FAQ – Questions and Answers
FAQ – Valuations.co.uk
What is a property valuation?
A property valuation is the detailed report of the rates, physical details of the construction, any problem that needs to be addressed in the property. It also shows the comparative sales analysis of other properties in the area.
Who can request a property valuation?
Property valuation is generally conducted on the request of the house owner and it can also be requested on the behest of the financial instructions such as the bank – who is looking to purchase the property.
How do home valuators come up with a figure?
The home valuators generally visit the place, measure it and take notes of the building structure and its condition. They also take notes of the carports and the home improvement done in the recent years. They compare the property with the recently sold properties in the area and then come up with a home valuation.
What is a licensed valuator and real estate appraiser?
Real estate appraiser are the agents that value your home in order to get your listing. They come to a value based on their experience and the previous sales in the area. On the other hand, the licensed valuator comes up with the figure of property valuation on the basis of the facts and are legally responsible for the information they provide.
How long is a valuation figure “valid for”?
Most of the valuations made by the licensed valuators are valid for three months. However, this time may change based on the market scenarios.
What information is provided in the valuation report?
A standard property valuation report will provide the following information:
- The purpose of the valuation
- The available services in the property and the location
- Dimensions of the land
- Home improvements made on the property
- The estimate value of the property
- Comparable sales figures (where applicable)
- Repairs or renovations needed in the property
- Maps, plans and photographs of the subject property