There is much to consider and yes, you can do your own valuation. But properties you’ll find on the land registry website can fluctuate so wildly in size, alterations and state of repair that you are strongly advised to get a second opinion. If you go down the estate agent route to get some free estimated asking prices (estate agents are not qualified to give valuations), you can end up with as many different estimates as estate agents, and all can be way off the final price agreed. If you go one step further and do without a proper survey, you could be among the 20% of new owners who later discover faults costing an average £5,750 to put right, according to a Royal Institution of Chartered Surveyors (RICS) report.

You should also ask if you using the right kind of residential property valuation? Don’t rely on a mortgage valuation report – this is produced by a surveyor hired by a mortgage lender purely to ascertain if they will get their loan back on the house if it has to be sold suddenly for any reason. There is no full inspection, valuations are often based on drive-by surveys or even done remotely and derived from market trends and other statistics – fine for the lender, not for the borrower. The safe, thorough and cost-effective route for buyers is through professional surveyors, such as Aston James Associates, specialists in south-east London property and a RICS member. Our membership shows we are properly qualified surveyors who will guarantee a high standard of service to all our clients.

Property surveys cover a detailed inspection of buildings, grounds and outbuildings, and the issuing of a report that is designed to reflect the current condition of the property whilst addressing the specific needs and interests of the client.

Home Buyer’s Report: If you need more extensive information when buying or selling a conventional house, flat or bungalow in reasonable condition chose this type of report. It includes:

• All of the features of the conditional report
• A list of problems that we consider may affect the value of the property
• Legal issues that need to be addressed before completing you conveyancing
• Information on location, local environment and the recorded energy efficiency (where available)
• Our professional opinion on the market value of the property
• Advice on repairs and ongoing maintenance
• An insurance reinstatement figure for the property
• Issues that need to be investigated to prevent serious damage or dangerous conditions

Building Survey Report: Formally called a structural survey, you can choose the building survey if you are dealing with a large, older or run down property, a building that is unusual or altered, or if you are planning major works. It costs more than the other reports because it gives detailed information about the structure and fabric of the property. It includes:

• A thorough inspection and detailed reports, and a wider range of issues.
• A description of visible defects and potential problems caused by hidden flaws.
• An outline of repair options and the likely consequences of inactivity.
• Advise your legal advisors and details serious risks and dangerous conditions.
• A building survey does not include a valuation, but Aston James Associates will be able to provide this as a separate extra service.

Local knowledge is imperative when implementing this type of valuation method and it a mandatory requirement of the Royal Institute of Chartered Surveyors (RICS). For each valuation case, you must demonstrate respective reasoning of each item of comparable evidence retrieved, by initial analysis and justification; where necessary allowing for differences between each comparable and the subject property to arrive at an opinion of value.

Valuation is based on comparable evidence: The buildings material elements should be similar to that of the subject property, within constraints of available market evidence and geographical location.

Valuation Analysis: Following retrieval of appropriate comparable evidence, analysis should be made. This involves making adjustments in sales figures achieved to capture the differences between comparable and the subject property; those differences are reflected on a percentage basis in comparison to the subject. Application of these valuation methods can become complex however the above process will help you to form an opinion of your property’s Estimated Value. Professional Residential Property Valuers Property Valuation has to take in to consideration a broad range of macro-economic and local-geographic factors to name but a few, to be deemed accurate and trustworthy. It is for these reasons that lending institutions and stakeholders only rely on professionals namely Chartered Surveyors for their opinions of residential market value.