When looking to sell your home, getting at least one valuation is essential for determining a reasonable asking price. But what exactly is involved in a valuation? Who conducts it, and what’s the typical timeframe for a house valuation?
Our team of property experts have created this easy-to-read guide to provide you with the answers you need.
What to expect at a valuation
As an estate agent we will assess your home’s worth based on factors like its location, condition, market trends, and size.
We advise that you prepare your home for valuation much like you would for a viewing: clean, tidy, and decluttered to showcase its best features. Our property partners will take photographs for advertising purposes at a later date, but you want to showcase the full potential of your property so that we can decide on its maximum value.
During the valuation process, you can take advantage of the opportunity to ask advice on any minor repairs or cosmetic improvements that might improve your chances of making a sale.
At the valuation’s conclusion, we will provide you with an estimated value, possibly in a range (e.g., £220,000 to £227,000), giving you the discretion to set the asking price. We will also share details of comparable local sales and listings to provide context to our valuation.
An accurate valuation is important for a successful sale, and as local agents we are much better placed to provide a valuation that reflects the current market, supply and demand and local trends accurately. It’s important to note that, a property valuation differs from a mortgage lender’s valuation, which is typically less comprehensive.
Contact us today for a complimentary property valuation!
What are we looking for during a property valuation?
When valuing your home, we will take into account the following factors:
- Location – As a local estate agent we have an excellent understanding of the area, including knowledge of the most sought-after road and postcodes. Factors such as proximity to amenities, transportation links, flood risk, and access to green spaces are all taken into consideration.
- Property type – The demand for different types of properties varies across time and regions. Period properties might be highly sought after in some areas, while modern homes are more popular in others. As an estate agent, we understand the local market and current trends which is crucial for accurately valuing your property.
- Number of bedrooms – Generally, a property with more bedrooms will be valued at a higher price, even if another property in the same area has more floor space or a larger plot. However, if a property has a lot of bedrooms but limited living or outdoor space, the asking price may be lower than a comparable property with a better balance. Families searching for ample space throughout the home are often drawn to properties with multiple bedrooms.
- Parking – Off-road parking is a valuable feature that can increase a home’s value by approximately 10%. Not only does it offer convenience, but a parking space or drive can also lower insurance costs.
- Property condition – Significant issues like damp or a damaged roof can reduce a property’s valuation. Buyers often factor in the estimated cost of necessary repairs or improvements when making offers. Therefore, the asking price should align with the property’s condition and the costs associated with improving it.
- Recent sales of similar properties – As an estate agent, we rely on information about recent sales of comparable properties in the area to determine the appropriate asking price. These sales reflect current market conditions, buyer preferences, and demand for various property types.
- Plot size – If you have land with your property, our experts will offer an insight into the value of land and property per square foot in your specific location. Typically, the larger the plot of land on which a property stands, the higher the asking price.
If you have land that you are looking to sell, please get in contact with our Land and New Homes Department on 01634 570057.
How long does a valuation take?
We typically recommend allocating about thirty minutes to an hour for a house valuation. Although it may be completed in as little as 15 minutes!
We always recommend allocating some extra time, so you have the opportunity to ask any questions regarding the sale. Remember a valuation is not only about getting an idea of the price. It’s also an opportunity to get some tips on how to help your home sell and to see if you like an estate agent. Consider asking the following questions to help in your decision-making process:
- Have you recently sold any properties similar to mine?
- What is the average duration for selling a property in your experience?
- Have you sold any homes on my street or nearby?
- Can you suggest any repairs or enhancements that could benefit the saleability of my home?
- What services are included in your fee?
- Do you provide professional photography services?
- Do you have any client testimonials or reviews available for reference?
How long is a valuation valid for?
A property valuation typically remains valid for six months. The housing market can change quickly. So, if you do not sell within six months of having your home valued, it’s a good idea to get it valued again. Additionally, it’s advisable to request a fresh set of valuations if significant changes are made to the property. Even minor home improvements have the potential to impact the property’s value positively.
Who can value my property?
Property valuations can be conducted by either an estate agent or a qualified surveyor. It’s advisable to obtain valuations from two or three professionals to gain an accurate understanding of your home’s value.
It’s important to note that opting for the highest valuation isn’t always the wisest decision. Some estate agents may inflate property values to secure your business, and overpricing can result in underselling.
Are you looking for a property valuation?
If you’re thinking about selling or want an estimate of its potential value, feel free to reach out to our experts today. Fill out this quick and easy online form and our team will be in touch.
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