Real Estate

No crystal ball but expert’s diligence to determine value

THE difference between “just a valuation and an accurate valuation” is the extra observance of non-primary variables, which can affect the price greatly, says John Owsnett, Principal of Chambers Fleming the Professionals Padstow.

And it has taken many years of first-hand experience to come to that conclusion.
John says historical data of prices achieved in the area is a very good start to estimate the expected price for property, although many agents and vendors leave the analysis there.
A professional’s valuation considers variables beyond just historical data and includes such items as:
• The mood of the buying public – what was unfashionable five years ago may well be in vogue now. This goes for locations and types of homes.
• Council regulations – can or can’t you build on the boundary now, the area of open space required has changed, the number of dwellings allowed on the block etc, all affect the value of a property
• Potential – this is an area of greatest influence on a valuation. Having the experience and insight to correctly advise on wise improvements can directly affect the true value of the property.
• Neighbouring development – the rise of a block of flats next door, the improvement of neighbouring homes and parkland, change of access to the street etc, can make a big difference to prices.
• The growth in value of certain areas – most areas go through periods of growth over time and it is vital to pick the trend early.
• Buyer demands – we know what buyers want in a property and we factor these wishes into our valuation.
John says without a crystal ball, they cannot tell you who will buy your property and for exactly how much, “however, with diligent analysis and our experience and expertise, we can give you the most accurate valuation – one that considers factors other than general raw data”.