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Five Factors Involved In A Property Valuation

Jun 28, 2008
When either buying or selling property it is important to realise what defines a great valuation. When estate agents and surveyors undertake a valuation they are looking for certain factors that result in a great price. Here is a breakdown of the most essential factors in any property valuation.

First and foremost if you want a high valuation it is vital that your kitchen should have a modern and updated kitchen. Buyers always like to see a big kitchen with a great deal of workspace, hence its importance to the valuation process. Fundamentally buyers are looking for countertops made from high quality materials and floors made from materials like tile or stone; in addition, modern appliances are also a must if a valuation is to be high. Even if a kitchen is small it is possible to make the best use of the space with a logical layout and plenty of counter space. A window of over the sink is also a strongpoint although not essential.

The second factor that determines a property valuation is the bathroom, the modern penchant is for well equipped bathrooms with enough space to roam around. A great asset to your property will be a spa or whirlpool bath, even if you just use the shower. Showers increasingly are also becoming an important feature of the modern bathroom, multiple shower heads and steam showers are extremely popular at the moment. If you have one of these features however it is vital that your plumbing can handle the load, there is little point in having a huge shower and the water only dribbling out. The kitchen and bathroom are the most important rooms in the property when it comes to making a valuation, if you are going to renovate, this is where to invest.

The next most important room is the master bedroom; buyers become excited when they see a master suite that is decadent and well appointed in the property. A worthy addition to a master bedroom is an en suite, as are walk in wardrobes and enough space to lounge around. Some buyers may have children but even if they are influenced by the need for other rooms, it is the master bedroom that can be a powerful lure.

In terms of the materials that will increase the property valuation, the current trend is to make use of natural materials such as wood and stone. Buyers have returned to an appreciation of these materials as they ooze quality and are guaranteed to last the test of time. This does not have to cost a fortune, well place simulation materials can work just as well. In terms of floors, tiles, wood and stone are viewed as hardier materials then linoleum that can tear.

Carpets are still popular but it is essential if you are going to carpet an area to ensure that it is high quality and well looked after, if a buyer thinks they will have to replace the carpets when they are viewing a property, it will be detrimental to the chances of selling and the eventual sale price.

Whoever makes the property valuation, but especially estate agents will bandy about the term 'curb appeal'. Some experts argue that having a well presented fascia can add as much as ten percent to the valuation. It also works in attracting buyers as first impressions will be better. It also helps in making your property stand out from others in the neighbourhood.

These five considerations involved in a property valuation can be deemed as the most important, it is not however an all encompassing list. Whoever is valuing your property will have to take the previous factors and combine them with the quality of the roof and windows as well as storage; after this they must take into account the current state of the market and only then will they be able to arrive at an accurate figure.
About the Author
Real estate expert Thomas Pretty looks at the main factors involved in the property valuation process.
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