Property Valuation | How Estate Agents Value your Homefjpinvestment
In recent years, it’s been easier to obtain an idea of how much your property is worth online, but the best method for acquiring a property valuation is by consulting your local estate agent.
A look at how a property valuation is reached
Factors such as these are, naturally, the first to come to mind:
- Prices in your area
It’s also important to consider variables that are specific to your house and situation:
- The state of the house
- Any additions or alterations you’ve made to the property, as well as the quality of the job
- Flooring, double-glazing and insulation are all internal features that are considered.
Furthermore, FJP Investment CEO, Jamie Johnson, says that “Many other factors might affect a property valuation, including its potential for renovation and the quality of its upgrades and finishes”.
A confluence of all of these criteria, as well as the current state of the local housing market, will ultimately decide the asking price.
Does this sort of property have a strong market at the moment? Have they lately been sold for a high price or low price? Is it taking more or less time than usual to locate a buyer? These questions must be answered in order to arrive at an accurate property valuation.
Those initial, more important components of the evaluation may be calculated quite well by an online valuation. You may estimate the value of a property by looking at recent sales prices and other relevant information.
In the end, though, there are always some variables that no amount of data can account for, since homes are as distinctive as their owners.
You will be asked a number of questions during a property valuation
“An in-person appraisal will enable the estate agent to examine the property’s status and get a sense of its size and layout,” says Jamie Johnson.
Because it gives us a better idea of the neighbourhood surrounding the home, we’re able to give a more discerning picture throughout the listing process and at viewings. ”
Your home’s purchase preference and your enjoyment of living there will also likely be discussed. In spite of the fact that they are often neglected, these factors can have an impact on the asking price of your house.
Outside of the bricks and mortar property itself, there are other key factors involved in determining a property’s value.
You will be asked whether you are looking for a speedy sale or the greatest potential price for your house during a valuation. So, a seller who needs an immediate sale will need a different approach than one who intends to sell over the next several months.
A seasoned estate agent with a thorough understanding of the local market will be able to give you advice on what you can do to enhance the value of your property. An addition, such as a conservatory, or an additional bathroom, may be worth considering. If you’re unsure, it’s best to speak to a professional.
For buyers and sellers, both online and in-person appraisals will continue to have relevance in the future. Your local estate agent can provide you with an experienced evaluation if you are looking to sell soon or need an estimate that is as precise as possible.
How to choose the right estate agent
A trusted estate agent can make the task of selling your house less frustrating, and can help you establish a strategy to achieve the highest potential price for your home. To help you select the best estate agent, we’ve compiled a list of our top suggestions.
You can question your estate agent’s figures. Find out what other homes they have sold in your neighbourhood and why their appraisal of yours is greater or lower.
A specialist agent is another option to consider
When it comes to specialised properties, it makes sense to hire an agent that specialises in that sort of property. Additionally, they may be acquainted with buyers who could be interested in your home. Selling your house off-market is another option worth considering. ”
Request a secure lending figure
You may run into problems if your sale price is considerably more than what the buyer’s mortgage company is willing to lend. Inquire with your estate agent about the amount they would use in a letter to the bank to see if this could be an issue for your transaction.
Beware of contracts that are too lengthy
If an estate agent binds you to a long-term contract, that’s a red flag for overvaluing your property. Don’t forget the preferred 6-week window, double-check your contract conditions, and avoid 6-month contracts as much as possible.