Whozoo tips #17 - How much does an RICS commercial property valuation cost?

Published: 19/01/2024

The cost of a professional RICS (Royal Institution of Chartered Surveyors) valuation for a commercial property in the UK can vary based on several factors, including the size and complexity of the property, its location, and the specific requirements of the valuation. Additionally, individual surveyors and firms may have different fee structures. It's important to contact surveyors directly to obtain accurate and customized quotes based on your specific situation.

As of my last knowledge update in January 2022, I don't have specific figures for the cost of RICS valuations for commercial properties in the UK. Valuation fees can depend on factors such as:

Type of Property:
•The complexity and use of the commercial property, such as retail, office, industrial, or mixed-use, can impact the valuation fee.

Property Size: 
•Larger properties may involve more detailed assessments and could result in higher fees.

•The geographical location of the property can influence the cost of a valuation. Properties in prime locations or areas with higher demand may command higher fees.

Purpose of Valuation: 
The intended use of the valuation (e.g., for mortgage purposes, financial reporting, tax assessment) can affect the scope of work and, consequently, the cost.

Additional Services: 
•If additional services are required, such as a more detailed survey, rent review, or consultancy services, they may incur extra charges.

To obtain an accurate cost estimate for a RICS valuation for your commercial property, consider the following steps:

Contact RICS-Accredited Surveyors:
Reach out to RICS-accredited surveyors or firms in your area. You can find them on the RICS website or through local directories.

Provide Property Details:
Provide detailed information about your commercial property, including its size, type, location, and any specific requirements you have for the valuation.

Discuss Scope of Work:

Discuss the purpose of the valuation and the scope of work with the surveyor. Clearly communicate any specific needs or considerations relevant to the valuation.

Obtain Quotes:
Request quotes from multiple RICS-accredited surveyors. Compare the quotes, taking into account not only the cost but also the expertise and services offered.

Clarify Fee Structure
•Seek clarity on the fee structure, including whether the fee is a fixed amount or based on an hourly rate. Understand what is included in the quoted fee and if there are any additional charges.

Check for Hidden Costs:

•Be aware of any potential additional costs, such as travel expenses, disbursements, or VAT, and clarify these with the surveyor.
It's important to note that fees for RICS valuations are influenced by market conditions, professional expertise, and other factors. Obtaining quotes from multiple surveyors will help you make an informed decision based on your specific requirements and budget.