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House valuation report

Thomas Miller
31.01.2023, 07:15
5 min
Table of Contents

What is a valuation report?

A valuation report is a well-detailed document that is written after the inspection of a house or any other property to determine the value of the house (property). A house valuation report provides an indicator of the property's value, making it applicable to all types of properties. The house valuation report considers the location and state of your house to assess its worth. Additionally, it helps to set the price of the house for sale. A valuation report can be provided after an online valuation has been conducted.

The valuation report contains information about the property, including its: 

  • owner, 
  • appraisal, 
  • and other relevant characteristics. 

This report was created following a thorough examination of the structure's design, construction, and layout.

What does a valuation report include?

The specifics that go into a property valuation report mostly depend on the kind of property being assessed. The value of a commercial property will emphasise aspects demonstrating the property's suitability for business purposes, whereas the valuation of residential property will emphasise factors demonstrating the property's suitability for pleasant habitation.

A valuation report includes information on the size of the property including;

  • the building and the land, 
  • its current state, 
  • its owner's information, 
  • any impediments that may be present, 
  • rates, 
  • the property's sales history, 
  • and the worth of nearby properties. 

Below is a list of what the report includes;

  1. Name of the candidates/buyers.
  2. Name of the owner.
  3. Structure of the house
  4. Date of valuation - The Report states the date of the onsite inspection of the Property by the inspectors.
  5. Purpose or reason for valuation - Depending on the client's requirements, the purpose varies. It may be requested for banking purposes, informational purposes, tax purposes, court purposes, government processes like land compensation, or even just for the customer to know the value of his property.
  6. Type of property.
  7. Neighbourhood and amenities (schools, transport terminals, shopping malls, etc.)
  8. Details of property - The valuation report includes a thorough examination of all the features of the property and the neighbourhood. The property's square footage, the facilities, and the availability of water and electricity. Additionally, a thorough description of the regions is included, along with an examination of the building's measures, if the valuation is carried out for a building, such as a house.
  9. The number of floors, rooms and bathrooms.
  10. Location - The property's address and location, including its presence on a Google map, will be thoroughly examined.
  11.  Improvements are required in the property.
  12.  The renovation was done in past years.
  13.  Age and estimated future life of the property.
  14.  Maintenance level of the property.
  15.  Availability of front yard, backyard, garage.
  16. Calculated fair market value of the property.
  17. Calculated average rent of the property.
  18. Calculated yield (for an investment property)
  19.  Coloured or Satellite pictures of the property.

How to get a property valuation report?

There are several reasons why someone might desire to determine the value of their property. These factors include, but are not restricted to;

  • sale, 
  • purchase, 
  • rental, 
  • insurance, 
  • mortgage
  • payment, 
  • and property taxes. 

Most people determine the value of their homes to sell or rent them. To get a property valuation report, you can start with an online valuation. You will get instantly a free valuation report including the fair market value of the property, the potential rental income and an analysis of the local market.
You can then hire a professional valuer if you want a more detailed report. The valuer determines the property's worth using factors including the property's dimensions and the sort of construction materials used, in a detailed report. 

The process may seem straightforward, but it is not. It takes a while to complete. The first and most crucial step in determining the value of your property is to ensure that all the relevant legal documents are readily available. 

After meeting with you, the valuer will request your property records and request to visit the property. At this point, the valuer assumes control and begins evaluating your property’s worth. The appraisal utilises his or her:

  • hard-earned credentials, 
  • abilities, 
  • expertise, 
  • and professionalism to arrive at an approximation of its value. 

Depending on the expertise of the valuer and the specifics of the property, this often takes four to seven days. These days, a building's worth is determined using a set of standard measures and the kind of materials that were used to construct it. It is crucial to understand that a property's determined value is dynamic. This means that there is a chance that, once determined, it will fluctuate over time depending on the economy's rate of inflation or deflation.

You can also get a property valuation report after doing an online valuation using RealAdvisor. RealAdvisor can serve as a free online property valuation tool which you can use to get a property valuation report at absolutely no cost. 

Property Valuation Example

Check out this sample of a property valuation report from RealAdvisor

Cost of the property valuation report

The cost of a property valuation report may come at no cost if you decide to use an online valuation tool. Real Estate agents can also provide the service for free depending on the owner's project. 

Prices for professional valuations with detailed reports may vary. For an average house priced between £100,000 and £249,000, a valuation report will usually cost around £300-400.

Property valuations provided by estate agents are usually free because it’s a great way to view the property up for sale or purchase. Your real estate agent's evaluation of your home shouldn't cost you anything. Many realtors will offer a free estimate of your home's value even if you haven't engaged one yet and are still looking.

Additionally, websites such as RealAdvisor offers a free and effecient valuation tool that will help you get on top of your finances and receive an accurate estimation of your property value.

Many times, property purchasers and real estate investors overlook the importance of carrying out a property valuation study, which forces them to overpay for the property. To increase your profits, it is advisable to employ a property valuer to appraise your property and provide you with a real estate property report. 

Contact us at RealAdvisor for further information to get your house valuation reports https://realadvisor.co.uk/en/appraisal

Outlined below is some basic information about the valuation report:

  • A Valuation Report is a basic inspection of a property that will determine its value.
  • The following can be accomplished with the help of a valuation report's information: Estimating the price of a house, remortgaging a house, obtaining loans, and calculating both divorce settlements and estate settlements.
  • To avoid wrongs being provided in a valuation report, it is important to let only certified and professional valuers carry out property valuations. 

FAQ

What is the best property valuation?

A property valuation can offer a quick and simple estimate of your property's value. The best property valuation is the one that most closely determines the value of a property.

What can I do to make my house more valuable?

There are many possibilities for house remodelling that can be considered. There are several options, including converting a loft, adding a bathroom or bedroom, expanding the floor space, altering the driveway, remodelling the kitchen, or using any other existing space. Your property gains functionality from these, increasing its value.

Thomas Miller
Thomas Miller has been a real estate agent for over 4 years now, when he is not in the field, he is dedicated to his second passion, writing, especially in the real estate market.
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