Do you need to find the value of a property or properties, but are unsure how to get a robust, reliable property valuation? Here’s how you can obtain a property valuation, and how to determine which form of valuation you will need.
What Type Of Valuation Do You Need?
When asking how to get a property valuation, the first step is to understand what type of valuation you actually need. This hinges upon the reasons behind requesting a valuation. Are you trying to calculate the value of your assets? Do you need a reliable valuation for legal purposes? An insurance valuation? Are you curious about selling your home?
Here are the most common reasons for obtaining a valuation of your property:
I’m Looking To Sell My Home
If you’re looking to list your home on the market, you may not need a valuation, but rather a market appraisal. The primary distinction between these lies in formality – a valuation is more evidenced and researched by a professional, whereas an appraisal is a more general estimate of value. Appraisals can be provided by estate agents – usually free of charge – or can be calculated via online instant valuation tools. However, if you are looking for a more thoroughly researched, evidential value of your property, you should speak to a RICS registered valuer.
I Need A Valuation For Matrimonial Proceedings
For those experiencing a divorce, a valuation of your property will likely be required to establish the value of the assets shared by the splitting parties. This stage in divorce proceedings is crucial, as disputes often arise over the relevance of shared assets. A matrimonial valuation can help ensure a fair resolution. These valuations must adhere to RICS Red Book standards, guaranteeing the highest level of accuracy and reliability, as it may be examined in court proceedings or by solicitors from both parties.
I Need A Probate Valuation
If you are responsible for the estate of an individual after their passing, you will require a probate valuation. A Probate Valuation determines the value of a property subject to inheritance tax as of the date of death. This valuation represents the property’s open market value and may be reviewed by HMRC, which is why it is vital that you obtain a valuation by a RICS valuer.
I Need A Valuation For Tax Purposes
Many individuals will require a property valuation in order to determine the value of a unit for tax purposes. This can include valuations for capital gains tax, ATED, inheritance tax, stamp duty land tax, corporation tax or income tax. The key thing to look for when obtaining a valuation for tax purposes is that your appointed valuer closely adhered to RICS and HMRC guidance to remain as diligent and accurate as possible.
I Need A Valuation For Insurance
Insurance reinstatement assessments ensure properties are properly covered using the latest construction cost data from the RICS. This can significantly impact the premium payable, potentially saving clients a substantial amount of money. For unique, listed, and mixed-use properties, a comprehensive reinstatement assessment offers reassurance that the property is adequately insured against damage or total loss. Please source a RICS registered valuer in order to carry out this type of valuation.
Finding A Valuations Expert
Once you have decided what form of valuation you need, it’s time to find a valuer that can provide the service you are looking for.
It is strongly recommended that you source a valuer that is RICS certified – this means that your valuer has been assessed by an independent body and has been deemed capable of providing valuations that meet the high industry standards set out by The Royal Institution of Chartered Surveyors. You can find a RICS surveyor near you by using their ‘Find A Surveyor’ tool, allowing you to search for a valuer by location or by name.
Here at Centrick, our Valuations & Professional Services team are RICS Accredited, giving you the peace of mind that your final valuation is supported and verified by a respected national body.
I’ve Found A Valuer – What Now?
Now you’ve sourced a valuer that is able to provide the services you need, it’s time to get booked in for a valuation. You will need to schedule a date when your chosen valuer can attend your property to inspect it thoroughly – this can take a number of hours but depends on the scale of your home and purpose for your valuation. Your valuer will be able to provide an estimate of time prior to attending your property, and will be able to quote you a price depending on your needs.
Please ensure that before your valuer attends your property, you have cleaned and tidied as much as possible: this will give your valuer a better chance to inspect your property as thoroughly as possible. Your valuer may also need to take photos of your property as part of their evaluation, so removing any clutter is particularly helpful. It is also worth making access requirements for your valuer to attend your property – ensure they can reach your unit with ease and that they have all the relevant codes, keys and fobs required.
You should also provide any relevant documents related to your property at your valuers request, such as EPC and insurance documents. Please consult your appointed valuer to find out what they will need.
Get A Property Valuation With Centrick
Looking for a property valuation? Look no further than Centrick – we are a seasoned team of RICS Registered Valuers providing ‘Red Book’ valuations for a diverse clientele, including banks, financial institutions, developers, Housing Associations, charities, property owners, and private individuals throughout the West Midlands.
Utilizing a variety of research tools and comparable data, we always have the most current information at our disposal, and we take pride in our friendly yet professional approach and our ability to deliver quickly when clients face time constraints. Our reports are clear and concise, and we offer a direct line of communication to address any questions or concerns that may arise.
To schedule your valuation, get in touch with our team using the form below:
