What Is Independent Valuation Of Property Cost?

A property valuation report is a legal and professional assessment of the price of a property, usually prepared for various reasons. A valuer evaluates the worth of the land, environment, buildings, and other additional features that influence the value of your property.

This process often involves an external and internal assessment of the property in question. An independent valuation is one conducted by a neutral party who has no interest in the property being assessed.

If you choose to hire an independent party, whether you are a buyer, seller or simply curious, you can contact a reliable organisation to help you. They will determine the cost of your home; how much it could sell for in a few years or the best time to hold on or let go.

Why hire an independent valuer?

Accuracy. A valuer with no interest in the property is more likely to provide an unbiased assessment of the building. Individuals who intend to buy it off you may decide to mark down the actual cost to so they can sell at a profit. Conversely, those who intend to sell it for you may increase the actual price to enjoy the margins.

While both cases may not necessarily be illegal (as some may be tied to fees), it is best to work with an agency that is fair and transparent. An independent valuer with no interest in the property will tell you exactly the amount it is valued in the property market.

How does it work?

Some property assessors may use a combination of resources or their relationship with individuals in the government agencies (Land Registry and Registrars organisations) to give you an accurate and current property valuation for any building in the UK. In many cases, this process takes a long time.

Can I do the valuation myself?

Yes, you can. The internet is a treasure trove of information. You can use an online house value calculator to determine the real price of your property. So, long as you use a trustworthy online property valuator, you can get the results you need.

Simply answer the different questions about the condition of your property. The free online calculator can provide answers to how much revenue you can make from selling your property.

The calculator takes into account several factors responsible for the cost of a property. Some of them include, the number of bedrooms in your home, the presence of a garden, swimming pool, parking space, any conversions or additions, the age, building style and so on.

The online house value calculator saves your time and money.

Why do I need a house valuation?

It is important to know the value of your property so you can make informed decisions at any time. For instance, if you want to move homes, property valuation is a critical part of the process. If you want to rent or sell the old property, the price will give you an idea of the rental or sales cost to place on it.

Even if you are not moving just yet, a good knowledge of the value can let you plan ahead for other things. It could let you know if it is a wise decision to make expensive conversions at a particular time. Sometimes, expensive home renovations won’t add value to the price of your home. You are better leaving the property the way it is.

When you have an estimate on the price of your property, you can compare it against the price of the houses being sold in your area. This should be a good indication of whether you need to make any refurbishments to increase the worth of your property.

How can I check the value of homes on my street?

Valuations vary widely between estate agents, but there are some online resources that give you access to specific and detailed information hitherto known to only mortgage lenders and estate agents.

The major real estate companies get theirs directly from the Land Registry office, but some localities are available online. Homes that have only just been sold will have their records online after a few months.

For us, it is as simple as entering a postcode or street address to find out which homes have recently been sold and at what price. The search can further be narrowed down by the age of the property and style.

Can I determine the price of properties by area or nationally?

If you have a good knowledge of the property market, you can find out how many sales are occurring and know the value of each of them. The Land Registry collates official records on real sales, recording almost every property sold in Wales and England.

The agency’s House Price Index provides the median house prices by region and country, categorizing them into different types of property. However, it is important to note that they are at least a month old.

How can I get a ballpark valuation?

This is easy because there are free online tools you can apply. However, some of them can be way off, so you need to ensure you are working with a reliable organisation. But for a more reliable figure, use Land Registry sold prices along with a survey.

Some experts advise people to take the ballpark figures with a pinch of salt and only use it as a casual guide rather than a real investment resource. These websites offer a rough estimate of your home’s value.

You can also get forecasted figures on rent and review it with the average amount in that area. Be wary of site that tend to undervalue the price of some properties. Some of them are based on the last sale prices and may be unaware of any recent renovations.

Can I determine the value of a home based on its sale price?

If you remember the amount you bought your home, some websites can calculate the difference over time based on market forces and other economic realities. Simply enter the postcode and the last sale price. However, like before this method doesn’t take into account any recent renovations.

If you want an independent valuation of your property that is professional, fast and accurate, let us handle it for you.

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Published on 1st June 2017

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