What does a surveyor look out for when conducting a valuation?31/08/21
As members of Royal Institution of Charted Surveyors (RICS) and Fellows of Central Association of Agricultural Valuers (CAAV), Forge’s team comprises highly experienced valuers in a range of property types. As well as the purchase and sale of property, Forge’s valuation service is particularly sought after when it comes to secured lending, Capital Gains Tax, Inheritance Tax, insurance rebuilds and business dissolutions.
Due to the firm’s expansive service portfolio, the valuers come across many different issues and micro markets that need to be taken into consideration when undertaking a valuation and a variety of methodologies have to be used.
Location and situation
In many cases, the location and situation influence the valuation. For example, a house in Oswestry may not be considered to be in an ideal location. However, Victorian townhouses located along the main road leading out of the town are considered to be very desirable.
With the demand for housing increasing, surveyors often consider any potential development within the vicinity of the property being valued. This is apparent in all instances of residential, commercial, and semi-commercial units, whereby the purchaser may be looking to develop on the unit, convert or change the use and so this would alter the value considerably.
Surveyors are unable to comment on the internal decoration of the property, as tastes vary greatly. Nevertheless, if the walls are considerably damaged or damp, or there are broken windows or a damaged roof, this will alter the value of the property. The cost of the works required to the property need to be taken into consideration.
Consider a scenario of two identical houses located on the same street in the same condition. If one property has had a ‘material addition’, such as a single storey sunroom extension on the rear of the property, this would increase the value of the property.
Provision of Amenities
The provision of shops, supermarkets, schools and doctors can often hugely affect the value of a property. This is particularly the case with regard to schools as people will often pay above and beyond what might be expected in order to be within the catchment area of a renowned local school.