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Property Valuation Types

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“What’s my property worth? is a question that we get asked quite regularly at Mannix
Property Services. What is a property/ house valuation? It’s a natural thing to be
inquisitive about how much your house / apartment or farm could be worth on the open
market. To many people, an independent valuation is the first step to putting your
property for sale. But did you know that there are a variety of property valuations out
there?

Fair Deal Valuation

The Nursing Homes Support Scheme, more commonly known as the Fair Deal Scheme
is operated by the HSE. It provides an avenue for people who own an asset (the asset
can be cash assets and / or non-cash assets e.g. property) to offset that asset in order
to help to fund their nursing home accommodation. You can learn more about how
the Fair Deal Scheme works here. If a family is attempting to use the property of a
loved one to apply for this scheme, they will need a valuation for the family home and
this is used as part of the assessment.

Mortgage Lender Valuation

Having successfully achieved mortgage approval and having moved to the sale agreed
stage of a property sale, mortgage lender will require a bank valuation to be completed.
This is not to be confused with a pre-purchase survey: a pre-purchase survey is not a
bank requirement. Lenders provide the purchaser with a panel of possible valuers and
the purchaser engages with one of those valuers to visit the property and provide a
valuation for the lender.

Probate Valuation

A probate valuation is a necessary step as part of the granting of a probate. This will
happen when someone has passed away and their asset (a property) needs to be
valued; as part of this process, the valuation needs to be completed by a qualified
professional whether it is being put up for sale or not. The appointed valuer will provide
a document for the purposes of probate whereby they will value the property based on
the date that the deceased passed away. You can read more about this topic in
our ultimate guide to probate.

Family Law Valuation

As part of separation/divorce proceedings and also as part of instances where a family
member might be gifting a property to another family member, a family law valuation
might be required. This is a document outlining the advised market value of a property
that can be used if needed in court proceedings. Seek good, independent legal advice.
Many factors can influence how assets are divided, such as the length of the
relationship, each party’s income and responsibilities, and if children are involved.
Check out Elevation -, which is a community for people who are going through
separation or post-separation and need help and support with the day-to-day
communication with their ex-partner.

To book a valuation of your property

Contact Mannix Property Services here or call 066 716 3853/
brendan@mannixproperty.ie

on Monday, September 19, 2022 in Uncategorized

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