What Affects The Value of Your Property?

What Affects The Value of Your Property?

Have you ever wondered what affects the value of your property? There are many things to consider when taking into account the overall property value. This blog post will explore the most common considerations for homes in Northern Ireland.

Valuations

When buying or selling a home in Northern Ireland the property is assessed and given a valuation. This is especially important because your lender will want to make sure that the house is worth the intended loan amount. A valuation report is carried out on behalf of the bank or building society before any mortgage approval.

These valuations are carried out by trained and registered valuers and are commonly regulated by RICS. The Royal Institute of Chartered Surveyors. It is good if they are very knowledgeable in your area and even better if they have had experience in the local market.

Independent Valuations

Independent surveyors can be a great asset for domestic and business valuations. They usually have extensive knowledge in various types of property.

Always make sure that you get a chartered surveyor and RICS registered valuer otherwise the valuation may be rejected by the lender.

What Affects The Value of Your Property?

Isn’t it nice when we hear a lovely street name? “Palm Springs Park” or “Sunny Meadows”. Did you know that the name of your street can have an impact on your property price! You can read the survey from City-am here.

During the valuation process the valuer will inspect the inside and outside of the property. They will also assess the surrounding street and take into account the overall neighborhood. The good, the bad and the ugly are noted here!

Inside the property the quality of living space, size, condition, layout and features are noted. The type of heating including any renewable energy, garden facilities, boundary fencing & walls and any maintenance issues noted. Basically the better maintained the property and surrounding area, the better! These are all positives for the value of your home.

Finally the valuer will look at the local property market past and present and compare your property offering. This is where their knowledge comes into play as they rely on this among other sources to provide an overall valuation for your home.

Local Property Surveys

If you would like to book any of our local surveys for your property, we would be happy to help. Contact Us today and we can book in a visit.