Property Valuation Birmingham
Property Valuations from Surveyors and Structural Engineers at Property Link
An integral part of the property buying process is having a valuation completed on the property. Property Link has a team of expert Surveyors and Structural Engineers who are qualified and experienced in completing valuations on all types of properties. This provides buyers with an estimated property price and landlords an idea as to how much they can rent their property for.
Our qualified team of experts are experienced in the entire property valuation process, they work closely with you to ensure that you are pricing your property at the right value and they can even suggest ways in which you could increase your property price. All of our Surveyors and Structural Engineers have the relevant qualifications and experience and work in adherence to the strict guidelines, Property Link provides both freehold and rental valuations for residential and commercial properties.
What is a Property Valuation?
The property valuation involves a brief inspection of the property, unlike the home buyers or building survey, the valuation includes very brief details on the condition or constructional issues including the need for further evaluation or inspection if required. Property valuations are suitable for owners or prospective purchasers who wish to establish an estimate of the value of the property.
According to RICS, a property valuation establishes the market value. This market value is described by RICS as:
“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”
Property valuation reports are most commonly used in the property purchasing or selling process, but they can also form the basis of many other reports, some of the most common of these reports include (though there are plenty more):
• Mortgage loans
• Reports required to settle estates
• Reports required to settle divorces
• Taxation reports
Do I need a Property Valuation?
The simple answer to this question is yes. Unfortunately, there is no way of analysing similar properties and estimating the price of yours and there are two main reasons for this:
1. Each property is unique. No two houses are the same, even houses on the same street could be completely different in terms of its condition, size, and extras such as double-glazed windows. In addition to this, there are many other factors that impact on house prices which means there is no way of ascertaining the true value of the property without having an inspection completed.
2. Valuations on properties are only carried out when it is necessary and certainly not with any frequency. Therefore, it is likely to have been months or even years since a valuation was completed on the property and in this time, there might have been changes made to the building and changes in the property market. Therefore, it extremely unlikely that a pre-existing valuation would be an accurate reflection of the current price of the property.
If you aren’t sure of its value, you won’t know how much to buy, sell or rent the property for. For these reasons, an up to date valuation is incredibly important.
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What factors can impact on Property Prices
When it comes to valuing your property, there are lots of factors that can impact upon how much it is worth. There are certain details Surveyors and Structural Engineer will look at in the property, these remain the same for both property sales and purchases and they include:
- The age of the property
- The size of the property
- Wear and tear that has occurred over time
- Structural improvements that have been made
- Fittings and fixtures
- Room layout
- The electrics and heating within the property
- Storage space
- Extras, such as double glazing
- Property desirability
- The location of the property
- The demand for the property
Property Valuation Birmingham: All of these will impact upon how much market value your property has, however, this is not set in stone and there are plenty of things you can do to increase the value of your property.
Increasing the value of your Property
If you are buying a property then you will likely want the property price to be as low as possible, but unfortunately, there is nothing you can do to ensure this. However, if you are selling a property you will want the market value to be as high as possible and for this, there are some things you can do. Some ideas on how to increase the market value of your property include:
- Fixing structural problems such as damp, a leaking roof, insect manifestations etc.
- Add central heating – this will especially increase the prices of properties without any central heating.
- Replace your windows with double glazed ones.
- Update things like your electrics, plumbing and other services.
- Make the property aesthetically pleasing by fixing superficial problems such as cracked plaster, loose tiles and broken windows.
- Convert the attic or basement into a useable room.
- Give the kitchen and/or bathroom a makeover.
If you would like to discuss your valuation needs or would like a free, no-obligation quote, call one of our professional Surveyors and Structural Engineers now.