When Do You Need a RICS Valuation?

1. Repaying Your Loan or Purchasing Remaining Equity: If you wish to repay your loan or buy the remaining equity in your home, a RICS valuation will determine how much your share is worth.

2. Right to Buy: If you’re taking advantage of a Right to Buy scheme, a RICS valuation can help ensure your landlord’s valuation is fair and accurate.

What Is Involved in a RICS Valuation?

A RICS valuation must be conducted by an independent RICS Registered Valuer. This ensures an impartial, professional assessment of the property. The process includes:

- Construction, Condition, and Location Assessment: The valuer will inspect the property’s structure, size, condition, and location.

- Evidence-Based Valuation: The valuer uses comparable sales data from three recently sold properties in the area to provide an accurate market-based valuation.

- Red Book Guidance: The valuation follows the criteria set out in the RICS Red Book, which outlines professional standards and provides a high-quality service. This ensures consistency and reliability in all valuations.

How Does a RICS Valuation Differ from an Estate Agent’s Valuation?

- Objectivity: Unlike estate agents, who may have a financial interest in inflating property values for commission, RICS valuers are independent and do not earn commission, ensuring a more impartial and accurate assessment.

- Technical Assessment: RICS valuers conduct a thorough inspection, considering factors such as construction quality, condition, and location, rather than just providing a quick appraisal based on market trends or perceived value.