Are you not sure what a property valuation involves? Well, you’re not alone!
Using a property I recently worked on as a case study, I will help you understand a Valuation Report with a step by step run through of the survey and what you should expect to receive. Below is each section included in the market valuation and a brief description of what will take place.
Definition of Market Value – the estimated amount for which an asset should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Starting with a list of instructions, you will be made aware that the report is being carried out by the chartered surveyor and on the specific date it will be done. Listing the address, the solicitors that are in partnership and the actual report details, I will also confirm that I am not aware of any conflict of interest from the property or the interested parties.