PROPERTY VALUATIONS

There are a number of reasons why you might want to ask for a valuation of a property. If you’re mortgaging a new home, borrowing money that you need to secure against the property’s value, going through a divorce or probate matter or are in the midst of a financial planning exercise, a valuation will establish the market value of your property.

A property valuation should always be undertaken by a registered valuer who is a member of the Royal Institution of Chartered Surveyors (RICS), which ensures its members maintain professional standards in their work.

Trinity Rose Chartered Surveyors carries out residential property valuations for all kinds of reasons – read more about this service and talk to us about arranging a valuation report for your home.

Trusted, professional property valuations from expert RICS surveyors

There are various types of residential property valuations, including HomeBuyer valuations, Help to Buy and shared ownership valuations as well as valuations for reinstatement costs for insurance purposes to cover you for rebuilding your home.

Residential property valuations are most commonly carried out for home purchases and secured lending purposes. Mortgage lenders will request a mortgage valuation to ensure their loan is secure in the event they need to recover their investment and sell the property. Valuations are also included with HomeBuyer surveys and should give purchasers the peace of mind they are paying a fair market price for their property. It’s important to remember that valuations are not building surveys and are quite different to valuation appraisals that are carried out by estate agents.

Trinity Rose Chartered Surveyors is regulated by RICS and our ‘Red Book’ valuation report will include information ranging from the size, age, location and condition of the building, marketing commentary and information on the sale price of comparable homes that have recently sold.

How do house valuations work?

Valuations are most commonly instructed by banks and building societies to ensure the value of the property they are securing a mortgage or other borrowing against is accurate in the event they need to recover their loan.

The property valuation is required when:

  1. the owner of a property dies
  2. a joint property has to be divided up for matrimonial purposes
  3. a secured loan is taken out
  4. trusts and estate planning takes place
  5. you’ve remortgaged or bought a property with Help to Buy or Shared Ownership and want to increase your share by ‘staircasing’, a valuation will accurately establish its market value.

House valuations vs house surveys

It’s important to remember that a valuation is not a property survey and is only designed to tell you what your home is worth. However, your surveyor may also include a reinstatement figure and disclose any other important information that may call for further investigation, due to the potential impact this could have on the value of the property asset.

What are property valuations?

  • Valuations are designed to establish an accurate market value for a residential property
  • Suitable for remortgaging, cash buying, divorce, probate, staircasing or secured loans
  • Valuations must be conducted by RICS chartered surveyors
  • A valuation is not a detailed survey, but can provide further helpful information

Whatever the reasons you have for needing a valuation on your property, Trinity Rose Chartered Surveyors can user expert local knowledge and surveying expertise to assess its value. 

We’re proud to sit on the Legal & General panel of trusted surveyors and valuers and to act for many of the UK’s most respected lenders.
 
If you’d like to talk to an expert RICS registered valuer about a valuation for your property, please contact us.
 
We offer Property Valuations in Hampshire and Surrey including Alton, Alresford, Farnham, Chandlers Ford, Bishops Waltham, Park Gate, Southampton, Winchester, Romsey, Lymington, Lyndhurst, Salisbury, Christchurch, Poole, Parkstone, Brockenhurst, Ringwood, Bournemouth, Portsmouth, Basingstoke, Verwood, Fordingbridge, The New Forest and Wimborne and the surrounding areas.
 
 
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FAQs

Is it worth getting a property valuation?

Property valuations can give you a better sense of whether you’re getting a fair price or not. 

How long does a house valuation take?

Generally, a house valuation lasts anywhere from 15 minutes to an hour, depending on the size and layout of the property. 

What is the purpose of a property valuation?

A property valuation is an inspection carried out to help determine the current market value of a property.

What to expect at a property valuation?

A property valuation involves a valuer visiting a property, and looking at the condition, layout and any unique features of a property. The better condition of the property, the more the property will be worth. 

What factors are considered in a residential valuation?

Several factors are considered in a residential valuation, each helping to determine the property’s market value. These factors help surveyors assess a residential property’s worth in the current market.

Here are the key factors typically considered in a residential valuation:

  1. Location is one of the most significant factors influencing a property’s value. Factors within location include proximity to amenities such as schools, shopping centres, parks, public transportation, and local infrastructure. The neighbourhood’s desirability, crime rates, and school district quality are also considered.
  2. The size of the property, including the square footage of the land and the size of the house, plays a crucial role in valuation. Additionally, specific features such as the number of bedrooms and bathrooms, the layout of the property, and any additional amenities like swimming pools, garages, or outdoor spaces are considered.
  3. The overall condition of the property, including its age, maintenance level, and structural integrity, is evaluated. Any necessary repairs or renovations needed to bring the property up to a certain standard are also considered.
  4. Historical sales data of the subject property, including its purchase price and any previous sales, are considered.
  5. Comparable evidence, a process through which the valuer collects and analyses details of recent sales of similar properties in the same neighbourhood or nearby areas, provides a benchmark for determining the value of the subject property.
  6. Current market conditions influence property values, including supply and demand, interest rates, and economic factors.
  7. The age of the property and its depreciation over time are also factors in valuation.
  8. Surveyors may consider the property’s potential for future development, extension, or improvement when assessing its value.
  9. Environmental factors such as natural hazards, pollution, or proximity to environmentally sensitive areas can affect property values.
  10. The energy performance certificate of the property is considered in relation to the subject property and other comparables

By considering these various factors, appraisers can provide an accurate assessment of a residential property’s market value, helping buyers, sellers, lenders, and other stakeholders make informed decisions.

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Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR

t: 01962 880426

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Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR

t: 01962 888900

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Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR

t: 02382 002500

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