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Comparable evidence in residential property valuations

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  • Santo, Philip

Abstract

When residential property valuation files are critically examined, usually after some time has elapsed since the valuation was completed, the supporting documentation relating to the comparable evidence used to justify the valuation is frequently found to be incomplete or inadequate. This paper reviews the process of selecting and applying comparable evidence with particular emphasis on the need for structured analysis and recording. It contrasts historic practice with current requirements and draws on the RICS Information Paper Comparable Evidence in Property Valuation (2012) and some relatively recent court cases. It suggests that for many residential valuation file documents the term ‘site notes’ is a misnomer and the entire file should more accurately be regarded and described as the valuation record. It suggests adopting a structured approach for dealing with comparables to reduce the risk of potential difficulties when files are later reviewed for any purpose.

Suggested Citation

  • Santo, Philip, 2015. "Comparable evidence in residential property valuations," Journal of Building Survey, Appraisal & Valuation, Henry Stewart Publications, vol. 3(4), pages 295-303, February.
    • Handle: RePEc:aza:jbsav0:y:2015:v:3:i:4:p:295-303
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    More about this item

    Keywords

    valuation; residential; comparable; evidence; analysis; record;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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