Tips from the Experts: Property Valuation
Wednesday, July 08, 2015 by
Whether you’re getting your property valued in preparation for selling, for leasing or even tax planning, getting an accurate valuation of your house or apartment is crucial for getting the most out of your property. James Hamand, one of Douglas & Gordon’s valuation surveyors and manager of the Valuations and Refurbishments Department, gives his top five tips on getting your property valuated.
- Establish the reason you require a valuation and ensure you are obtaining the correct type of advice from the correct valuer for the job. There are many types of valuations; from valuations for tax planning, to valuations for lease extension purposes or secured lending. They are all different, and often cannot be used for multiple purposes. You will save time and money in the long run by ensuring you commission the correct report at the outset.
- Provide as much information as possible up front to the valuer. It will cost money to have a report amended, and often more crucially, it will take time. The valuer will undertake their own investigations, but you will know your property better than anyone. Do not underestimate the value of the information you have.
- Speak to the valuer you are thinking of instructing. You should always make sure you’re happy with the professional you are appointing, and the best way to make sure this happens is to speak to them on the telephone, or if this isn’t possible, at least exchange emails before confirming your instruction. There is often a follow up required (questions relating to the report, or negotiations with another party) and it is essential that you are comfortable discussing all aspects of the valuation with the valuer.
- Ask for an idea of time scale up front. Different types of valuation take different amounts of time, and valuer’s availability varies. You need to be aware of what to expect in terms of turnaround time, otherwise you risk setting unrealistic deadlines and ultimately being disappointed.
- Ensure you are happy with the valuer’s experience and track record. Many professionals may take on work of a type they have little experience in dealing with. It is vital that you ask about your valuer’s credentials in relation to the area of the proposed instruction to avoid possible pitfalls further down the line.
We hope you found these tips for getting your property valuated helpful. If you would like to get your property professionally valuated, feel free to speak to our Valuations Department, staffed only by qualified chartered surveyors with special knowledge and experience to ensure you an accurate representation of your home’s value.