Our Valuation Approach
Here at Berry Lodge, our valuers are not only members of the RICS, however they are also RICS Registered Valuers. We feel this best places us to be able to assist with your property valuation requirements.
We thought we would take a closer look at how our valuers undertake their property valuations in an effort to help you understand the valuation process.
Comparable evidence is at the heart of all our valuations, it is the process of identifying similar properties to then compare and where applicable, apply to the subject property.
This approach ensures the valuer is able to arrive at a valuation of the subject property based of current market trends and figures.
You will often hear the phrase that Valuation is an Art, rather than a Science. The truth is a valuation is actually somewhere between an Art and a Science.
There is a science behind locating relevant comparable properties that lend themselves to the value of the subject property. Generally speaking the valuer will identify comparable properties and evidence based of the property:
- Age and Style
- Any Additions (Property Extensions)
- Transaction Date
That element of the valuation is the science and the fairly straightforward process of thorough research pre and post inspection. However, as there are no two properties that are alike, the art of the process now comes into play.
A good valuer will be able to look at how the subject property interacts with the comparable properties. In particular cross referencing against the property being valued to assess how the comparable evidence affects the value of that property.
There is unlikely to ever be a perfect combination of characteristics or attributes, therefore the valuer will often have to look at the value her or she attributes to the comparable evidence, respectively placing the subject property against it.
The end result will be a list of properties in a matrix format that confirm the valuers opinion of those that are higher value than the subject property, those that are lower and then usually those that are at the same valuation level.
The valuer will then have a confident and firm opinion of the property valuation.
Once this has been established, the next step will be to look at the overall Market trends at the current time, at the time the comparable property was sold as well as any overriding economic principals.
Once these have all been carefully considered, the valuer should have an accurate opinion of the property valuation and can then inform his or her client accordingly.
Property Valuation can often be a challenging task and fraught with lack of evidence, lack of market transparency, and inactive market or a rapidly changing market.
Here at Berry Lodge over the years we are proud to have valued everything from a studio flat to a commercial retail estate. Our valuers have also valued properties throughout the UK which we believe underpins our knowledge and expertise.
If you would like to discuss your property valuation needs with team of valuers get in touch with us now.