Property Valuation

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What is a Property Valuation?

There are many reasons you might need a property valuation, especially when selling or buying property. Here we explain what a property valuation is, who carries it out, and why you might need one.

What is a property valuation?

A property valuation is an assessment of your property’s value, based on the location, condition and multiple other factors. Your valuation will be carried out in person by a professional surveyor who will take notes and photographs, and then send you a valuation report.
You could use this when you price your property to put it on the market, if you are separating from a partner who owns part of your property, or when dealing with estates.


Who carries out a property valuation? 

A Sworn Valuator will carry out your valuation, as they’ll consider elements like the storage, age, size, wear and tear, and room layout in approximating an appropriate figure. They’ll also look at similar properties in the area and consider what the market is like.

Is this different from my mortgage lender’s valuation?

A mortgage lender’s valuation is in principle not the same as a property valuation. However in Namibia all mortgage lenders use the valuation done by a Sworn Valuator.

A mortgage lender’s valuation is primarily to check that the property is worth what you say it is. For example, if you’re buying a house priced at N$ 800,000 but the Sworn Valuator’s valuation puts the value of the house of N$ 650,000, they’ll only lend you N$ 650,000. You’ll either have to go back to the seller and renegotiate the price, go with a different mortgage lender, or source the rest of the money from elsewhere.

A valuation will also ensure that it’s in the lender’s best interest to give you a mortgage on that property.

The mortgage lender’s valuation will be carried out by Sworn Valuator with valuating experience and who is approved by the bank, building society or lender. You’ll usually pay for it as part of your mortgage fees.

What’s the difference between a Sworn Valuator’s valuation and an estate agent’s?

If you’re looking for a property valuation in order to know how to price your own property to sell, you might think of asking for an estate agent’s valuation. These are free when an estate agent comes around to view your home in the hope you might use their services to sell the property. 

Estate agent’s valuations are an option, but it’s important to remember that a surveyor’s valuation will not only come from someone with professional training in considering structure, quality and the cost of improving properties, but it will also be unbiased. An estate agent’s suggested valuation can be inflated in the hope of you choosing them to sell your property, whilst a Sworn Valuator valuation is based on the facts of the property and the location without any external influences.

When might I need a valuation? 

Whilst most people will want a valuation on a property they’re either buying or selling, there are plenty of other situations in which you’d need a property valuation.

  • Residential Sale
  • Commercial Sale
  • Industrial Sale
  • Farm Sale
  • Estate Late
  • Financial Purposes
  • Divorce