If you’re thinking of selling, knowing the likely value of your property can be critical in helping you make that decision to sell or stay. Getting professional advice is often the first step in the process when you start thinking about selling. And there are lots of factors that can influence the value of a property.
But what does a valuation involve? Here’s a few key things to know.
What is a property valuation?
A property valuation or market appraisal is carried out by an estate agent. They combine their expertise and local market knowledge to help advise you on the likely sales price achievable should you put your property on the market.
While an internet search of sold prices can give a general idea of your home's worth, an estate agent's appraisal draws on their knowledge of the area, including local demand and recently achieved prices.
An agent's appraisal includes a number of important factors. These includes things such as location (always crucial), the size of the property, condition, any unique features (such as high ceilings) and the potential for adding value: such as a new extension, attic conversion or bathroom.
What happens during the valuation process?
When conducting a property valuation, the agent will walk through the property, much like a prospective purchaser when viewing. Inside, they will take note of its size, the number and type of rooms, the fittings and fixtures, their age and condition and so forth . A number of other factors will be assessed outside, such as the size of the garden and its orientation, parking, garage and other features.
Your estate agent will then sit down with you and chat through various details of your property. They will advise you on any work you should and shouldn’t do before going to the market such decluttering, cleaning, painting, new carpets, tidying the garden and minor repairs.
The agent will provide you with information on recent sales and current property prices in your area. They will give a guide of what your property should achieve if you decide to sell. They will also provide a sales proposal on how they would handle the sale on your behalf.
Remember to ask questions about the valuation and sales process. The more you know the better. Understanding the process is important for you to make informed decisions moving forward, and to develop a good relationship with your estate agent. When it comes to choosing an agent, choose the agent that you feel will have your best interest at heart. The one that you feel most comfortable with – not necessarily the one who gave you the highest valuation.
A property valuation appointment generally takes up to an hour.
Do I need to prepare for a valuation?
You don’t need to get your property show-house ready. An agent will look past the day-to-day and focus on the property details during a valuation, such as size and number of rooms, size of the garden and orientation. However, if possible, do a quick spring clean and declutter which will help to maximise the available space in each room.
Locate any relevant paperwork you have for the property. Documents such as, Building Energy Rating (BER), building plans, certificates of compliance and maintenance charges will help get the agent up to speed quickly and aid in you getting an accurate valuation.
Write down any questions or concerns you have as you prepare for the appointment. An experienced agent will be able to answer these and lead you through the entire process with ease.
And then it’s just decision time for you!
We hope you find our quick guide to property valuation helpful. We’ve been selling property and obtaining the best prices for our clients for over 60 years. There’s very little we haven’t seen or heard! We’d love to talk to you about your property, if you’re thinking of selling and share our expertise with you. For a free valuation, just complete the FREE valuation request here and an agent from your local office will be in touch.