Hello and welcome to today’s property surveying blog post, in today’s topic we are going to be discussing valuations, from the different types of valuation services that we offer, and a bit about our approach and methodology with valuations.
Valuations can be a fairly complex area as they are not a fine science, but rather an art with no two properties being completely alike.
Most properties will generally go through many changes throughout their life and may gain additions throughout time such as loft conversions or rear/side extensions, all affecting the property’s value.
The area that the property is situated within and the local amenities and transport links that surround it can also have a significant impact on the value of a property, which is especially true with London properties with the value varying between properties greatly, just a couple miles apart.
Coupled with the ever fluctuating property market this can make valuations a very complex discipline, that’s why here at Stokemont we are very proud to have our own method that has been refined over the years, in which we believe is able to achieve a high degree of accuracy.
What we do!
Initially the valuer will conduct a site inspection to assess the condition of the different elements and services of the property, this will also include the condition of the common areas when the valuation is being carried out on a flat.
The Valuer will also take measurements to find the total square footage of the property. This is so they will be able to find suitable comparable of a similar size and so the cost can be broken down per square foot of the premises.
After this, the Valuer will look into the agreed purchase price of the property or the price that was paid at the time of sale if the valuation is being done retrospectively.
Attempting to find suitable comparable of the subject property, this being properties of a similar size and type, having preferably having a time of sale close to the same time as the subject property.
On average we usually aim to find up to 10 comparable properties if we are able to do so, so we have a robust base to work from.
This can be form viewing a range of digital resources such as
- Right Move
- Zoopla
- Estate agent websites
Once we have found a range suitable comparable, they will also be broken down into their sq to find out the total cost per square foot.
The Valuer may also adjust the sale price of the comparable property depending If the overall condition is deemed to be in a better or worse condition the Valuer will use their knowledge and experiences to adjust the price accordingly.
The Valuer will also use trusted property pricing indices, such as His Majesty Land Reg (HMLR) or the Nationwide House Price Index the adjust the price of a comparable property to mach the date that is required for the valuation within the same quarter.
Different types of valuations that we offer
Market Valuations
This will set out the current value of the property, taking into account property specific factors, local and national market trends.
Retrospective Valuations
This will set out the value of the property at historic date, taking into account property specific factors, local and national market trends of the time.
Matrimonial Valuations
This will set out the value of the property at the current time, taking into account property specific factors, local and national market trends, thereby allowing for smooth matrimonial discussion.
Thank you for taking the time to read today’s blog post, If you have any further questions in relation to today’s blog post, or any of the other services that we offer here at Stokemont.
Please do not hesitate to get in touch today by either giving us a call or popping us over an email and one of our experienced surveyors will be happy to assist and advise.
