platforms, such as Zoopla and Rightmove. These platforms use algorithms to calculate an estimate of a property's value based on a range of data, such as recent sale prices, age, and property type. It is important to note that while these online valuations can provide a useful guide, they are not a substitute for a professional property valuation. A surveyor or estate agent will be able to provide a more accurate and reliable valuation based on their knowledge and expertise.
A study by Zoopla in 2021 discovered that almost half of the homeowners (45%) undervalue their homes by an average of £46,300. This finding goes some way towards demonstrating how beneficial it can be to have an expert valuation done on your property.
Property appraisals are an essential component of both the buying and selling processes involved in real estate. This exercise aims to evaluate the state of the property, identify the aspects that make it most appealing, and formulate an estimate of its value in the current market.
The real estate agent professional conducting the property valuation will, in effect, play the part of a potential purchaser. They will examine the property in detail, weighing its benefits and drawbacks, and determine how much money someone would be willing to spend to call it home. A property's value can be affected by various aspects, such as its size, location, condition, proximity to conveniences and transportation links, and potential for future development.
It is possible that obtaining a valuation will motivate a homeowner to take action, mainly if the value of their property turns out to be greater than they had anticipated.
The procedure for valuing a property.
There are only so many blueprints that all assessments of value adhere to. Given that no two properties are precisely the same, certain aspects will be more relevant in some instances. The experts conducting the valuation may sometimes have their ways of working but given that no two properties are precisely the same, this is inevitable. For instance, land assessments will be required to determine the development potential of some properties, whereas, for other properties, more in-depth calculations may be required.
There are, on the other hand, some guidelines that are generally accepted.
The following are typically factored into most valuations:
- Inspections from the inside and the outside
- Room measurements
- A detailed listing of key features and fittings
- A notation of the age of the building or property
- Evaluations of the state and soundness of the structural components of the ceilings, walls, and floors
- Details of rot/damp/elements that will potentially require professional attention
A property's valuation may also consider factors such as the size and quality of its gardens and land, the availability of parking space, the state of its garages and other outbuildings, and the amount of noise that can be heard inside and outside the property.
These factors vary depending on the type of property being appraised. The person or people appraising the property may also take photographs, but this is only sometimes the case.
Often, pictures will only be taken once the homeowner decides that selling the property is the correct choice for them. A completely different scenario is presented when one obtains an online property valuation. This is a quick way to estimate your property's value according to the land registry and basic data. This is an excellent first step for many people who are just getting started with the process of selling their homes.
Getting ready for an assessment or appraisal
There are a few things you can do before a valuation to ensure that your property is seen in the best light and that the entire valuing process is simple and stress-free for all parties. The first thing that should be done is to clean up the area and make it look presentable. For instance, it is unnecessary to rent a carpet steamer; however, decluttering the home, cleaning the kitchen, putting away books and toys, and getting rid of excess furniture will go a long way toward highlighting the spaciousness and openness of the property.
If you are determined to try and quickly boost the value of your property, there are many things you can do to spruce it up and make it more attractive. If you are determined to try and quickly boost the value of your property, you should do these things.
Painting fences or doors, mainly if they are old and worn out, can make a significant difference. Additionally, replacing or repairing plant pots, decking, and facades can impact the property's appearance. Visit our blog” Tips to Increase the Value of a Property and Potentially Sell It Faster” for additional information and suggestions on how to add value to your property. In addition to this, it is essential to gather all of the necessary documentation.
Although this may not be necessary on the day of the evaluation, having everything you need on hand is still a good idea. Getting some questions answered and receiving some direction concerning the sale of the property is a great opportunity the valuation provides.
Suppose there is anything that you want to know. In that case, whether it be about the property itself, the market as a whole, or something completely different, the expert conducting the valuation will be able to assist you or help you by pointing you in the right direction. This applies whether the information you want is about the property, the market, or something else entirely.
Take advantage of the valuer's expertise by asking them questions like those found in our blog post titled " Questions Sellers Ask Estate Agents ". Consider looking at your home through the eyes of a potential purchaser, as this could be another helpful strategy.
You should read the post on our blog about “Questions Buyers Ask Estate Agents” so that you are prepared to ask any questions of your estate agent’s valuer. and be ready for your buyers!
To recap…
• We value your property and get you ready to sell or let
• We'll get you the best possible offer.\s
• We manage the sale\let to completion.
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· It is easy to access and use.
· It is completely Free.
With a property valuation from Butcher Residential, you can rest assured that you are in safe hands!
Still, have questions?
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If you feel you need further help and advice, please don’t hesitate to contact Barnsley’s local property experts.
Butcher Residential is a long-established independent family-owned firm with offices in Penistone, Barnsley South Yorkshire, and Denby Dale in West Yorkshire with over 30 years of experience in Barnsley property sales, lettings, and commercial property management/sales
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