What Is a Valuation?
Overall, a professional valuation can provide valuable information and help you make an informed decision about your property. It is important to choose a qualified and experienced professional to carry out the valuation to ensure that you receive an accurate and reliable assessment. All of our surveyors are RICS registered valuers and will be able to assist with any of your valuation needs.
Why Do I Need A Valuation?
There are several reasons why you may need a professional valuation and this is not limited to the following things. You may need some advice if you can't make a decision yourself without a surveyor advising you on the advice you require. Advice is limited to the following valuation works:
- Mortgage lending: If you are applying for a mortgage, the lender will typically require a professional valuation of the property to ensure that it is worth the amount of money you are borrowing.
- Tax planning: A professional valuation can be helpful for tax planning purposes, as it can provide an accurate assessment of the value of your property. This can be useful for assessing inheritance tax, capital gains tax, and other tax-related matters.
- Dispute resolution: A professional valuation can be used as evidence in a legal dispute, such as a boundary dispute, separation, or a compensation claim.
- Investment decisions: If you are considering buying or selling a property as an investment, a professional valuation can provide a useful insight into the property's value and potential return on investment.
- Shared Ownership: If you own a share in a property then you will require a RICS valuation if you wish to sell your shares or acquire more.
- Right to buy: if you rent from a local authority or housing association you may be able to exercise your right to acquire the property at a reduced rate. To do so, you will likely need a RICS Valuation to ascertain the Market Value of the property.
- Insurance Reinstatement Cost Assessments: An insurance reinstatement cost assessment is a report that estimates the cost of rebuilding a property in the event of damage. The assessment is used by insurance companies to determine the amount of coverage required to fully protect a property.
You may be unaware of why you need a valuation. If this is the case, feel free to get in touch with our friendly team. We will be able to discuss your circumstances and advise you on the type of valuation you require.
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