Trying to Value flat - Include Staircase?

akorn77

Long story short, in the process of self-valuing a flat in order to put an offer in.

It's the top floor of a Victorian conversion, and floorplan says the total size of the flat is 53m2. However approx. 5-7m2 of that is a staircase which is demised to the flat, hence significantly lowering the actual living space of the flat.

Annoyingly (yet not surprising), the EA hasnt bothered to put the exact measurement of the staircase on any of the floorplans.

Would you include this staircase into your valuation or exclude it? Or include maybe part of it?

phill99

The EA has measured it to sell. So he will include all areas.


Open Market Valuations in the UK aren't based on a £/m2 basis. So your exercise may end up pointless.

AdrianC

Value it according to comparables.

Tom99

Think about it this way, say the flat is worth £200k.
If the staircase was not in the demise what would it be worth? Most probably £200k.
What would it be worth without a staircase? Most probably £0k.
If you are going to compare the value of various flats using floor area than you need to compare like with like so I would tend to use gross internal area excluding the actual staircase but including any hallway on the floor level the flat is on if the hallway is behind the front door.
Remember there are many other factors which will go into value as well as floor area, location, features, condition, length of lease etc.
Also beware that EA floor measurements will rarely be 100% acurate.