Surveyors: factors considered when making a property valuation.
When you instruct a surveyor to value a property, you are taking a step that is integral to the home-buying process. This part of the process can be very confusing, so it’s important that you understand the various elements that surveyors take into account before setting a value.
When a surveyor inspects the property you want to purchase, numerous specific factors relating to the building are looked at, as well as, general factors like location and current demand. Once all these factors have been taken into account, a fair valuation will be given, this is then used to decide the level of mortgage you can obtain.
Regardless of whether you are selling or buying, the valuer will usually look at the same specifics, such as: Age, size, fittings, room layout, electrics/heating, wear and tear, structural improvements, extras (e.g. double glazing) and storage space.
A detailed inspection of every room will be carried out, nothing is overlooked. They will take images and measurements, to help with the valuation. The valuation is then used by the seller as a basis to set the price, or by you the buyer when applying for a mortgage.
There are also general factors, including: Location, demand and desirability/appeal.
When the surveyor puts the valuation together, they will look at house prices of recent sales in the area, and the general appeal and attractiveness of the neighbourhood.
Once you have the valuation, you are well on your way to getting a mortgage and the property!
If you are thinking of purchasing or selling a property in the local area, give our team a call for expert advice.
We have been in the business of selling and letting property in Surrey and Sussex since 1953, making us one of the longest established estate agents in the area.
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