How to Value your Property Online

How to Value your Property Online

According to the Office of National Statistics, the average UK house price has risen to a record £292,000, a rise of 9.6% from the previous year. It's probably no surprise that people are seizing the opportunities to join, move, or jump off the property ladder with house prices rising.

When it comes to selling your property, how do you know how much your home is worth? You need to know how much you could get to begin planning your next move. One tried and tested way is to invite a high street estate agency to look over your property and give you a valuation. However, this is not always accurate, as there are many other factors to consider, such as the local market, your home's condition, and any recent similar sales in the area.

It's vital that you get an accurate value for your property, as this will help you to price it correctly when it comes to marketing and selling. An overpriced home will likely sit on the market for a long time without attracting any interest, while under-pricing a house could see you losing out on thousands of pounds.

Don't always rely on high street estate agent valuations alone

Did you know that estate agents have little obligation to provide accurate valuations under UK law? Though most estate agents would not deliberately mislead you, which would breach the Consumer Protection from Unfair Trading Regulations, many estate agents will value your property at the top end of the market to win your business. The agent will then expect you to negotiate down from this figure so that they can make a healthy commission when the property is eventually sold.

Incorrect details or pricing can lead to a reduced number of interested viewings of your property and a slower sales process overall, as discussed in this Guardian article: Incorrect details from estate agent led to two buyers pulling out.

Alternatively, some Estate Agents, especially ones on fixed fees, will push for 'realistic' prices that are lower than the actual market value. They do this to help push through a quicker sale, which benefits them as they get paid their commission sooner. Lower prices will likely leave you out of pocket and could ultimately result in you selling your property for less than it is worth.

What factors influence the value of a property?

When it comes to valuing your property, there are many different factors that you need to take into account. These include:

  • The local market - Is the area in which your property is located in high demand? Are prices rising or falling?
  • Your home's condition - Is your property in good condition, or does it need some work done?
  • Recent similar sales in the area - Have any recent sales of comparable properties in the vicinity? This will give you an idea of the price range your property falls into.
  • The size of your home - Larger properties will usually be worth more than smaller ones.
  • The type of property - Different properties (e.g., terraced houses, semi-detached houses, flats) will be valued differently.
  • The age and layout of the property
  • What features come with the property, such as parking facilities or extensive gardens.

When it comes to using this information to find a home valuation, there are a few different ways that you can go about it.

What are the different methods of valuing a property?

There are several different methods that you can use to value your property. These include:

Asking prices - Using tools like Right Move, examine the prices local homeowners are asking for their property. It's important to remember that this is not necessarily the same as the property's market value.

Sold prices - Sold prices give you an idea of the price comparable homes are changing hands for, which may give you clues to your home value. You can find out Sold Prices by searching on websites such as Zoopla and Rightmove.

Valuation by an estate agent - As we mentioned earlier, while estate agents are not obliged to provide accurate valuations, they will usually have a good idea of what properties in your area are selling for.

Valuation by Chartered Surveyor - A Chartered Surveyor will carry out a more detailed analysis of your property and take into account a range of different factors such as its condition, size, location, and recent sales in the area. This method is usually more accurate than an estate agent valuation. This will usually cost you around £250-£300 but will give you a much more precise figure. However, it's important to remember that this is still only an estimation and that the final sale price could be higher or lower.

Online Valuation - The final option is to use an online property valuation tool.

Get an accurate valuation with an Online Property Valuer

In order to avoid any potential errors by an estate agent's valuation, it's essential to do your own research and find out how much your property is worth. An online property valuation is an excellent option for obtaining a good idea of what your property is worth from the comfort of your own home.

The benefits of online valuations are that they are quick to obtain and typically representative of local prices as they rely on data, not opinions.

Remember to keep emotion out of the final decisions when it comes to selling your home. Your house is a financial investment, and as such, you should be looking to get the best possible return on that investment. You do not want to undervalue and lose money or overvalue and be left on the market, ignored by most potential buyers.

If you have any questions or would like further advice, get in touch with our team of experts. You can contact us here or hop onto live chat directly on our website. We're always happy to help!

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