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Pre-Purchase Property Valuation: What You Need to Know

By Adam Smith

Pre Purchase Property Valuation

As a buyer, you should always get an independent property valuation before buying a home. This may seem like common sense for some people, but many buyers do not take this step and end up paying more than they should have! Not only can this save you money in the long run, but it will also give you peace of mind when making your decision to purchase a property.

A pre-purchase property valuation is an independent, third-party opinion of the true market value for any given piece of land and property. Our team of valuers are qualified and specialized in the field of all property related purposes. A valuation will include:

  • The current condition and appearance of the building and lot (interior and exterior)
  • Any fixtures and fittings that may impact the overall value
  • Improvements or additional features of the property
  • Any damages or defects that may require future correction
  • The zoning restrictions in place on a property
  • A review of environmental risk factors that may affect future use
  • Analysis of recent comparable sales
  • An analysis of the current market conditions in your area. This will include a look at past and present trends, both geographically and by property type
  • Any other variables that may affect the value of the property
  • Valuers can take measurements or photos to get an accurate idea about what you are buying. These reports should be detailed with a description of each item and any future repairs that may be required.
  • The length of the lease term remaining on a property
  • Valuers will also make recommendations about possible renovations or refurbishments to improve its value or extend its life, as well as potential problems with the building which you should consider when purchasing. This can include structural issues that may need to be repaired or updated, pest infestations (roof leaks, wood rot), and mould.

If a valuation isn’t something you require prior to your purchase, although we highly recommended them, you can still collect the relevant information to get an idea of the condition of the property you are interested in.

  • A recent survey or valuation completed on the property from the previous owner
  • An electrical report that looks at any faults with wiring and appliances
  • A gas safety check which will identify if there are problems with the boiler, fireplaces, flues, etc. as well as check for carbon monoxide leaks
  • A pest report will identify the presence of rodents, pests, or mould. If any repairs are needed these can be discussed with your solicitor and added to an amendment before you purchase a property
  • Building regulation compliance certificates that confirm that renovations have been done in accordance with current regulations. This can include fire safety equipment such as alarms and sprinklers, as well as planning permission if work has been done on the property

A valuation report is an important part of the buying process because it can give you peace of mind that your purchase price is fair and reasonable. The report may also help increase your chances of getting a better deal on the property, so be sure to ask for one when making an offer!

One in five home buyers has purchased properties without having had them independently valued first. You should always get an independent valuation before making a purchase to make sure you are getting the best deal possible on your new property!

An essential tool for any homeowner or buyer to help in your decision whether or not the property is the right fit for you both financially and for the future. Our valuers are specialised in all property related purposes and we guarantee a service tailored to benefit you to ensure you receive the best outcome.