HOME VALUATIONS
The method of calculating a home valuation can vary from estate agent to estate agent, however larger companies will abide by the code created by the Royal Institution of Chartered Surveyors. Other smaller lettings agents however will calculate the valuation of a home based on either the same or similar aspects.
The Royal Institution of Chartered Surveyors Code is based on the following:
- The age of a property
- The type of property that it is
- The property's state and construction
- The locality and surrounding amenities available
- The tenure, tenancies, services charges and other liabilities
- The accommodation available
- The fixtures and features of a property
Another common method of calculating home valuation is 'The Comparable Sales Method'. Smaller letting agents are more likely to use this method to conduct a home valuation and is predominantly based around the prices of sold, similar properties in the local area. The characteristics of this method includes:
- Date of the transactions
- Speed of the transactions
- How the property was paid for
- Property size
- Property condition
- Property location
- Building regulations
Once these characteristics have been individually analysed, valuers will provide you with an appropriate price range.
Not sure whether your valuation is accurate? Your safest bet is to look at homes in your area and see what they're valuated at. If your home is selling for £200,000 but your neighbour's is valuated at £350,000, you may want to ask for a second opinion.
Glocal Residential Limited
0121 655 5188
74 Bristol Street, B5 7AH
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