Having your property valued by a chartered surveyor is a necessary step in the property valuation and sales process. A valuation report is conducted by a chartered surveyor and is an estimated figure designed to help set a price for those who are looking to sell their property. A property valuation takes many aspects into account including ever-changing house prices, so it can be confusing to grasp if you are unfamiliar with the process, e.g. if you are a first-time buyer or seller. There is a wide range of factors, from the location of the property to the features of the property itself that can all affect how a chartered surveyor values a property, and each step of the process is designed to gather the information that will influence the property value.
A physical inspection of the property is necessary for correctly valuing the property. However, before a physical valuation inspection takes place, extensive research is conducted by your chartered surveyor to gather key information that will influence the valuation figure. A surveyor will examine the local area for any issues or influencing factors, such as the surrounding properties, school catchment areas, transport links and flood risk zones. The style and type of the property and any planned alterations such as extensions may also be analysed if the lender requires this information for the mortgage valuation. All of this background research helps to build a picture of the property that will indicate its market value. A mortgage valuation is also necessary for buyers who are looking to use a mortgage to buy property, as it determines the property value for the lender and decides if they are willing to lend this amount against the property.
With the important background information and surrounding area research complete, a chartered surveyor will then begin the physical valuation. The surveyor will inspect the property and note any key features or obvious issues with the property, however, a valuation report is not a house survey and will not provide an extensive analysis of the condition of the house. Chartered surveyors will inspect the property and give a report on the overall condition, paying attention to things like the age of the property and whether it has been modernised, the number of bedrooms and any obvious major defects like damp, structural damage or faulty wiring.
Following an in-person inspection, the surveyor will then need to take their research and their findings from the survey into account, using their expertise and current housing market patterns to come to an informed conclusion on the property value. This can sometimes be a time-consuming process, as the surveyor may need to converse back and forth with local selling agents to conclude if any issues need addressing. Your chartered surveyor uses extensive valuation data and their knowledge of the value of properties in the local area to settle on a valuation figure that is based on fact. Choosing an RICS registered e.surv/Walker Fraser Steele chartered surveyor ensures that your surveyor will conduct a professional and reliable property valuation to a high standard, producing an accurate figure that is fair to buyers, sellers and lenders.