Property Valuation Basics

The concept of property valuation may seem confusing and complex, yet it is inevitable when you are selling or buying a house. Even then, when you understand property valuation basics you will be able to understand how much your house is worth before putting it up for sale. On the other hand, if you are buying a house you will also be able to determine whether you will get value for your money. Here are some four property valuation questions that serve as a summary of property valuation basics:

What is valuation?

Valuation refers to the assessment that is carried out on a building or site to determine its monetary worth at that particular time when it is done. The valuation figure is usually based on various assumptions as well as the prevailing market conditions. It also must take into consideration a variety of factors that have an impact upon projected market, rental value as well as capital.

Why the difference in valuation figures?

It is important to begin with the understanding that valuation is not a science. Thus, a valuation is simply evidence based opinion from a comparison drawn from relevant market data that relates to the sale of similar property within the area and is usually combined with detailed inspection of the address.

To evaluate the exceptional characteristics that comprise the value of your property, a surveyor will carry out an inspection of the rooms as well as the exterior surrounding of the premises. Detailed measurements, photographs as well as notes are then taken for reference when drawing a conclusion of value within the report.

As with all the matters that are opinion based, it is expected that an element of subjectivity will creep in. Even then, it is expected that the valuation figures from multiple professionals will fall within a close range of each other as the valuation that are carried out by valuers that are registered with the Royal Institution of Chartered Surveyors (RICS) and are governed by the same strict professional procedures and rules.

Why is the sale price different from the valuation?

It is not uncommon to get unrealistic estimations of the worth of your property from estate agents asking price. Consequently, buyers are usually disappointed where the formal valuation they need in order to secure a mortgage fails to meet the price they are ready to pay for the house.

When a valuation is requested solely for the purposes of lending like mortgages, valuers are usually employed to satisfy the lender to give the assurance that the loan requested against a property is in line with the value of the property they are lending against. This is a way of ensuring that they do not lend more than the value of the property. Besides, this is an excellent way of protecting against financial loss in the event that of repossession and sale of property is required to recover the outstanding loan when the borrower has defaulted on repayment. Ultimately, you need to keep in mind that estate agent appraisals are not necessarily valuations hence are not suitable for the loan security assessment.

In fact, for loan security purposes only a valuation report from RICS will do as it takes into account comparable market evidence and the property. Remember, the sale prices may be swayed easily by demand, the emotions of the buyer and personal preferences. Thus, sale prices or even the appraisals from estate agents are likely not to be representative of the value of the property and cannot be relied upon.

Why should you get your valuation done by a RICS registered valuer?

Valuers the are registered by the Royal Institution of Chartered Surveyors are governed by strict professional guidelines that include the obligation to provide sufficient professional indemnity insurance. In addition, they must also be able to provide evidence and defend the report they offer at the end of the valuation in case a claim is launched against them.

Thus, you can be confident that the opinion of value that is provided by a valuer who is registered by RICS can be relied upon. In summary, insurers, sellers, lenders and even buyers may confidently instruct a RICS registered valuer because they have the guarantee of receiving a valuation that is reliable, accurate and honest.


Bring Your Kitchen to Life with Cheap Kitchen Worktops

The choice of kitchen worktops is one of the important decisions that you have to make. This is because not only do worktops make your kitchen look good but also they inject life into the kitchen.

Even then, you need to ensure that you go for worktops that are capable of enduring heavy use. Generally, the choice of kitchen worktops is guided by personal style. However, will need to consider aesthetics, usage alongside maintenance before buying.

If you are looking to remodel your kitchen, you will be pleased to know that you can bring your kitchen to life with cheap kitchen worktops from

In fact, you can create a powerful impact in your kitchen with a range of kitchen worktops that are not only fairly priced but also elegant and long lasting. In fact, you can make a real statement with cheap kitchen worktops on a budget.

The secret to bringing your kitchen to life with cheap kitchen worktops lies in having a solid strategy without compromising your style and functionality. Here are a few pointers to help you inject life into your kitchen with the right choice of worktops:

  • Get the right size

When shopping for kitchen worktops UK, you must keep in mind that the aesthetic appeal of your worktop can be ruined if the worktop ends abruptly. Moreover, this can be a major disadvantage when liquids spill as they can easily drip inside your drawers.

Thus, ensure that you go for a worktop that is deep and long hence, easy to use in addition to being better looking. To be safe, you can ask the kitchen worktop experts at BBK Direct for the standard width and length for worktops.

Most importantly, remember to check the depth of worktops before placing an order as they vary in depth. This way, you will not be disappointed. Additionally, be sure to take the thickness of the worktop, the cupboard fronts and drawers into consideration.

  • Buy from specialists

It is advisable to buy your kitchen worktops from kitchen specialists, as they will help you choose the right worktop while factoring in both aesthetic and utility aspects.

In fact, specialists are better placed to help you design a worktop of your preference so that you can create a custom kitchen as opposed to buying a complete kitchen.

  • Take style into account

When shopping for your worktop, you must take style into account. While some worktops are ideal suitable for a traditional kitchen that is complete with terracotta and wooden doors others are best suited for contemporary and classic styles.

The design of your kitchen is an art that you need to pay attention to when choosing worktops in order to ensure you add elegance as well as increased functionality. Ultimately, to bring your kitchen to life with cheap kitchen worktops, do not confine yourself to conventional styles rather be innovative. This way, you can be sure to make your kitchen that ultimate place where you want to prepare your meals and eat. Even then, caution must be taken so that you do not overdo it.

Tips to Avoid Rogue Estate Agents

Although estate agents are an important link in the property market transactions, they do not have a great reputation. This has been occasioned by those estate agents who employ unprofessional tactics to not only win business but also make more money from property sales. Therefore, if you are selling your home, it is important that you take precaution to avoid wasting time and money. Here are some tips to

  • Look at the properties that the estate agents are selling – You can look up this information on Rightmove as well as the agent’s office. Check that the descriptions are well written and the pictures are of professional standard.
  • Check that they are reliable – You should not end your search for a good estate agent at the impressive marketing skills. You need to ensure that the estate agent is reliable. You need to ensure that they are members of the National Association of Estate Agents and they follow a code of conduct.

You also must ensure that they are also supervised by the property ombudsman that is charged with penalized agents who break the code of conduct.

  • Read the agreement in totality before signing – It is important that you have proper understanding of the terms of the contract before signing up for it. Some estate agents usually hide terms in the small print knowing too well that you will not pay attention to the small print.

In some cases, other agreements will have blank spaces that may later be filled in by hand. You should stay away from such as it could work against you. Instead, only sign what you are sure about.

While the majority of estate agents will do a good job in helping you sell your house, there are those that try to bypass the terms to make money fast hence the need for you to be alert. You need to ask the estate agent questions concerning the agreement so that you are sure of what to expect. This means that you will know what to expect and the implications.

Most importantly, it is a sure way of avoiding cases where you have to pay more for the sale in form of advertising and marketing fees that should be taken into account when negotiating the estate agent fees. Ultimately, a good estate agent will make the process of selling your home less stressful for you. Therefore, ensure that the estate agent you are working with has a good reputation and is capable of delivering a good deal for you.