Whether applying for a mortgage or purchasing or selling a property, it is customary to instruct an independent valuation surveyor who is a registered valuer, chartered surveyor and member of the RICS (Royal Institution of Chartered Surveyors) to carry out a valuation report.
The report provides an independent opinion of value using different methods depending on the type of property. The Valuer will carry out an inspection of the property, take photographs and produce a report detailing the description, location, leasehold or freehold information, comparable evidence of recent sales, market rental values, and in some instances build costs and land values. It provides a purchaser or owner with invaluable data as well as current market conditions and trends. In addition to meeting the banks requirements, a valuation should also provide the purchaser or owner with the reassurance of what the fair market value of the property is.
If you are embarking on a building project it is customary to hire a quantity surveyor to price out the cost to build your project. A very good builder would then pay for the cost of the quantity survey, follow it to the letter and outline to you where they have come in on each line item, so that you have no surprises as your project is progressing.
