Your search results

How to optimise your property valuation

Posted by iSell Properties on October 31, 2015
| 0

How to optimise your property valuation


Having an accurate property valuation is so important. If your property is priced lower than it is worth, while it may sell quickly, you may be loosing out on thousands of pounds that you could have put towards a new property or the next stage in your life.

How do estate agents decide on a property valuation?

In general, estate agents will use what is called the comparative method. This means that they will compare your property with similar properties on the market and ones that have recently sold. This method of property valuation should mean that your property achieves an appropriate selling price based on the current market and selling conditions.

Can I improve my property valuation?

A property valuation from an estate agent doesn’t have to be the final say – remember after all that the property is YOURS and the price that YOUR property is put on the market is YOUR decision!

Estate agents will give your property a valuation based on where they think it stands according to current market conditions. You may disagree. Rather than leave it at that and move onto another agent, talk to them about the changes you have made which you think set your property aside and make it worth more. Things you might have completed that could change your property valuation:

·      New bathrooms or kitchens

·      Extension work (make sure you have all of the planning permission etc. available for them to view)

·      Have you recently re-roofed the property?

·      Have you recently redecorated?

·      Have you had double glazing put installed?

Most of these will be obvious to the estate agent, but do point it out! Tell the agent what you paid for the property and how you think you have added value. Maybe another similar property has sold recently in the area – the estate agent may already no this, but it will not hurt to remind them. After all, more information might effect the given property valuation.

Surveyors

Property valuation given by an estate agent is all very well, but you’re your purchaser comes to having a mortgage offer, their lender will require that a surveyor visits to confirm that the property is worth the price that you and the potential purchaser have agreed. The market value is described in the RICS Red Book (the valuation bible) as;

“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.”

While we all want to get the most money from the sale of our homes, the most important thing with the agreed price of a house sale is that getting the correct market valuation for your property is the way to go – an agreed high price for your property may not close the sale as the surveyor for the mortgage may disagree on the property valuation.

Leave us a message here and we will arrange for your valuation!

 

Leave a Reply

Your email address will not be published.

Property Ombudsman Logo

Request an Appointment

Fill out our form and we will contact you back within 48 hours.