isurv

Residential valuation

Residential valuation

The process that should be adopted when approaching a residential valuation is discussed in this section. It recognises some of the new technology that is available and is based on guidance available either in the RICS Valuation - Professional Standards or arising from case law. The author anticipates the reader will have an understanding of property pathology, law and related issues.

A desktop evaluation identifies the property type and its location and helps establish whether the surveyor has the skill to do the job. Validation of locational features confirms the type of area and rank relative to other areas. Data collected on site then helps to establish the factors that materially affect value. Comparison with other recently sold property and analysis of key features allows the surveyor to establish a relative position in the open market and apportion value. The Report pulls together the factors that have influenced value and should state any assumptions and identify areas of risk.

This section is maintained by Chris Rispin BSc FRICS of BlueBox Partners.