House Valuation – Its Importance and How It Is Done

Independent house valuation is one method which is being adopted by those who are willing to buy or sell a house. This is one method, which gives them a clear and comprehensive idea about the value of the property with regards to the market rate. Most of the people are not aware about the technicalities that go in when it comes to house value assessment; however, most of them know that is an important thing to do while buying or selling a property. When it comes to know the value of properties, there are numerous aspects which need to be considered. In the following sections, an insight will be presented on house valuation.

Income Method – What is it?

This is one method which is used for the property valuation. Here the total worth of a property is being estimated based on the revenue potential. The income which is calculated can either be generated as rental income or from re-selling the property. This is quite a complicated method; however, it is quite frequently being used by the investors when they are to fix a value on a property or when it comes to assessing the profitability of their investment in the days to come.

Certain assumptions need to be made and one needs to rely on them in order to come to an accurate conclusion using the income method. Here are the assumptions that are required to be made:

• Property Resale Value: This includes assuming the value which the property is likely to yield if it is being resold. Various factors need to be taken into consideration while assessing the resale value of a property.

• Income which is likely to be generated from Rent: This is another area which needs to be assessed. As mentioned, income from rent plays an important role while using the income method for property valuation.

How a Property’s Value is being calculated?

In order to get a better idea about the Independent house valuation, there are various assumptions and considerations which are needed to be made. This type of valuation comes into the picture when the generated income is set against the invested capital in order to find out how much profit can be generated by re-selling the property. One very common method which is being used to estimate the profit which is likely to be generated is by comparing the value of the property in question with the same type of capital expenditure or investment of similar nature.

Calculating the risk factors are perhaps the most difficult thing to do when it comes to ascertaining the value of a property. Though some sort of idea can be gained by having a look at the past market trends; however, it is very difficult to predict the nature of the property market in the days to come. Hence, it is wise to take the help of the valuation experts to know the actual worth of your property.

Before buying a property, selling it, hiring a property or giving out your property for rent, get it evaluated perfectly. For this one of the best companies you can find is Valuations.

What Does the UK Green Party Propose Be Done to Increase UK Housing?

The Greens and several other organisations default to building on previously-used land for much-needed housing. But there are grey areas between brown and green.

The environmental and social justice mission of the UK Green Party may seem in conflict relative to the critical housing shortage in the country. The lack of places to build as imposed by green belt and greenfield protective measures runs gobsmack into the need to build more than one million homes to alleviate the shortage, one that is attributed to rough sleeping and other societal ills.

It’s a complicated conundrum, to be sure. Inadequate building has been decades in the works, and the results affect people in the UK at all levels. Further, global economics play a role in how wealthy foreigners are snapping up English residential properties as financial instruments, effectively so given the year-upon-year, double digit valuation increases of prime property assets – especially in London, but in other parts of the country as well.

And frequently the response from the Green Party, the housing charity Shelter UK, the Campaign to Protect Rural England (CPRE), the Department for Communities and Local Government and many elected officials is to instead build on brownfield land. Estimates run as high as 1.5 million homes could be built if every inch of brownfield land were used for housing.

But few take an absolutist view of this. Shelter argues for a hybrid approach, using both brownfield and greenfield land to build because the immediate needs are so pressing. Others have made the case that some green belt land fails to live up to its objectives, that it would be better to build where environmentally unfriendly activities (refuse dumping, chemical-intensive farming, etc.) could instead be replaced with quality housing while urban brownfields are converted to parkland.

Some points about brownfields and house building in the UK should be included in the discussion:

• Only one-third of the number of brownfield sites cited by the CPRE and Green Party estimates are located in London and the South East, the areas where the housing shortage is most acute.

• Brownfield compared to greenfield development already favours brownfields at a ratio of 2:1 (i.e., it is already happening where economically viable).

• Brownfield development can require decontamination, which “can be a legal minefield, involving unpredictable long-term liabilities for developers,” according to the Institute of Economic Affairs (IEA) in a blog published in 2014 (“Don’t count on brownfield: it won’t solve the housing crisis alone”, by Kristian Niemietz).

• There can be tax benefits to clean-up costs for decontamination efforts, “but the tax situation is so complex that developers cannot readily assess to what extent they will be able to make use of those options,” says the IEA blog.

• Further, some but not all brownfield sites are located near infrastructure (roads, water, utilities, schools, hospitals) that could support a community of decent housing. In some cases the new infrastructure costs could be prohibitive even while the location would be undesirable to residents and from a green perspective (e.g., no access to public transport).

The Land Trust, a land management charity that owns and manages more than 1,000 hectares of public open space – a mission arguably aligned or complementary to that of the Green Party – takes a mixed position on this. Its director of operations, Matthew Bradbury, published a statement in 2014 that planners and investors with an interest in UK land might take to heart: “The real solution will involve a complex range of options. It’s true to say that we should be focusing on improving brownfield land, as the cost to communities of leaving it as brownfield can be significant – it impacts on health, anti-social behaviour and many more aspects of our quality of life. But to suggest that the housing crisis can be solved by building on brownfield land alone is both naive and unrealistic.'”

It’s a matter of pragmatism that drives Bradbury’s approach – a strategy that some might agree with but which is likely to work expeditiously in a market-driven system. Investors indeed act rationally, and that includes seeking third party advice such as through independent financial advisors who can assess an investment from a purely economic evaluation. But as the debate continues on greenfield and brownfield development, it’s clear that broader social considerations can influence investors as well.

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