The Importance Of Professional Property Valuations-Following RICS Guidelines

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Attaining an accurate property valuation is an essential process for buying and selling property. If you do not know the value of your property, then you could potentially be missing out on thousands when you put your property on the market. To attain an accurate property valuation, there is a set method in place by the Royal Institute of Chartered Surveyors (RICS) which many reputable property professionals follow.

Valuation Accuracy

To ensure property valuations are set to a high standard of accuracy, the Royal Institution of Chartered Surveyors (RICS) has created a code to reach the most accurate valuation for a property. The code is based on a number of criteria including the fixtures and features of a property and the property’s construction and state of repair. However, always looking to improve this criteria to provide the best possible property valuations, the RICS has commissioned an independent inquiry to consider the challenges facing the UK property valuation profession and look at solutions.

Independent Report

The RICS will be submitting evidence to the inquiry and the commission will also take evidence from a variety of organisations that work in the property sector including banks, building societies and insurers. The aim of the inquiry is to produce an independent report based on the evidence given by all parties to maintain high standards in valuation which is a vital professional service.

The inquiry also aims to look at challenges facing UK property valuation profession and to find solutions to these challenges in a bid to increase the number of sales going on the market.

Maintaining Property Valuation Standards

When looking to attain a valuation on a property, many people are unaware of these standards created by the RICS, and therefore do not always seek the best advice. The first point of contact for many people seeking a valuation is their local estate agents who have excellent knowledge on property in their local market, however it is also important to remember the code set by the RICS.

Many larger estate agents work towards the standards set by the RICS and will provide you with a detailed valuation which covers all aspects that outline including the age, condition and location of a property.

With this new independent inquiry by the RICS, it is more important than ever to choose your property valuers with care to ensure the best practises are followed throughout the duration of your valuation. To find out more about property valuation, contact Romans. 

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