At Nestly Property, your Personal Local Property Expert will walk you step-by-step through the appraisal process. The cost of a typical market appraisal will depend on the area that you live in, however, at Nestly Property, we offer each of our valued clients this appraisal on a complimentary basis, as part of our lifetime wrap-around care service.
Market appraisals are carried out for the purpose of giving an indication of the asking price which could be achieved for your property. The appraisal is based on a range of assessment factors taken into consideration as part of a comparable analysis. To carry out the analysis and appraise your property, your Personal Local Property Expert will take into consideration the location of your home, its condition and any upgrades which have been made, the local neighbourhood and the values of comparable properties in the immediate surrounding local area.
It is important to note that a market appraisal is not a formal valuation and therefore cannot be used for mortgage lending purposes.
A formal valuation will be carried out by a professional Chartered Surveyor (a member of the Royal Institution of Chartered Surveyors: RICS) and form part of the single survey: one of the three essential aspects of your property’s Home Report, as listed below.
- Single Survey & Valuation
- Property Questionnaire
- EPC (Energy Performance Certificate)
In accordance with The Housing (Scotland) Act 2006, an up-to-date Home Report (no older than 12 weeks at the start of marketing) must be in the possession of the seller or Estate Agent prior to the marketing of your property. This is to ensure that all information relevant to the condition of the property is available for potential buyers at the very beginning of the home buying process & aide buyers in making an informed decision.
Despite the requirement for all homes to have a current Home Report in place, the list price of the property is not required to match the price listed within the valuation section of the single survey. Therefore, an inflated list price set by a homeowner doesn’t always accurately reflect the true value of the property. The condition that a property is in, however, and a number of other factors may result in a greater sale price if the property resides within an in-demand locality and/or has been particularly well cared for.
As part of the Home Report’s single survey, your Chartered Surveyor will report on each element of the property (both internally and externally) and indicate whether:
- No immediate action or repair is needed;
- Repairs or replacement requires future attention; or
- Urgent repairs are needed now.
Linked to the issue of climate change and the UK Government’s sustainable development targets, it is mandatory that the energy performance band rating of a property (outlined in the Home Report’s EPC) is displayed in all adverts in commercial media.
The Home Report alone may not be sufficient to satisfy the application requirements of most lenders, therefore a generic mortgage valuation (GMV) should also be carried out by your Surveyor for the purposes of any subsequent mortgage/lending application relating to the property.
Should you have any questions or queries related to any aspect of the market appraisal or pricing your property, don’t hesitate to contact Nestly Property via email on [email protected], by calling 01292 876 292 or using the contact page on our website and we will be delighted to assist.