When it comes to selling property, a crucial step in the process is getting a house valuation.
A house valuation helps ensure that you know the correct price of a property and how much you should aim to sell for.
This insight discusses the process of getting a house valued, when to request your valuation, and the factors that can affect a property's value.
The process of getting a house valued in the UK typically involves several steps. Here's a step-by-step guide:
1) Start by researching and selecting a few estate agents in your area.
- Look for agents that do not charge for valuations, and have a good track record of selling properties. If you're looking for simply a valuation, you can still have an estate agent review your property to determine its values.
- Strike allow you to do this for free.
2) Reach out to the estate agents you have shortlisted and express your interest in getting a valuation for your property.
- You can do this by phone, email, or by visiting their offices in person. Many agents now allow you to book directly via their websites. However, there is no problem with visiting the office to see who you would be dealing with.
3) When speaking with estate agents, ask about their fee structure for valuations and any additional services they may offer.
- They will usually provide a free valuation, as they hope to win your business if you decide to sell the property through them.
4) Once you've selected an estate agent and are comfortable with their fee structure, book a suitable time for the valuation appointment.
5) Before the appointment, make sure your property is clean, tidy, and presentable.
6) On the scheduled day and time, the estate agent will visit your property to conduct the valuation.
- They will assess various aspects, such as the property's size, layout, condition, features, location, and recent sales data of similar properties in the area.
7) After the valuation, the estate agent will compile the findings into a valuation report.
- This report will provide an estimate of the current market value of your property based on their assessment and market trends.
8) Take the time to review the valuation report carefully.
- If you have any questions or concerns about the valuation or the report itself, don't hesitate to reach out to the estate agent for clarification.
An official house valuation is conducted by a chartered surveyor to determine the market value of a property.
They consider factors like building age, construction materials, condition, location, and recent sale prices of similar properties.
Mortgage lenders require official valuations to assess loan-to-value ratios for mortgage applications.
Informal valuations are done by estate agents or even online estate agents, and help determine selling prices or estimate post-renovation values.
While less precise than official valuations, they provide a starting point. Estate agents often offer free informal valuations, but it's wise to get multiple opinions and do independent research.
Depending on your circumstances, you can make a decision on whether you need to pay for a surveyor, or simply request a free valuation to help give you an idea of what you can achieve with your next move.
It's might be an idea to arrange a valuation as you begin viewing houses before yours is on the market.
The best time to get a house valuation when selling your home can vary depending on a few factors.
Here are some considerations to keep in mind:
It's generally advisable to get a house valuation when the local housing market is active and prices are relatively stable or rising. This is because valuations are typically based on recent sales data of comparable properties in the area.
If the market is volatile or experiencing a downturn, the valuation may not accurately reflect the potential selling price.
Consider the timing of when you plan to sell your home. Getting a valuation well in advance can help you understand the current market value of your property and guide your decision-making process.
It's often recommended to get a valuation at least a few months before you intend to list your home for sale.
If you're planning to make any improvements or repairs to your home before listing it for sale, it can be beneficial to get a valuation after these updates are complete.
This way, the valuation can take into account the improved condition and potentially result in a higher estimated value.
To get a better understanding of your property's market value, consider obtaining valuations from multiple estate agents.
This will allow you to compare their assessments and recommendations. It's generally a good idea to get valuations around the same time to ensure they are based on similar market conditions.
In the UK, there can be seasonal fluctuations in the housing market. Spring and early summer are often considered favourable seasons for selling properties, as there tends to be increased buyer activity.
However, market dynamics can vary by location, so it's essential to research local market trends and consult with local estate agents for guidance.
Ultimately, the best time to get a house valuation when selling your home is when you feel adequately informed about the market conditions, have prepared your property for sale, and are ready to make informed decisions about pricing and marketing your home effectively.
The valuation process typically involves the following steps:
The valuer will examine the property's interior and exterior, assessing its condition and identifying any issues that may affect its value.
The valuer may take measurements of each room to determine the property's size and layout.
The valuer will note any unique features or fixtures included in the sale, such as fireplaces or built-in wardrobes.
The valuer will consider the age of the property as a factor in its value.
The valuer will examine the floors, walls, and ceilings for any signs of damage, damp, or other issues that may require professional attention.
The valuer will evaluate the property's potential for future development, such as extensions or conversions.
To ensure your property is seen in the best light during a valuation, follow these tips:
Tidy up your home to showcase its size and airiness, making it easier for the valuer to assess its value.
Have any relevant documents, such as building plans or lease information, readily available for the valuer.
Fix any small issues, such as peeling paint or broken fixtures, that could negatively impact your property's value.
Painting fences, repairing plant pots, or sprucing up outdoor areas can make a difference in your property's appearance and perceived value.
Yes, ensure your property is clean and tidy. It will increase interest in the property. It's a good idea to address any maintenance issues or repairs that may affect the valuation. Be prepared to provide any information on ground rent, peppercorn rent, or service charges that would need to be paid.
If you believe your property has been undervalued, you can challenge the valuation by providing evidence such as comparable property sales or highlighting less obvious features, like extensions or recent renovations.
When it comes to selling property, keep in mind that you are choosing YOUR agent. The agent is being employed by you to sell your home.
If you disagree with the valuation, you have every right to suggest what listing price the property should go up for.
If an agent begins to talk you down, take it into account but stand firm. If you undervalue your property, you won't always have the chance to increase the price after offers start coming in.
Online property valuations are a quick and convenient way to get a general estimate of your property's value based on land registry data and basic information. Many people have asked, are online valuations correct?
While not as accurate as a personalised valuation conducted by a chartered surveyor or estate agent, an online valuation can be a useful starting point for those beginning the home selling process.
Zoopla offer an online valuation tool, available here.
Understanding the process of getting a house valued is essential for property owners looking to sell. By being aware of the factors that affect a property's value and taking steps to prepare your home for valuation, you can ensure an accurate assessment and make informed decisions about your property's future.
Stuart is an expert in Property, Money, Banking & Finance, having worked in retail and investment banking for 10+ years before founding Sunny Avenue. Stuart has spent his career studying finance. He holds qualifications in financial studies, mortgage advice & practice, banking operations, dealing & financial markets, derivatives, securities & investments.
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