How Are Homes Valued?

In the UK, you find that real estate appraisal, or even property valuation, would be governed by the Royal Institution of Chartered Surveyors (RICS), which is known to publish the Red Book. This Red Book officially recognises five diverse methods of valuation. First would be Comparable method which is commonly used. Second would be Investment/income method. Third would be Accounts/profits method while fourth would be Development/residual method. The final one is Contractor's/cost method.

You can actually get your property valued by most local estate agents with no obligations involved. The UK government website recommends getting around three valuations so as to obtain a balanced idea.

Get to know the intricacies of local property market as well sales prices prior settling on an estate agent. This helps with a more realistic outlook of how much it is your property could ideally be sold for, thus averting possible long delays before the house is finally sold.

Visit www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/Selling
YourHome/DG_4001328 for details. Here you can actually view average prices of property observed in England and Wales.

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