What is a RICS valuation – And why you need one

Your estate agent could stick their finger in the air and make a guess. You could look at similar properties in the same area and have a stab at a valuation. But the only real way to get a valuation that matters, that you can rely on, that stacks up, is fair and equitable and right, is to get a RICS surveyor to apply their expertise and local knowledge to the task. Here’s why a RICS valuation is essential for anyone buying or selling a property.

What is RICS?

RICS is the Royal Institute of Chartered Surveyors, a global professional body dedicated to promoting and enforcing the highest international valuation, land development and management, real estate, construction and infrastructure standards.

Quality sits at the heart of everything RICS does. They’re famously impartial, with no agenda except excellence and no sabres to rattle. And that’s exactly what you need from a surveyor – an impartial, wholly professional opinion based on local knowledge plus a deep understanding of the way things are built.

All this matters because the property buying process, despite being a matter of law, is often actually more of an emotional purchase than a logical one. If you’re buying a home it’s all too easy to make a snap emotional decision that’s actually a poor financial choice. Even when you’re buying commercially, it’s hard to be completely sanguine. Luckily a RICS surveyor removes the emotional context and acts on pure facts. That means they can save you a fortune as well as helping you avoid nasty, potentially wallet-destroying mistakes. As the Guardian once reported, ‘they look before you leap’!

RICS accredits an impressive 125,000 qualified and trainee professionals, ours included, and we’re all subject to strict quality assurance. Work with us and you can be fully confident in the quality and ethics of the services we provide.

How to get the best RICS valuation for your property

In a nutshell, the same goes whether you’re buying or selling – you need an accurate valuation from someone you can trust.

The more information you can provide, the more accurate and fair your valuation will be. Meet your surveyor on-site and make sure they have full access. Answer all their questions truthfully and fully. And talk through everything you’ve done to the property, from decorating to extensions and structural work, including how much the improvements cost. In short, show them how you’ve added value to the place.

Talk about what you originally paid for the property, and the context in which you bought it. If you have any comparable evidence, for example the people next door sold their place recently, let the surveyor know. If prices in your street have gone up more than most for a specific reason, tell your surveyor.

Hand over the valuations you’ve had from estate agents, which might contain nuggets of local knowledge, and include all the paperwork so the surveyor can check their reasoning. Talk through any offers you’ve received. And if you’re looking at a buy-to-let loan, give them evidence of comparable properties and the rent they generate.

Don’t risk getting property values wrong

In a world where the smallest property in the city costs a vast amount of money, a RICS survey could easily save you a fortune. Can we help you make a great buying decision? Call us for an informal chat or to book a survey.