Q. I intend to sell my property and I want to know what it is worth. Will I have to pay for a valuation?

A. If you are intending to market your property, Aitchison Raffety will be delighted to meet with you and prepare marketing advice including a valuation without obligation. It is only when you require a formal written report that the usual valuation scale fees are payable.

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Q. I have been told that I need to get a formal valuation report carried out in accordance with the Red Book. What is the Red Book?

A. The RICS Appraisal and Valuation Manual sets certain minimum requirements so as to ensure a high standard of valuation and reporting. The Manual contains mandatory practice statements and guidance notes, principally concerned with the mechanics of practice including the assembly, interpretation and reporting of information relevant to the task of valuation.

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Q. Why is the insurance value of the property not the same as the open market value?

A. The valuation of a property will differ depending upon the purpose of the valuation. The insurance value will reflect the cost of re-building the premises including site clearance and professional fees etc. whereas the Open Market Value is an opinion of the best price at which the property would sell in the open market on certain assumptions.

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