Do you know the difference between a market appraisal and a valuation?

5th September 2023
Home > News > Do you know the difference between a market appraisal and a valuation?

Do you understand the distinction between a market appraisal and a valuation? Typically, when you're contemplating selling a property, you'll hear about scheduling a "valuation." However, in some instances, it might be referred to as a "market appraisal." Let's delve into the disparities between these two terms.

Suppose I intend to sell a property; should I arrange for a market appraisal or a valuation?

What exactly is a market appraisal?

Most individuals arrange for a valuation through a real estate agency, wherein a professional visits their property and proposes a marketing price. Technically, though, what they're arranging is a market appraisal.

Since those selling their homes commonly describe this process as a valuation, and that's what they're seeking when they schedule our services, we use the term "valuation" as a convenient shorthand for our market appraisal service. Our aim is to help our sellers attain the best possible selling price.

So, whether you refer to it as a market appraisal or a valuation, if you choose Face to Face Estate Agents, one of our experienced Valuers will assess your property's condition, location, unique attributes, and more. They have conducted thorough research in advance, allowing them to rely on cutting-edge data and their extensive knowledge of the current market to provide you with a dependable recommended listing price for your property. Subsequently, you'll have a sit-down session during which they'll walk you through their tailored strategy for selling your property.

So, what exactly constitutes a valuation?

A comprehensive property valuation is typically conducted when specific circumstances arise, such as when a bank assesses a property being purchased for mortgage lending purposes, during divorce asset division, or in the settlement of an estate. This valuation is carried out by a certified RICS property surveyor.

For legal purposes like those mentioned, relying solely on a market appraisal from an estate agent would not be appropriate. In a comprehensive paid valuation, the surveyor delves much deeper into evaluating the property's condition. However, it's important to note that they do not consider how the property's unique features could be effectively marketed to the right buyer, nor are they tasked with devising a strategy for selling the property that might impact the valuation figure. This is why, if you intend to sell your property, a market appraisal is the more suitable choice.

Is there a cost associated with these services? Obtaining valuations, such as a mortgage valuation or a survey conducted by a certified RICS property surveyor, typically incurs a fee. The specific cost can vary depending on the surveyor and the type of survey being conducted.

On the other hand, a Face to Face market appraisal comes at absolutely no cost to you. You'll receive valuable insights into the local market and property specifics from a knowledgeable expert. You can freely pose any questions related to the sales process and receive reliable answers. Should you decide to proceed with selling your property, you'll have a clear path forward, all without having to spend a single penny.

Share this article

Related News

How To Remove A Name From A Joint Mortgage In The United Kingdom

If you're currently part of a joint mortgage and looking to remove your name from it, you're not alone.  There are many reasons why someone might want to remove their name from a joint mortgage, including getting divorced, removing an investor, or just a straightforward buyout. Whatever your reason, this article will provide guidance that’ll help...

Read More
"Unlocking Your Dream Home Together: 6 Must-Ask Questions for Couples!"

Buying a property with a partner can be an exciting next step in a relationship.   Swapping paying rent or living with family for cosy nights with your beloved in your own home in littleborough, Todmorden or the surrunding area can be a blissful prospect.   But before you arrange a series of viewings in a giddy rush of excitement, it’s wo...

Read More
What Constitutes a Gifted Deposit? Money Gifting Guidelines

A donated deposit is one of the most common ways to assist someone in getting on the property ladder.Getting your foot on the all-important first rung is difficult, therefore many first-time buyers seek assistance from the Bank of Mum and Dad. The fact is, giving a deposit is not an easy task. One would believe that all you have to do is deposit the funds to...

Read More
"5 Reasons Why Renting in Littleborough and the surrounding areas Can Be a Better Choice Than Buying"

In the realm of housing choices, the debate between renting and buying is fiercely contested. While homeownership is often lauded for its long-term advantages, the merits of renting remain relatively unnoticed. In this blog post, we will explore the top five benefits of renting a property. From the freedom to easily change locations to financial perks that o...

Read More
Stay up to date with our latest news