The Home-Approved building survey does not include a traditional (surveyor’s opinion) valuation. However, an “automated” valuation can be arranged at an additional cost.
This automated valuation is provided by Calnea Analytics and is based on information the surveyor gathers at the time of the inspection, such as gross internal floor area, gross external floor area and condition of property. In some respects this type of valuation is more thorough as it takes into account 15-20 comparable properties whereas a surveyor valuation looks at only 3-4 comparables. The final report – which is 15-20 pages in length – includes information about local amenities, schools and crime rates.
An AVM (Automated Valuation Model) calculates property valuations using a statistical model which computes large amounts of property data to generate an estimate of the market value for an individual property. A confidence level is also produced along with the valuation to indicate how accurate the valuation is.