SUSTAINABILITY IMPORTANT TO PROPERTY VALUATIONS

[greenbuild]

SUSTAINABILITY IMPORTANT TO PROPERTY VALUATIONS
RICS 20th September 2011
1st Edition RICS Practice Standard

The RICS (Royal Institution of Chartered Surveyors) has issued a new paper stating that a homes sustainable features should be considered as part of property valuations.
The new paper entitled Sustainability and Residential Property information paper (see attached), RICS says that at present sustainability is not seen as important when valuing a property.
The RICS advises that the increasing importance to government of sustainability means that valuers need to take more account of sustainable features when valuing a property.
The RICS suggests that valuers should refer to sustainability metrics if available, and gather specific sustainability information on the particular property to help provide a framework for valuing sustainable homes.
With the increased emphasis on green living and energy efficiency, it is highly possible that the market will need to adapt, said Ben Elder, RICS global director of valuation. This new information paper offers advice to our members, recommending that they are fully aware of sustainability policy and the characteristics of individual buildings when valuing property.