When it comes to property, Valuations are an important part of the process, particularly when it comes to buying, selling, or transferring ownership of a property. But when exactly should you get a property valued?
Here are five events where a Chartered Valuation Surveyor should be consulted for an accurate and up-to-date Property Valuation.
1. Buying a Property
Whether you’re a first-time buyer or an experienced investor, it’s important to get a property valued before committing to any purchase. A Chartered Valuation Surveyor can carry out an inspection of the property to ascertain an accurate valuation, taking into account the condition of the property, its features, its location and comparable sales data from recent property sales. It is likely that this will be a requirement if you are securing lending from a bank or building society. We would always also recommend having a survey completed as part of a property purchase detailed Condition Survey of the property so you can be sure you are aware of any issues present in the property.
2. Probate
If a property is left in a will or is part of an estate, it is important to have it valued. This will ensure that the property is accurately reflected in the estate and that the appropriate Inheritance Tax / Capital Gains Tax is paid – or avoided! A Chartered Valuation Surveyor can help with this process by providing a Valuation that takes into account the condition of the property, its features, and its market value.
3. Divorce
When a couple is going through a divorce, it is important to have the property valued to ensure that any financial settlement is fair. A Chartered Valuation Surveyor can provide a matrimonial Valuation Report that can be used in discussions between the couple and their legal representatives. Should the divorce discussions reach court, a Chartered Surveyor can provide evidence as an Expert Witness.
4. Getting Home Insurance
When getting home insurance, it’s important to get the property valued to ensure that an appropriate level of rebuild cover is ascertained. A Chartered Surveyor can carry out a Reinstatement Valuation that calculates an accurate cost to rebuild the house or commercial property from scratch. This ensures that you are adequately covered in the event that you need to call upon your property insurance.
5. Making Home Improvements
When making large-scale home improvements, you may wish to have the property valued. This can help to guide your future decisions about the property – particularly if it is an investment property. Where a property has been significantly increased in size, this may also have an effect on its Reinstatement Valuation – see above.
If you are looking to buy, sell, transfer ownership of, or get insurance for a property, then it is important to consult a Chartered Surveyor / RICS Registered Valuer for an accurate and up-to-date property valuation. A Chartered Surveyor’s report will take into account the condition of the property, its features, and other relevant factors to reach a figure to help move to the next step or take informed decisions.
