Property Valuation: How homes are valued by an Estate Agent
It’s possible to get a general idea of how much your home may be valued online, but speaking with a local estate agent is by far the best approach to obtain an actual property valuation.
Initially here is how the value of a property is determined:
- Local expenditures
Then there are the elements that are particular to your house and circumstance; these are a little more complicated and nearly impossible to consider without seeing the property. Items like:
- The condition of the property
- The property’s additions or modifications you’ve made, as well as the standard of your work
- Interior components, such as flooring, double glazing, insulating material, finishing, etc.
The asking price of the house will be established by taking into account each of these elements in addition to current market conditions in the area.
How popular is this kind of property right now? How much did they recently sell for? How long is the search for a buyer taking? To get the price right, you must be aware of the answers to all of these questions.
The initial, larger parts of the appraisal could be quite well calculated using an internet valuation. You may get a good estimate of what the property might be valued by using the information that is already accessible, such as sold prices. But because each home is as unique as the people who live in it, there will always be factors that no amount of data could ever account for which can be discovered at an in-person property valuation.
Want to know how much your home is worth? Get a free accurate market valuation from local property experts.
The most important queries at a property valuation
An in-person property valuation will provide the estate agent with a chance to inspect the house and determine the size and scope of the rooms.
It enables us to create a mental image of the neighbourhood around the house so we can provide a rich narrative during viewings and on the listing for the property.
Additionally, you can anticipate being questioned about what made you decide to buy your house and why you enjoy living there. Although some people might ignore these details, they’re important because they highlight your property’s selling characteristics and may have an impact on the asking price.
When your home is evaluated, one important question we need you to answer is whether you’re interested in a quick sale or the highest price for your house. A seller who needs a quick sale, for instance, will need a different approach than one who wants to sell in the next six months.
A professional estate agent with in-depth knowledge of the neighbourhood market will also be able to give you advice on what you might be able to do to your house to raise its worth. This is a final, but very important, aspect. Would it be wise to spend on adding a structure, such as an additional bathroom, to increase the value of your home? Considering that this changes from property to property, it could be a good idea to bring someone in and go through the situation.
In conclusion, both in-person and online valuations have a place in getting your home values. However, we advise contacting the James Douglas team to set up a professional valuation if you are serious about selling soon or need a price estimate that is as exact as possible.