The buying or selling of any London real estate requires a proper valuation, as it’s important to find out exactly how much the the property is worth, rather than just what you think it may be worth. In fact, many lending companies and banks require you to obtain a valuation, especially if a mortgage is needed on the part of the buyer. Valuations are basically a professional’s opinion on what your estate’s value is. They can then let you know what the best price would be for your estate, so you can have a realistic idea of what to expect. In many cases, the individual doing the valuation more thoroughly knows the zoning laws than the average citizen, so they can also tell you how zoning affects your pricing.
Don’t be fooled, though. A valuer is not the same thing as an inspector. An inspector looks at an estate to see what needs to be repaired or changed so that the estate is safe. While a valuer will notice these things and make note of them as they apply to an estate’s value, they will not make recommendations on how to rectify any issues. Instead, they’ll give you the best and most realistic pricing information for your estate, so that you can get the highest dollar amount possible, as quickly as possible.
So how does the valuing process work? If you have multiple properties or a letting property with multiple units, a valuer must look at each area of the property individually and thoroughly, both the inside and the outside, as well as the neighbourhood. This can help them to properly ascertain the full value of the London, U.K. real estate.
When valuing individual estates, things such as the total amount of living space, the type of construction, the layout, the location, number of rooms, outdoor space, landscaping and overall aesthetic all play into the total value. When a valuer calculates the living space, they measure the outside of the home, not including garages, porches or other spaces not typically used for living. Sometimes the valuer will not include a basement in this. However, this usually depends on your individual valuer and where your home is located, zoning and so forth. Whether or not your basement is furnished, and how you currently use your basement, can also be considered. Remember – if you’re the seller but not the actual owner, you should use this time to definitely point out to the valuer all the great aspects about the estate that they may not immediately notice.
After taking a thorough look at the London estate, a valuer will take a look at the estate market in London and your area in particular. They’ll take into consideration what estates nearby are selling for as well. A good valuer uses lots of data and their own personal insights into the market to determine this part of your estate’s value. Each valuer is different and has a different process.