What an estate agent will consider when valuing your home

Are you considering selling your home? It is possible to obtain a rough estimate of what your home may be worth online, however, the most accurate way to get a valuation is to contact a local estate agent.

Let me explain how a property’s value is calculated:

The obvious – and perhaps most important – factors are as follows:

  • Location
  • Size
  • Local prices

In addition, there are factors unique to your home and situation that are more complex and almost impossible to discern without viewing the property in person. For example:

  • The condition of the house
  • If there have been any additions or changes to the property, and how well they were executed
  • Elements within the building, such as flooring, double-glazing, insulation, finishing, etc.

The final selling price of the home will be determined by a combination of all these factors and the current state of the local market.

What’s the current demand for this type of property? Approximately what have they been selling for recently? Are the properties selling quickly? It is crucial to determine the right price by answering these questions.

There are some online appraisals that can calculate these first, bigger aspects of the appraisal fairly well. By utilizing available information such as sold prices, it is possible to obtain a fairly accurate estimate of the property’s value.

Due to the fact that every home is unique, even the best data in the world cannot pinpoint all the variables.

What to expect from your property appraisal

The director of Miles & Barr, Rob Sabin, says that an in-person valuation will allow the estate agent to evaluate the property’s condition, and to get a sense of the space and size of the rooms.

“It allows us to form a detailed picture of the area surrounding the property so we can tell a more informed story during the listing process and at viewings.”

It is also likely that you will be asked why you bought your home, and why you love living there. Some may overlook these points, but they are crucial since they help to highlight your property’s strengths, and can affect the asking price.

As Rob explains, there are other aspects that help set the price, which go beyond the actual physical property.

During an appraisal, one of the crucial questions should be whether you would like a quick sale, or do you wish to obtain the highest possible price for your property?” A seller who requires an urgent, speedy sale, for example, will require a different approach than one who hopes to sell within six months.

A final – but very pertinent – point is that an experienced estate agent with intimate knowledge of the local market can also provide advice on what you might be able to do to increase the value of your property. Are extensions, conservatories, or additional bathrooms an investment worth making? Since this will vary significantly from property to property, it might be a good idea to have someone come in and explain this to you.

There is no doubt that both online and in-person valuations have a place in the future. We recommend arranging an expert valuation with your local estate agent if you are serious about selling soon and need an accurate price estimate.

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