How do I get a property valuation?

Everyone’s interested to know their property’s value, and there are ways to arrive at an estimate, but ultimately it will be the market that decides.

In the buoyant Edinburgh marketplace, and with our ‘Offers Over’ system, home sellers are often fortunate to achieve a selling price substantially above the official valuation stated in their Home Report.

But if you’re thinking of selling, you probably would like a good estimate of the likely minimum you can expect to achieve in the present market conditions.

There are three main ways to obtain a property valuation, each with its own benefits and considerations:

1.   RICS Surveyor
2.   Solicitor-Estate Agent
3.   Online Valuation Tools

1.  RICS Surveyor

If you are planning to sell your home, you will need a Home Report, which includes a professional valuation carried out by a RICS (Royal Institution of Chartered Surveyors) Surveyor.  RICS is a respected, regulated body that sets national standards for property valuation. A valuation from a RICS-accredited surveyor is reliable, as it adheres to strict guidelines and considers detailed property characteristics.  However, no one can predict the future, or the sentiments of home buyers, so the Home Report valuation is always an estimate.

While there is a cost associated with obtaining a RICS valuation, it is included as part of the overall Home Report fee, which also includes other necessary assessments like the condition of the property and its energy efficiency. A RICS valuation offers a comprehensive and accurate picture of your property’s market value, and it’s the most authoritative method if you’re preparing to sell.

At Aikman Bell, as part of our standard process we would offer a pre-Home Report assessment of your property and might well be able to provide valuable insights toward getting a better Report. In any case, it is reasonable to expect your solicitor-estate agent to arrange the Home Report for you as part of the marketing process.

2. Solicitor-Estate Agent

If you’re considering selling, solicitor-estate agents can provide an initial estimate of your property’s value.  Firms that are members of the ESPC (Edinburgh Solicitors Property Centre) have access to detailed sales information for properties in your area, enabling them to give you a well-informed estimate.
However, it’s important to choose your solicitor-estate agent carefully, as the valuation can be influenced by their experience and local expertise. A good agent will provide an honest, well-researched and unbiased figure.

3. Online Valuation Tools

Online valuation tools have become popular for those who want a quick estimate of their property’s value.  These tools use automated systems that draw on broad market data. However, they are the least accurate of the three options, as they don’t take into account the unique features of your property or provide insight into the local market nuances that can significantly affect a property’s value. They can be wildly inaccurate at times and it can be very disheartening for prospective home sellers to discover that the official valuation figure is somewhat less than was served up by an online tool.

My Advice

If you are considering selling your property but want a reliable valuation in advance, there might be a hybrid approach that works better for your circumstances. Feel free to contact me to arrange a detailed consultation, and I’ll be happy to guide you through the process.

For your FREE initial consultation relating to selling a property, please contact us here.

or, call: 07771 757 911
(Please, always leave a message if there is no immediate answer)

or, E-mail: stewart@aikmanbell.co.uk