A property valuation undertaken by an RICS surveyor is an authoritative appraisal of the market value of a potential asset. This professional valuation, which falls strictly in line with RICS and Red Book guidelines, goes through a comprehensive analysis, complying with the highest standards for valuation determinants. The valuer inspects the property, looking into numerous market factors that drive the value of an asset, from disparate location elements to specifics of its condition, size, to the trends prevailing this thus creating an undeniably accurate valuation report.
The surveyor conducts a thorough examination that considers every element of a property that might affect its worth, from its structural soundness and age to the possibility of future building work and on-site amenities. The level of detail results in a valuation with integrity, whether it’s for purchase, sale, a mortgage or for legal or tax purposes.
Why a valuation? Simply put there are many reasons why a valuation is required:
Precision and Reliability: an RICS Valuation Report is created by accomplished Chartered Surveyors. Their talents reassure upon precise property valuation and reliance through financial institutions, mortgage lenders and lawyers.
Standards Compliance: surveyors registered with the Royal Institution of Chartered Surveyors adhere to stringent rules and guidelines to ensure that the valuation process is completely fair, ethical, and reliable.
Market Insight: with their understanding of the property market, RICS surveyors are well placed to provide a valuation that reflects current market conditions and trends.
Mitigate Risk: an RICS report provides a thorough analysis that allows for early identification of potential problems with the property resulting in reduced chance of unforeseen post-purchase expenses.
Making an Informed Decision: no matter whether you are buying, selling or refinancing, an RICS Valuation Report will let you hit the floor running with the right information to hand.
Tax planning: valuations are key to legal disputes, tax planning, and compliance to ensure objectivity in cases of disputes, fair treatment, and adherence to regulations.
Insurance Purposes: an accurate valuation ensures you can obtain the correct level of insurance cover, protecting against the risk of under insurance.
Investment: an investment strategy is essentially a set of rules, or a methodology, that a person will use to help them make decisions about their investment portfolio, which a valuation would assist.
Insights on Sustainability: construction efficiency, environmentally friendly and sustainability features are a part of numerous RICS evaluations today.
World-Wide Recognition: RICS is an internationally recognised body, so the relevant valuation reports are both respected and accepted in relation to international ventures and investments.
The valuation ensures that the present state of the market is reflected but most importantly remains an impartial and independent view, making it a critical tool for anyone who has a stake in property transactions. The RICS valuation is more than just a crude estimate. It’s a comprehensive profile, a genuine insight into the true worth of a property, backed by the professional integrity and expertise of RICS surveyors.
Our panel of valuers specialise in delivering comprehensive RICS Valuation services, tailored to support both buyers and sellers. Contact the team today for assistance.
There are a number of factors that can affect the cost of an RICS valuation report. Some of these include the type of property, its location, the complexity of the valuation, and its purpose. Typically, an RICS Valuation for a standard residential property costs between £500 and £700, although it can be as much as £1,500 or more, depending on how large and valuable the property is. The fee for commercial and specialised properties may be higher still, because assessing such premises accurately requires extra expertise and time.
A formal valuation of a property or building should be undertaken in the following situations:
RICS Valuations take into consideration the following property factors to determine value:
Obtaining a RICS valuation is often necessary in several circumstances. For example, when applying for a mortgage, the lender often demands a mortgage valuation, carried out by a RICS surveyor, to confirm that the value of the property is enough to secure the loan. Similarly, for legal processes such as probate, divorce settlements, or tax planning, a RICS valuation provides a reliable and impartial assessment of the value of the property.
Furthermore, if you are in the market to buy or sell a property, a RICS valuation will give you peace of mind, knowing that your decisions will be based on the accurate market value of the property. This can be extremely helpful during negotiations, whether you are dealing directly with a seller or through an estate agent, as it will give you a firm starting point for discussions.
