SHARED OWNERSHIP VALUATIONS
PRIVATE VALUATION IN NEWTON ABBOT, EXETER, TEIGNBRIDGE, TORBAY AND ACROSS DEVON
Whether you are buying or selling a home, an accurate assessment of its market value can provide essential insight. Aside from that, you are unlikely to be able to proceed with a sale of a shared ownership property without a residential valuation from a RICS valuation surveyor.
WHAT IS A PROPERTY VALUATION?
A RICS Valuation is a professionally completed assessment of the property's market value. Guided by a strict set of guidelines, best practices, ethics, and professional standards, the RICS Valuation Standards ensure that properties are valued as accurately as possible by considering several factors.
A valuation is not the same as a market appraisal offered by an estate agent. A valuation is carried out by an experienced Chartered surveyor, a registered valuer and a member of the Royal Institute of Chartered Surveyors (RICS). A market valuation report from a chartered surveyor is recognised as having legal status.
WHAT HAPPENS DURING A PROPERTY VALUATION?
If you own the property, you will meet your surveyor on-site, giving them full access. You should answer all their questions truthfully and fully. It’s important to discuss everything you’ve done to the property, from decorating to extensions and structural work. In short, give them an overview of how you have added value to the property.
You will need to let your valuer know the original property cost and the context in which you bought it. If you have any comparable evidence, for example, the house next door was sold recently, let the surveyor know. If prices in your street have increased for a specific reason, tell your surveyor. Discuss any offers you’ve received.
WHEN IS A PROPERTY VALUATION REQUIRED?
There are many situations where a property valuation is required, including the following:
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Buying or selling a home
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Buying or paying back equity loans
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Help to buy
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Shared ownership
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HOW WILL A VALUATION BE CALCULATED?
As part of a valuation from a RICS registered valuer, you will receive a professional valuation of your property. Following RICS guidelines and standards, they provide you with a market value analysis you can trust.
Surveyors have access to large databases of local prices. They find similar properties to help them determine a property’s value.
It is important to remember that valuations are not the same as surveys. It’s possible for properties to have many defects, both minor and major, that do not affect the market value but that may need expensive repairs and maintenance. With this in mind, if you are purchasing a property, it makes sense to have an RICS Home Survey completed alongside a valuation.
