We are often asked what is the difference between a Red Book Valuation and a valuation carried out by an estate agent perhaps prior to sale. Tess Tidman explains.
Strictly speaking, a valuation provided by an estate agent should be considered a market appraisal not a formal valuation. You will probably have heard the term ‘Red Book’ Valuation being used by solicitors, accountants and surveyors, but what exactly is a ‘Red Book’ valuation and when is it relevant to you?
A red book valuation is the name used by professionals to refer to a valuation report that adheres to the Royal Institution of Chartered Surveyor's Global Valuation Standards, also known as the ‘Red Book’. These regulations provide comprehensive rules and guidelines for RICS Registered Valuers to follow when they are undertaking valuations. Instructing an experienced valuer gives a client the guarantee that their valuation report will be thoroughly researched and documented, prepared by an independent valuer working to a set of consistent and recognised standards, and will be able to stand up to scrutiny.
So, when might you need one? The most common reasons to require a Red Book Valuation are:
Symonds & Sampson are able to provide Red Book Valuation Reports on a whole range of assets from simple residential dwellings to farms, land and rural estates as well as commercial premises, investment portfolios and development land. Contact our Valuation Surveyors to find out how we can help you with a Red Book valuation.