RICS valuers, are they worth it?
For most people valuations are something that only crop up when it comes to buying and selling a property. For these market valuations, the standard approach is to go to an agent, they tell you what they think they can get for your property, and you agree to let them act on your behalf.
There is little science behind these types of valuations and there is no legal remedy if the initial valuation is found to be inaccurate for whatever reason in the future.
It is important to understand that, there are many reasons for needing a valuation aside from determining its market value, such as company accounts purposes, capital gains tax, secured lending, expert witness reports (loss in value or professional negligence) and compulsory purchase.
These valuations must carry more weight, be more robust and stand up to scrutiny, be accurate, transparent and backed up by evidence, should they be challenged in any way.
The Royal Institution of Chartered Surveyors (RICS) publish the RICS Valuation Global Standards 2017 (referred to as the Red Book), which sets recognised worldwide standards for valuation approaches and methods and which are intended to offer guarantees and protection for all parties.
There are many reasons for needing a valuation aside from determining its market value
A Registered Valuer is regulated by the RICS and will use their professional experience, market knowledge, awareness of the economic climate and the facts at that moment in time. There can be a degree of uncertainty, and when conditions change – for example with Brexit, property valuations can change too. Valuers are obliged to comment on valuation uncertainty in ‘Red Book’ Valuation Reports.
A RICS Valuer assures a high quality and robust valuation report which will stand up to scrutiny and give you peace of mind.
We have four Registered Valuers, why not call us to discuss your property valuation requirement.