Are you considering selling your shared ownership property and wondering what it’s worth? Understanding the valuation process is crucial to making informed decisions. In this article, we’ll delve into what’s involved in the valuation of shared ownership homes and where you can find professionals to assess the value of your property.
What is Shared Ownership?
Before diving into valuation, let’s quickly recap what shared ownership entails. Shared ownership is a government-backed scheme that allows you to buy a share of a property (usually between 10% and 75%) and pay rent on the remaining share to a housing association. It’s a popular option for first-time buyers who can’t afford to buy a home outright.
Importance of a Shared Ownership Valuation
Valuing a shared ownership property is essential for several reasons:
1. Selling Your Share
If you decide to sell your share of the property, knowing its value is crucial for setting a fair price and attracting potential buyers.
2. Buying Additional Shares
Likewise, if you wish to purchase more shares in your shared ownership property (known as ‘staircasing‘), an accurate valuation determines the cost of increasing your ownership percentage.
3. Securing a Mortgage
When buying or selling a shared ownership property, mortgage lenders require a valuation to assess the property’s worth before approving a loan.
What’s Involved in the Valuation Process?
Valuing a shared ownership property involves several steps:
1. Market Analysis
A valuer will analyze recent sales of similar properties in your area to determine market trends and comparable prices.
2. Property Inspection
The valuer will inspect your home, assessing its condition, size, layout, and any improvements or extensions.
3. Shared Ownership Calculation
Since you only own a portion of the property, the valuation will reflect the percentage you own, not the property’s full market value.
4. Report Preparation
The valuer will compile their findings into a detailed report outlining the property’s value and factors influencing it.
Where to Find Valuation Professionals?
Now that you understand the valuation process, you might be wondering where to find professionals to assess your shared ownership property’s worth. Here are some options:
1. Registered Valuers
Look for registered valuers who specialize in shared ownership properties. They have the expertise and experience to provide accurate valuations tailored to this unique housing arrangement.
2. Housing Associations
Your housing association, which manages the shared ownership scheme, may offer valuation services or recommend trusted valuers familiar with their properties.
3. Estate Agents
Many estate agents offer valuation services, but ensure they have experience with shared ownership properties to provide reliable estimates.
4. Online Platforms
Several online platforms allow you to request property valuations. Ensure the platform you choose has options specifically for shared ownership properties.
Conclusion
Valuing a shared ownership property requires an understanding of the market dynamics and the unique aspects of shared ownership arrangements. By following the steps outlined in this article and seeking assistance from qualified professionals, you can confidently determine the value of your home. It could be that you’re selling, staircasing, or remortgaging. Understanding your property’s worth allows you to make informed decisions and navigate the shared ownership journey with confidence.
