Question 1

What does market value mean?

Accepted Answer

The Royal Institution of Chartered Surveyors defines market value as “the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing where the parties had each acted knowledgeably, prudently and without compulsion.” It gives buyers and sellers a common platform for negotiation.

Question 2

What are valuations used for?

Accepted Answer

Common purposes include mortgage security, probate and estate planning, voluntary conveyance and stamp duty, family law and divorce settlements, proposed developments and renovations, and rent or lease negotiations.

Question 3

Do you value residential and commercial property?

Accepted Answer

Yes. AREAS values a range of property types, including residential, commercial, hotel condominiums, land and industrial properties.

Question 4

What documents are helpful for a residential valuation?

Accepted Answer

A copy of the deed or lot plan and site description is essential. It helps the valuer determine the size of the lot and whether there are any restrictions on the property.

Question 5

What documents are helpful for a commercial valuation?

Accepted Answer

Tenant leases are important, as they establish the level of income, which assists in determining value. It also helps to mention upgrades such as a new fire alarm system, HVAC system or solar panels.

Question 6

What has the most significant effect on value?

Accepted Answer

Location. You cannot change it, but you can address other factors: presentation, cleanliness, light repairs and routine maintenance. Neighbourhood comparables, size and usable space, and condition also play a part.

Question 7

How do I prepare my home for a valuation?

Accepted Answer

Have your documents ready, make sure the property is tidy and well presented, attend to minor maintenance, and tell the valuer about any benefits or features they may not be aware of, such as a refurbished kitchen or solar panels that will stay with the sale.

Question 8

How do I request a quote?

Accepted Answer

Use the inquiry form, call +1 441-516-8164 or email info@areas.bm. Share the property location, the purpose of the valuation and any deadlines, and we will come back to you to discuss scope and next steps.

Questions, answered plainly.

Start with a clearer picture of your property.