An expert House Smart Surveyor will provide a Residential Valuation Report which will detail an accurate property valuation using the comparable method after a brief inspection of the property has been conducted.
Please note the difference between a valuation report and a home survey. Unlike a home survey, a valuation report does not detail the condition of the property, just its assessed value.
Both sellers and buyers will need a valuation through the home moving process. The property valuation is important for both parties as it assures that you are paying for the value of the home and that buyers aren’t being overcharged or that sellers aren’t being undervalued.
Here is a list of different property valuations you can get:
It is important to know that a valuation survey will not reflect the condition of the property or inform you of any structural damage. The valuation report, also known as the Valuation Inspection and Report, will inspect the property which will only aid in determining the property’s value.
An RICS registered property surveyor will assess the location and condition of your home and provide you with a valuation report that will help you set the price of your home or guide you in what price you should be paying for a property.
A Residential Valuation Report is conducted by an RICS-registered valuer. This report will assist in helping you to understand the value of your property.
This differs from a Level 2 or Level 3 valuation as it will only point out significant issues which could impact the market value, rather than detailing issues which could significantly impact you.
This valuation will be conducted independently by a registered RICS valuer to provide the current market value of any property purchased under the Help-To-Buy scheme backed by the government for first-time buyers.
This valuation can be helpful for selling, repaying or re-mortgaging property.
There is a significant difference between a HomeBuyer report and a valuation report. Whilst the HomeBuyer report will detail any structural or significant defects to the property to outline any potential damage and repair costs you may face.
A Valuation Report will inspect the building to define its current market value. This will be significantly less detailed which is why it is strongly advised that you get a HomeBuyer Report.
To help make this more affordable, at a discounted price you can get a valuation done alongside a HomeBuyer Report.
The Valuation Report takes about 30 minutes to conduct as it will only look for visible and significant defects in the building. Data of sold property in close location to the building with be compared, assisting with the final valuation of the building.
Please note that this report will not advise you on any repair work required or of any maintenance the building may need. The report will be sent to you via email once it is completed.
Depending on the size of your house, Valuation Report costs can vary. However, the nature of these reports is much less detailed than others, be assured that this is reflected in the cost.
You can request a quote to receive a more specific cost for your Residential Valuation Report. The team at House Smart will be happy to assist however they can.
Depending on your property size, a valuation report tends to take around 30 minutes to conduct. You will then receive the report via email within two working days.
Here is a more detailed look at the associated timings with a Valuation Report:
The Valuation Report is completed within a much shorter period compared to reports such as the HomeBuyer Survey or a Full Building Survey. This is because there is much less detail, inspection and assessment involved in this report.
The Valuation Report aims to primarily detect significant defects which could impact the market value of the property, so it only takes a brief look at visible and accessible parts of the building to determine if there is anything significantly problematic with the property.
You will receive the report via email within 2 working days. However, this can sometimes vary depending on the size of your building. Due to the less detail-oriented nature of the report, it takes significantly less amount of time to write and put together the final documents.
The Valuation Report will be sent to your customer account via email. Once you receive this document, you will find that it is laid out in a very clear format that states simply what the estimated value of the property is.
The report is likely to be sent as an email, although in some cases it may be received as a printed letter. The report will highlight pieces of information like the estimated value of the property and any potential stress or clear defects.
Although you can expect to receive the report via email, in some cases you may receive a physical letter. However, the information and layout will remain clear and concise, providing the same information that an email would.
Opted to go for House Smart Surveying for my full home buyers survey and I can confirm they did not disappoint. From booking in the survey right to receiving the survey report they were professional, reliable and helpful with the info.
I asked House Smart to complete a survey for us and it was very detailed and carried out professionally. Many thanks guys and we highly recommend your services.
