What is a valuer?
A valuer is a professional who carries out inspections in order to help determine the current market value of property and/or land. The role of valuer can be undertaken by an estate agent or by an independent professional (often a qualified surveyor). Typically, they act on the instructions of a vendor (seller) or a lending institution who are considering funding the purchase.
Buyers may also appoint a valuer to conduct a property valuation if they are considering purchasing a property (known as a vendor survey), in addition to structural surveys that assess its physical condition. Local authorities can also use valuers to help establish council tax and rating levels. Valuers may also be appointed to undertake residual valuation of land, i.e. work out the value of land with development potential.
Valuers will typically produce a property valuation as a report, supplemented with photographs and plans. Some of the details that a valuer may record include:
- The location.
- Measurements of the building and site boundaries.
- The number of rooms, layout and fit out.
- The general condition of the building.
- Any significant improvements that have been made.
- Any structural defects.
- Any landscaping.
- Any planning or other restrictions.
- Any potential risks or opportunities.
For more information, see Property valuation.
NB RICS property measurement, 2nd edition, published by the Royal Institution of Chartered Surveyors (RICS) in January 2018, defines a valuer as: ‘A Service Provider with an appropriate professional qualification in valuation or appraisal.’
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