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

5th September 2023
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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.

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