Back to basics: what is a property valuation?
by Housesimple on 3rd November 2016
House valuations are at the core of the property selling process. It’s vital for everyone involved in the buying stages to know how much the house being sold is worth from the off, to help you negotiate a fair asking price and for the buyer to grasp the current state of the local market. It can also help you get a head start on discovering how you can maximise the value of your home.
What’s my home value?
A property valuation is carried out by an estate agent or an independent valuer to give you an accurate idea of the worth of your home. There are a lot of different factors considered in a valuation; even superficial ones, like how tidy it is, can affect your asking price.
Some of the more general criteria include the age of the property, wear and tear, size and room layout, and any extras or additional fittings the house has. Buyers will also need to have a valuation if they’re mortgaging the house, to ensure the lender offers the correct amount. They may carry out more extensive surveys to check for structural damage.
Location, location, location
For the valuation to be fair, your house will be compared with similar properties in your area. It should fall in line with general house prices for the locale. The desirability of your neighbourhood, demand for your area and location relative to amenities will all help to boost your valuation.
Land Registry data can also influence your house price. This is a service provided by the government whereby house prices across different areas are updated monthly, to help highlight property price trends.
What to expect
Property valuations that establish the market price are generally carried out by estate agents. Once you decide to sell your house, the agency you’re selling with will send someone over to have a look around and gauge how much your house is worth.
Make sure your place is in tip-top shape for the valuation: clean, tidy and clutter-free. The agent’s representative will take detailed notes on each of the rooms, as well as the features and floor space.
A house valuation is the start of the exciting journey of selling your house. When you market your property with HouseSimple.com you’ll receive a free, expert valuation – along with a hassle-free sale.
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