When selling or letting a home, it is essential that an accurate valuation is received. This helps determine what the price should be, and attract a high number of viewings. However, a wrong valuation could result in a property not selling or letting, or going for too low a price.
Determining the valuation is not as straightforward as many initially think. It can be a difficult and protracted process. Further than this, it is interesting to note that even some of the best estate agents and letting agents do not actually conduct detailed home valuations.
Instead, the value they give is more an indication as to the most appropriate price, related to the current market conditions in the area at the time. There are those who will also use experienced valuers, working to the Royal Institution of Chartered Surveyors (RICS) code, which follows a set series of criteria.
The code defines that a property should be valued according to its type, age, number of bedrooms and any fixtures and fittings included in the sale. This all seem fairly straight forward then, but does go further than this.
The RICS code also rates the value of a property against its position in the local area, its access to local amenities, as well as its construction and the state of repair it is in. The final consideration is against the tenure, ongoing tenancies, service charges and any other liabilities.
Before seeking valuations from local estate agents, it is well worth asking them what exactly they are able to provide. On the back of this information, it may be necessary to seek a more detailed appraisal independently.
The importance of an accurate valuation goes hand in hand with having a competent agent working on the property owner’s behalf. To this end, Meet My Agent provide a forum for sellers and landlords to leave their own lettings and estate agent reviews, helping others choose the best to work with.
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