What Is A Property Valuation?

A property valuation is the most important part of the process involved in selling a property. Property valuation is vital for people involved in the stages of property buying to have a good idea of the worth of the property concerned in order to negotiate a reasonable asking price and to figure out the current state of the local market. A property valuation can equally provide insight into how the value of a house can be maximised.

Is there a right time for a property valuation?

It is recommended to carry out a property valuation as early as possible. The sooner you receive an accurate appraisal of your property, the earlier you can begin to make plans for your property to be sold or mortgaged. Also, if you are planning to buy a new house from the sale, you will be able to begin searching for your next property within your new budget when you do an early property valuation.

What can I expect when I request a property valuation?

If you request a property valuation to establish the market price of your property, an estate agent will be in charge of the process. As soon as you make a decision to put your house up for sale, the agency you are registered with will mandate someone to your property to have a look. He or she will take comprehensive notes about the condition of each room, the features and floor space, and give an estimate of what it is worth. Ensure your place is in good shape for the valuation.

How do I discover what my home is worth?

An accurate idea of your home can be gotten through a property valuation carried out by a valuer or an estate agent. The property valuation will take into account, the age of the property, size, room layout, and any additional fixtures the house has. When a buyer is interested in your home, they will also be interested in the worth of the house especially if they are mortgaging it. An extensive valuation will be necessary to check for damage to the structure.

What do I do if after getting a valuation on my property, I discover it is worth less than I expected?

Housing market is not a stable one, especially in the UK, and property prices constantly fluctuate often as a result. Sadly, there are times when a property will worth less than the original price and the expected price. It is therefore helpful to remember that your property valuation was carried out by an experienced valuer, and your report is based on knowledge and expertise. The value of a property can however be improved by adding an extension to the property, or adding a conservatory to it.

How does the location of my property affect the property valuation?

The location of your property is important because in order to achieve a fair valuation, similar properties in your area will be compared. The report of your property valuation should fall in the same range as the general house prices in your area. Also, characteristics of your location such as desirability, level of demand, and closeness to amenities can boost your valuation.

What does a valuer do during a property valuation?

A valuer carries out different tasks that come together to give an accurate estimation of the market value of a property. As part of the tasks a valuer does, he measures and calculates the floor areas, studies views of the property from the road, and analyses comparable market sales. In addition, the valuer inspects the interior and exterior of the property, noting the condition, construction materials used, and fittings. The valuer will used the right method of valuation depending on the property.

How much am I expected to pay as the agency fee for property valuation?

The amount you will pay to an agent for property valuation services will vary depending on the type of property, and what you are able to agree on with the estate agent. The fee for most agents will range from 1% to 2.5% of the sale price of your property. In most cases, the fee is negotiable. Just make sure the services the agent is offering are more important that the financial cost to you.

Do I have to sell with the same agency I use for my property valuation?

Certainly not. You are not under any obligation to sell with the same agency used for property valuation. If after you have received a valuation report, you decide another agency would be a better fit to help you with a sale, it is okay to make the change.

Can property valuation put off buyers from making an offer on my house?

There have been cases where buyers seem more reluctant to buy a house that has been valuated at a particular amount. If the valuation placed on a house seems to continuously deter buyers, there are a couple of things that can be done. The valuation of the house can be adjusted to a more attractive amount that will generate increased interest by buyers. Also, the presentation of the house counts. Buyers are more likely to place a bid on a clean house that is well organised, and well decorated.

How can I handle a situation where figures from multiple valuations turn up significantly different?

Normally, the final figures generated from each property valuation process will not the exact same thing. The process for property evaluation is not a mathematical one, and is highly subject to different criteria, according to the discretion and expertise of the valuer. Each valuer aims to give you a price that will easily help you reach your expressed goal. If differing valuation figures usually occur when the property owner is proactively seeking to sell the house fast.

Contact our team of teams of expert valuers in the local property market, delivering accurate valuations everyday across UK.

Call: 0800 020 9561

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Published on 1st June 2017

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