What Happens at a Property Valuation?
Property valuations are a pivotal point when it comes to real estate transactions, guiding both residential and commercial endeavors. The primary objective is for the expert valuer to assess the property’s condition, highlight its most attractive features/benefits, and step into the shoes of the prospective buyer to ascertain its market value.
What factors influence how much a property is worth?
Whether it is a commercial or residential property, certain factors play a pivotal role in shaping its assessed value:
- Size & spatial considerations
- Location
- Proximity to amenities & transport links
- Condition
- Potential for development
Read more about how we take into account these various factors and adapt to the ever-changing real estate landscape in Our Winning Approach to Commercial Real Estate blog.
The Valuation Process
While valuations may vary, there are fundamental components that most valuations tend to incorporate with common elements shared for both residential and commercial properties:
- Site Inspection: Interior and exterior examinations
- Room/Space Measurements: Accurate measurements to understand spatial dynamics.
- Key Features: A comprehensive list of notable features and fittings
- Property Characteristics: Acknowledging the property’s age and other influential characteristics
- Structural Assessment: Scrutiny of floors, walls, and ceilings for stability
- Identification of Issues: Detailing concerns like rot, dampness, or elements needing professional attention
Additional factors considered in both residential and commercial valuations may include the quality of outdoor spaces, parking availability, and ambient noise levels.
How to Prepare for a Valuation?
- Present your property at its best by decluttering and cleaning, creating an inviting space for potential buyers or tenants. Enhance its perceived value with quick improvements like painting and repairs. For further insights on expediting your property sale, explore our How to Sell Your Home Quickly in South London blog.
- Gather all relevant paperwork in advance, showcasing your commitment to a transparent and efficient transaction
- Have questions prepared! The valuation offers the perfect opportunity questions, regardless of property type. Leverage the valuer’s expertise to gather insights into the market, potential improvements, and future considerations.
Arranging a Valuation:
This is the first crucial step towards putting your property on the market and initiating a valuation is a straightforward process. Whether it’s for a residential or commercial property, you can conveniently request a FREE valuation here.