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  • Landlord Resources

    Surveyors and valuations

     

    Good afternoon all,

    How are surveyors valuing now, is there a RICS guideline anywhere?

     

    If comparable properties are selling for £100,000 similar to yours, and on your very street, an owner sells 3 of his properties (same spec,
    same no of beds) for £70k each as they are in very bad condition, need a lot of
    work and in a very poor state, we know surveyors value on similar properties.
    if your property was in great condition, nothing wrong, the surveyor will most
    likely still value your property at 70k as well as they didn’t know the
    condition of the above 3 sold.

     

    i) Would they do this, if they KNEW your property is in much better condition? Surely
    they should factor in condition?

     

    ii) If the surveyor DIDNT know the condition of the 3 sold, how would he value your
    property as it is much better condition and closer to the properties selling
    for 100k (good condition). How can surveyors find out the condition of
    properties sold, so they are aware that the 3 sold because they were in very poor state, and the property in question is in very good condition so should be worth more.

     

    We know how to influence them, but take an example, of a seller selling in this very
    street whose property was in mint condition, it is not fair that his property
    is downvalued because the 3 sold were in very poor condition, and they do not
    know how to provide comps etc.

     

    iii) IF your property was in better condition, but none had been sold, but similar comps were on with agents at
    100k, and those 3 sold at 70k in very poor state, how would the surveyor value
    your property?

     

    Ta all.

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    Life is not fair.
    Surveyors know that there may be properties in the street that were sold due to being in poor condition etc. They should take this into account, but there is no guarantee that they will.
    Valuation is not an exact science. You may get a valuer who is super-cautious and suspicious of the valuation, or you may get one who is easy going, will listen to you, consider your comparables etc.
    If your properties do not value up, then the risk you took will have been crystallised. If they do, then you are quids in.
    Like I said, it is not an exact science, but some people make it sound like it is and that it is all in the bag with no risk.
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