A valuation is basically an estimation of how much a property is worth. It is an integral part of the property transaction as it plays a crucial part in the negotiating process.

There are 2 types of property valuations – indicative valuations and actual valuations. Indicative valuations are simple estimations of the value of a property, usually derived by taking into account the average price of properties bought and sold around the same area of said property.

On the other hand, actual valuations are much more detailed, and performed by qualified surveyors and valuers –  who are commissioned to ascertain a property’s market value based on a series of quantifiable metric.