A property valuation is a focused inspection, created to advise on the market value of the property and any serious defect or maintenance issue which could affect that value.
Often, a valuation – particularly a mortgage valuation – is believed to be the same as a building survey. But this is not the case; a building survey focuses not on the value, but on the structure itself and often doesn’t include a valuation at all. The valuation is used mainly for tax or legal matters such as probate and matrimonial valuations, as discussed below.
To make sure our valuations are as accurate as possible, our valuation surveyors are Registered Valuers with the RICS. If you need a professional to calculate the capital value of your own property anywhere in England or Wales, or assess an investment you are looking to buy, the Right Surveyors have the experience and local knowledge to help.
Read on to find out about the many and varied valuations we offer and how each can help you.
“Our nationwide network of surveyors will provide you with an accurate, reliable and clearly calculated valuation report. Each of our professionals is an RICS registered valuer and local expert.”
An accurate valuation can save you thousands in unnecessary expenditure and help you to avoid over-valued properties and negotiate a better deal. Our surveyors are also able to discuss the value with you at any time, advising on related aspects like resale value, investment potential and ‘synergistic’ value.
Many businesses see valuations as an annoying expense, but the benefits of an accurate property valuation to a business’ operation can be substantial. Knowledge is power and, if timed well and professionally prepared, a valuation can be a significant weapon in matters of accounting, investment negotiation and taxation.
Commercial valuations undertaken by Chartered Surveyors are typically split into:
- Company account purposes
- Loan security
- Lease expiry repairs
- Stamp Duty
- Capital Allowances
- Capital gains tax
Whilst not every Right Surveyors practice undertakes all of these types of valuation, we are able to assist in most cases.
Building surveys are perhaps the most common of our residential services, but it is sometimes the case that you need to know the value of a property, rather than its condition.
As RICS Registered Valuers, who are not linked with any estate agent or mortgage lender, we are able to provide an independent opinion of a property’s value for a number of circumstances:
- When you are buying or selling a property
- Matrimonial, probate and family reasons
- Insurance replacement cost
- After a significant extension or refurbishment work
It is important to remember that a valuation does not include a comprehensive report on the condition of the property so only major defects which would be classed as needing urgent repair or remedial works in order to protect the building, or which would affect the property’s value, are reported. Those defects which are minor, which do not put the building or its services at risk, or which would be found only if a more detailed inspection were to be carried out, are not reported.
If you required more detailed advice on the condition of a property, a more detailed survey and report would be necessary.
Re-build and Re-instatement Valuations
A reinstatement valuation is not the same as the market value of your home but is an estimate of what it would cost to rebuild it if it were to be totally destroyed. This usually differs from the market value so it is not recommended that you rely on the market value alone when purchasing building insurance because the cost to rebuild a property can be considerably more or less than this.
It is normal, and usually a requirement of a mortgage advance, for home-owners to have a buildings insurance policy for their home so that you are insured to cover the full cost of demolition, rebuilding and all additional costs such as professional and local authority fees.
Whilst your insurance company will often automatically adjust the cost of your buildings insurance premium automatically if your home is a house, bungalow or flat, they may sometimes require an independent update of the cost to make sure that you are fully insured. It is also advisable that building reinstatement valuations are carried out every three to five years if you own a larger property, or a residential block or commercial unit, with interim desktop assessments on an annual basis.
A periodic re-assessment will eliminate the risk of your being under-insured or over-insured. If the property is under-insured, your insurer is not obliged to cover the full cost of any repairs and this can leave you, as the building-owner, to find any shortfall. Periodic re-assessment will also help to avoid your having to pay excessive insurance premiums for over-insurance.
If you require an up to date building reinstatement valuation for your property, please contact us.
We don’t employ land surveyors here at Right Surveyors, but we do have a competent consultant company who specialise in that sort of thing. If you need land valued – be it a patch, swathe or smallholding – for any purpose, don’t hesitate to contact us and we will put you in touch.
Property Valuation from the Right Surveyors
We always provide:
- An independent expert valuation, not biased by any external forces.
- A thorough, comprehensive service and not a rushed mortgage valuation.
- A personal service from an approachable, qualified professional with experience of the area.
If you would like any help or more information regarding a valuation for your property or properties, do get in touch by calling us on 0345 387 9387 or freephone 0800 880 6024. You can also email us on firstname.lastname@example.org or chat to us live(!) by clicking the “Chat” bubble in the bottom right of the page.