Row of cows at farm in Shropshire

Spring into action – what affects property valuation?

30/05/23Spring into action – what affects property valuation?

As house and land prices continue to fluctuate in the UK, it’s always good to have a clear idea of what your estate may be worth. It may be part of legacy planning or insurance reinstatement, or it could be to secure a loan or mortgage against a property. But having a clear idea of the value of your property can provide you with assurance and peace of mind.

Factored in

Valuations of buildings are defined by a number of factors. If you are selling a property for example, it may be worth more to the buyer than the seller, due to some key aspects – a good example of this is the proximity to a good local school. Obviously location is a key factor in determining the value of a house. The same property built to the same specifications but placed in three difference postcodes will return vastly different values. The more sought-after the area is, the higher the value.

Rural locations are often highly-prized for their peace and quiet, but they don’t suit everyone. Factors such as an area’s infrastructure and transport links, public play areas and parks, highly-rated schools and colleges, sports facilities and gyms, good quality shops, and busy pubs and restaurants can all go towards improving the value of a property. These are often the amenities lacking in more remote rural locations, which is why sometimes countryside property prices can be tempered. There’s usually a trade-off between peace and quiet, and convenience, with personal preference being the deciding factor.

Key spaces

Another aspect of property that contributes to a valuation is the layout of the property. This isn’t simply the rooms, their configuration and dimensions, but also if there is potential for adaptation and conversion. Some owners will have improved their property over the years, with extensions and other amendments. These in turn will have increased its valuation. Loft conversions and other improvements can add a great deal to a property. Rural property especially often has space around it to offer the potential for extension or conversion. A valuation will also look at outside areas, such as outbuildings, garages, storage, sheds and off-road (or otherwise) parking. Key spaces that are always under the spotlight in a valuation are the kitchen and bathroom. Well-maintained, eye-catching examples of these can make a big difference to a valuation – and are good selling points in due course.

Added value

Rural or older properties often enjoy a range of original features – these can include original flooring, such as farmhouse tiles, or fireplaces and ornate staircases. All this will be included in the valuation too. The condition of the property is also of massive importance to the valuation. Good maintenance is essential, so aspects such as roofs should be checked regularly to ensure they aren’t causing any damage. The general condition of the property, such as carpets and paintwork, are important too. Services such as the heating and the building’s energy efficiency will also be addressed, as these have positive impacts on the value. The valuation will also be affected by market value and also by what else is available in the area. If there are a number of new-build properties in the area, or a burgeoning community and shops, these will likely have a positive impact.

Valued customers

You may need a land or property valuation for all kinds of reasons, from Secured Lending, Tax Planning and Matrimonial and Family purposes to Business Dissolution, Insurance Reinstatement or Assessment, and Compulsory Purchase Compensation.

Anyone requiring valuation advice is best served by instructing a firm of Chartered Surveyors such as Forge to undertake an RICS regulated red book valuation. This is more advantageous and accurate in comparison to a market appraisal which is prepared by an estate agent. This is because a red book valuation undertakes a thorough analysis of the property in the context of completed sales and/or lettings evidence within the local market in order to determine a justified and transparent valuation for the property. A market appraisal on the other hand is just a best estimate of what property may achieve in value terms, and may be subject to bias, such as an inflated estimate being given in order to win a sale instruction against the competition from other estate agents.

At Forge Property Consultants, we have four RICS Registered valuers with cross-sector experience, who can undertake formal valuations all classifications of residential, commercial, and agricultural property across the West Midlands and Wales. We provide detailed, evidence-based valuation advice on all kinds of assets, from commercial and residential, to development and agricultural land. Our valuers are ideally situated to provide valuations across Shropshire, Staffordshire, Cheshire, Birmingham, North and Mid-Wales and South and West Wales. This is reinforced by our excellent local knowledge of working in these areas for many years.

If you’d like to find out what your land or property may be worth, or if you need a valuation to secure financing, then get in touch with one of our expert valuers today.  

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