Independent RICS Market Valuation
Market Valuation in East Sussex and Kent
Buying a home in the south east involves considerable financial commitment, making it crucial to establish the market value of a property before making an offer. Online tools such as Zoopla provide a rough guide to the market value but in order to have an accurate assessment a RICS registered valuers should be instructed to provide a Red Book Valuation.
Market value is the estimated amount for which a property 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. The Market Valuation should be provided by a qualified RICS registered valuer with experience of local property markets. The surveyor will perform an inspection of the entire property and should measure the floor area.
Market valuation reports briefly describe the overall condition of the property and also describe its size and location. Market value is based on factors including:
- Condition and defects
- Proximity to public transport
- Quality of fixtures and fittings
- Outside space
Unlike our building survey and Condition Survey, house valuations don’t explain defects or provide a cost estimate for any required repairs. Speak to one of our RICS surveyors if you need further advice on the difference between each survey.
Obtaining a property valuation report (also known as a Red Book Valuation) from a chartered surveyor allows you to:
- Check whether the agreed purchase price is appropriate
You don’t need to risk purchasing an overvalued home when you can obtain an accurate and up-to-date market valuation report.
- Negotiate a more favourable price
You may be able to reduce the property’s asking price significantly using an independently obtained market valuation report.
- Highlight any significant apparent defects
While a market valuation involves only a brief inspection of the readily accessible parts, a qualified Survey can still pick up information that would impact on value including apparent dampness or structural defects. Learn more about building surveys if you want to gauge the property’s condition.