Tips on How to Value your Home
To help you value your own property we have put together a few basic steps as guidance.
- Using an Estate Agent to Value your Property
- Facts about the Value of your Property
- How to value your own property
- Using a Professional to Value your Property
Estate agents are not qualified to value your property they can only provide an informal opinion on what they think your property might sell for based on local knowledge and experience, only qualified surveyors can carry out property valuations.
Be aware that some estate agents may over value your property to get you sign on the dotted line and tied into a contract, then the agent will suggest that you reduce the price of your property to a realistic asking price as this will be the only way to attract a serious buyer.
The value of your property is NOT based on;-
How much you paid for it
How much money you've spent on improvements
How much you'd like to sell it for
It is based on what somebody is prepared to pay and what the mortgage lender thinks it is worth.
Factors that may make your property more valuable and easier to sell are;-
If it has garage or off-street parking
If it has a south-facing garden
Has an en-suite bathroom(s)
If it has several double bedrooms
If it has a conservatory that blends with the existing building
If it has a newly fitted bathroom or kitchen
If it has a large kitchen
If it is well maintained and newly decorated throughout
If it has period features
If it has a superior view over green space as opposed to a road or railway
Find out how much similar properties have sold for in your area in recent months. You can use a specialist websites such as www.houseprices.co.uk or www.hometrack.com, they provide a free online search and instant valuation for a small fee.
You can also use other websites such as Nationwide BS as they have a free house price calculator that you can use to add house price inflation since you bought the house to give an estimate of its likely value.
Compare your property to other similar properties on the market now (price, location, presentation and condition), this will give you an idea of your guide price for your property.
If you genuinely feel that your property is worth more than others you've seen then you need to be able to justify the reasons for its higher price so be prepared at viewing's.
Remember that the asking price of a property is not necessarily the sale price, always set your asking price slightly higher so that you have room to manoeuvre when negotiating. If you set your price too low, you could end up doing yourself out of thousands of pounds, alternatively don't be tempted to set it too high either as this could put off potential buyers.
If you don't feel confident valuing your own property especially if your property is unique and comparable's are not readily available you may want to hire a professional, who you can find through the Royal Institute of Chartered Surveyors - see www.ricsfirms.com.
Note: 3up2down accepts no responsibility for errors that you may make and if you are in any doubt as the realistic selling price for your home you should instruct a professional surveyor.