Getting your property valued can be an exciting time. It’s a key step in house-selling, giving you an idea of how much your home is worth and what budget you may have for your move. But what will an RICS Valuation Surveyor be looking for when they value your property? Knowing what RICS surveyors assess can help ensure you get an accurate estimate and don’t undersell.

What is an RICS Valuation Surveyor?

When putting your home up for sale, you will receive an estimated market value from your estate agent. This value indicates how much they think a buyer will be willing to pay for it. You can go with this number, however, an estate agent’s valuation may be designed for a quick sale or higher commission.

For a property valuation, you know will be fair and accurate, you can also book an RICS survey. RICS Valuers are registered with the Royal Institute of Chartered Surveyors (RICS), and must follow strict guidelines. When undertaking a valuation, whether it’s for a home owner or for probate purposes, they must provide detailed evidence to show how and why they’ve given your property a certain market value. RICS registered valuers will estimate how much your home is worth using criteria set out in the RICS ‘Red Book Global Standards’ guide.

What do RICS Valuers look for during house valuations?

When undertaking a valuation (which will usually take about half an hour), your RICS Valuation Surveyor will assess:

• Your property’s size and location
• It’s overall condition
• The way it was built

They will then evaluate your property and compare it with similar properties that have recently been sold in the local area.

What will the house valuation include?

An RICS Valuation contain information which is relevant to the valuation, this may include;

• What your property is made from and how it was built, including its date of construction.
• The size of the buildings and grounds – including number of bedrooms and the size of any gardens or attached land.
• Whether or not you have any additional garages, parking facilities, or outbuildings
• Your property’s structural condition – is there any damage?
• Any improvements, such as loft conversions or extensions.
• Your home’s location – is it close to local amenities? If so, what kind? And is it in a desirable area?
• The sale prices of three similar properties that have recently sold nearby.

Having an awareness of what your RICS valuation surveyor will look for during a house valuation can help make sure you get an accurate and favourable estimate. For instance, you might find it beneficial to carry out any structural repairs before booking your RICS valuation — a majority of buyers are more likely to go for a home in good condition than one that needs work.

RICS valuation surveyors in Manchester and North Cheshire

If you’re looking for a house survey in the Manchester area, consider contacting us here at Torus Chartered Surveyors. Whether you need a shared ownership valuation, help to buy valuation, or another form of RICS valuation, we have the expertise and experience to help.

As RICS Registered Valuers, you know the valuation you receive from our team will meet the standards set out by the Royal Institute of Chartered Surveyors. Plus, with our quick turnarounds, you can usually get your valuation back within 48 hours.

Not sure which type of property valuation you need? Don’t worry, we’re on hand to answer any questions! For more information or to organise your house valuation, please don’t hesitate to get in touch.

Renting out a property has been a popular way to make more money, whether you’re a landlord with a portfolio of rental flats and houses, or a homeowner with a spare room suitable for a lodger. 

Historically a large proportion of the rental sector has been supplied by “amateur” landlords with one – three buy to let houses. In recent years the government has removed some of the tax advantages seen by private individuals and introduced further legislation designed to improve the standards in the sector; electrical safety checks, minimum EPC standards and the Fitness for Human Habitation Act 2018 to name just a few.   

As a result there has been an exodus of landlords from the sector in recent years. 

Here’s our beginner’s guide on how to rent out a house, which should help to give you an initial idea of some of the questions you need to ask yourself.

 

Is the property mortgaged?

If the property is mortgaged you must check with the lender to ensure that they will be happy with this. Unless your mortgage is a specialist buy to let mortgage the terms of your mortgage might forbid you from taking in a lodger for the duration of your loan.

In the worst-case scenario, you could be considered to be in breach of your mortgage terms, and your lender could cancel your mortgage – so be careful.

 

Do you live in the property?

Are you looking to sub-let part of the property you live in (e.g. by taking in a lodger), or do you want to rent out an entire house while you live somewhere else?

The issues can be a little different – taking on a second property to rent out is a substantial commitment, compared with renting out your spare room.

Again there may be mortgage issues, as you’ll typically need a buy-to-let mortgage on a rental property if you do not live there yourself, and the costs can be higher.

 

What’s the rental value of your property?

It’s a good idea to get an up-to-date valuation of the rental property before you put it on the market, so that you have a clear indication of where it sits in the market.

While it’s routine to have a property valued before selling or buying it, an RICS rental valuation means you can calculate the rental yield you’ll get when you take on new tenants.

To cover costs and make a profit, it’s normal to seek a rental yield of about 5-7%, although in areas of high demand, or for specific properties in scarce supply, you might reasonably seek a higher yield.

 

Lettings agents and lettings management

An easy way to rent out a property is to let a professional lettings agent or lettings management agency find a tenant and organise all the paperwork.

If you don’t want to be a phone call away for your tenants, consider working with a full-service lettings management agency, who should handle any repairs and emergencies for an additional fee.

This will eat into your yield slightly, but it can mean a much quieter life.

 

Buildings and contents insurance

Last but not least, consider comprehensive buildings and contents insurance. You can get specialist landlord insurance policies, designed to cover rental properties.

Make sure you are protected against malicious damage by unruly tenants, or theft at the end of the tenancy.

Finally, consider breakdown cover on items like the boiler, as well as any major kitchen appliances you provide, so you don’t have to cover the full cost of replacement out of pocket if they stop working at short notice.

 

Get a rental valuation 

If you’re looking to rent out your house, speak to the surveying experts at Torus Chartered Surveyors in Altrincham where one of our registered RICS valuers can provide an expert home valuation for your property. 

Please contact us on 0161 929 7892, email at info@house-survey.co.uk or request an instant quotation by completing the form on our website.

 

Shared ownership is a form of home ownership which has become more popular in recent years as house price appreciation has outstripped inflation. It is designed to be more affordable and attainable. Instead of owning the entire property (either outright or with a mortgage), you buy a specific percentage of it. You may then be required to rent the remaining percentage from your housing association often at a reduced rate.

Different shared ownership schemes can have different terms. You might never own the remaining shares, or you may have the option to buy all or some of the remaining shares at a later date via “stair casing”. It depends on your shared ownership agreement.

Once you own your share in the property, an RICS Valuation is often required if you wish to purchase more or sell your shares in the property. It is often left to you as the homeowner to source this RICS valuation not the housing association or similar. 

It is typical for this valuation to be based 100% market value with no restrictions on resale. RICS Valuers normally need to discount any additional value that may be attributable for the property due to it’s shared ownership nature. 

 

When to get a shared ownership valuation

It is normal for it to be a condition of the lease or shared ownership agreement that an RICS Valuation Report is required whenever you plan to buy or sell shares in your property.

In a fast-moving property market, as any change – up or down – in house prices can significantly affect the value of your and the housing associations shares. It is typical that the valuation must be undertaken within 3 months of your transaction to buy or sell your shares. 

 

Help to Buy equity valuations

Under the Help to Buy equity loan scheme offered by the UK government, many new homes in the UK have been purchased with the aid of a Help to Buy equity loan. 

When you want to repay the outstanding equity loan either with cash, re-mortgaging or selling, you’ll typically need a Help to Buy equity valuation by a RICS Registered Valuer.

This estimates the up-to-date market value of your property, from which you can calculate the percentage you still owe.

 

Book a shared ownership valuation

For more information or to book a shared ownership valuation in Manchester, contact Torus Chartered Surveyors today. We are RICS Registered and our Help to Buy equity valuations are Target HCA compliant.

You can call us on 0161 929 7892 or email info@house-survey.co.uk, or visit our chartered surveyors in Altrincham at Suite 116, 30 The Downs, WA14 2PX.All enquiries are welcome, even if you’re at a very early stage of considering a shared ownership property, and you’ll find all our details on our Contact page. 

A home valuation provides an estimate of the market value of a property, based on its current condition and any apparent causes for concern.

It is normally defined as: 

“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”

Because Torus Chartered Surveyors are RICS Registered Valuers, you know the valuation you receive will meet the standards set out by RICS, and this means you can feel much more confident about the findings.

What happens in a RICS home valuation?

A RICS home valuation takes about half an hour for an average-sized property. Larger houses may take longer.

The RICS Registered Valuer will take measurements of the building and the plot on which it stands, make an assessment of the overall condition of the property and take some readings to detect any likely damp problems.

RICS standards no longer require a loft inspection but this can be arranged in advance on request.

Torus Chartered Surveyors carry out RICS home valuations in Manchester and North Cheshire, and you’ll usually get your valuation back within 48 hours.

What is a home valuation used for?

A property valuation is not just used for mortgage applications. There’s a long list of other reasons why a home valuation may be useful or mandatory:

• When buying a house for cash
• When mortgaging or remortgaging
• Shared ownership and shared equity
• Probate and inheritance tax valuations
• Valuations for divorce settlements
• Valuations for tax purposes
• Retrospective valuations
• Help to Buy valuations
• Expert Witness Reports. 

We provide a fixed-fee Help to Buy valuation survey so you can get an updated market value estimate for your property, if you want to pay back some or all of the equity loan.

Our Help to Buy valuations are guaranteed compliant with Target HCA, so you can have the maximum confidence that our service will meet your needs and provide excellent value.

How to book a home valuation

To book a RICS home valuation or a RICS Help to Buy valuation, or to ask us any questions about our service, please contact our chartered surveyors in Manchester today on 0161 929 7892 or email info@house-survey.co.uk.

All enquiries are welcome and if you’re not sure what type of property survey you need, we can help you to decide and make sure you get the kind of valuation and property inspection you need, whatever process you are entering into.