A guide to property valuations
23/03/21
There are times when you might want to know how much your property is worth - usually when you are planning on selling it and for that you need a property valuation.
A property valuation assesses the value of the property on the basis of several factors, including location and state of repair and it can either be carried out by a professional surveyor who will take photographs and notes and send you a valuation report, or by an estate agent who will offer a free, pre-sale appraisal service with the aim of selling the property for you. Whichever you choose it will give you an idea of how much you can sell your property for if you put it on the market.
Is it worth having a property valuation carried out?
Yes. You might have some idea what your house is worth. Maybe the people next door moved recently and you believe your home will achieve the same price but the housing market is a fast moving beast and things can change in an instant. By not getting a valuation you could see yourself several thousands of pounds out of pocket.
Property valuation companies will work out how much your property is worth and be able to tell you why, by providing recent sold prices as well as the lowdown on current properties that are for sale in your area.
Of course, selling a house isn’t the only reason you may want an evaluation of the property. You may want to determine its worth for another reason such as probate but whatever your motivation, a valuation will give you a much better sense of its asking price.
Knowing how much a property can achieve on the market is valuable on several levels. For example, it may have some bearing on whether you decide to sell or not. A valuation can also be crucial when you are thinking of buying another property as it will tell you how much equity you have to play with and from that you can determine whether to make the move, or put the sale on hold.
How long does a house valuation take?
Most properties will take around an hour to value, however, it depends on how big or small a property is. A one bedroom apartment will clearly take less time to assess than an eight bedroom mansion. A bigger house may also not be as straightforward to value so you may want to allow more than an hour for the process. Remember, valuation of your property is something you should take at a leisurely pace. This is an important step and allowing more time will give you greater opportunity to ask questions and really chat with your property professional. You might want to ask the person giving the valuation the best ways to attract buyers and about other properties that have sold recently in the same area. A property valuation in Wrexham will be different for one in Chester.
Here are some questions you may want to ask the person doing the valuation:
- Have any similar properties sold recently in the area?
- How long does it take to sell a house?
- What can I do to give the property more kerb appeal?
- Do I need to make any renovations, for example do I need to install a new bathroom/kitchen?
- Will you use professional photography to sell my home?
- What is included in your fee?
The estate agent or surveyor will make their assessment based on its location, condition and various other factors such as the buoyancy of the property market and the size of the building.
How should I prepare my property for a valuation?
Get an idea of what your property is worth
Prior to putting the property on the market it is important to do a bit of research and get an idea of its value.
Declutter
A property valuation isn’t the same as a viewing which when first impressions are all important. At this stage whoever is doing the valuation will be looking beyond things like children’s toys scattered on the carpet and dishes left in the sink, so these things should not affect the valuation. However, the less clutter the property has the easier it will be to assess the property’s less attractive points and how to improve on them hence a declutter is not a bad thing to do prior to the valuation.
Make a list of questions
Making a list of questions in preparation for the property valuation is also something you can do. Maybe you’ll want to ask about minor repairs or cosmetic work that could help you to achieve a sale? This will save you spending unnecessary time and money on home improvements that are unlikely to make any difference to how quickly the property sells or to the final price.
Choose a reputable estate agent
Some estate agents may over-value the property so that you’ll agree to them taking on the sale, so do your research online to ensure the property valuation company has a good reputation and the testimonials from happy clients. If you are looking for property valuation in Wrexham look at a business that is active in that area.
Smarten up the outside
A little bit of a spruce up externally will give the person doing the valuation an idea of the property’s kerb appeal and enable them to make further suggestions on how to improve this if necessary.
Be ready with information
Valuers will be able to make use of any information you can provide them with, for example, how much you originally bought the property for and what alterations you might have made over the years. Knowing what you’ve done to the property will help them to get a more accurate price.
At the end of the valuation, the agent should tell you what they think your house is worth. They may give you a range — such as £250,000 to £270,000 — rather than a fixed amount. You can then choose what you want to set the asking price at. Good property valuation companies will be able to justify the valuation by sharing details of the prices of similar properties that sold recently and provide a context for the valuation.
You need an accurate valuation not an inflated price and that is why you need to do your homework when it comes to choosing your property valuation company, A local agent is a better choice as they will know the current market in your area, so if you live in Wrexham and the surrounded area, a property valuation company in Wrexham would be your best option.
10 things which will affect the value of your property
There are some things over which you don’t have control and which will be factored into your valuation. These will include environmental pollution, including traffic levels and being near any heavy industry, or living near power lines and mobile phone towers. The outlook is also important so if your home has lost its view of rolling hills or a beach the value could take a dive, but there are no-nos which you can do something about and which will hopefully bring you the desired price for your property.
Kerb appeal
...or lack of it. First impressions are all important, so you need to make sure the exterior looks good. If you tidy up the garden, give the front door a lick of paint and add a shiny new door knocker you could improve your chances of a sale at the right price.
Structural damage
You may have lived with damp patches in the bedroom for years, or cracks in the foundations but these are things that buyers will be looking out for and they will affect the asking price of the property.
Tired interior
When buying a new property we want to be able to imagine ourselves and our possessions in situ. If the rooms are crammed with out of date furniture and scary 1970s wallpaper it’s hard for some of us to envisage what it could be like. By painting the walls a neutral colour and moving out the ‘statement’ furniture you could boost chances of a sale.
Dirt and smells
Sounds obvious but giving everything a good clean can go a long way to make the property fragrant and appealing.
Japanese knotweed
Japanese knotweed can have a major impact on the value of your home – and may even make it un-mortgageable. The plant’s root system is up to two to three metres deep and wide, with the strength to burrow into foundations, wall cavities and underground structures. If you see any sign of Japanese knotweed on your property, take immediate action – you may struggle to sell your home, and may even face a fine under the Anti-social Behaviour, Crime and Policing Act 2014 if you let it run rampant.
Bad neighbours
Bad neighbours are bad news. You may have the prettiest house on the street, but if you’re surrounded by properties that look run down buyers will be put off and you may be forced to slash the price of your property in order to sell it.
Slow broadband
A good broadband speed is essential for most people these days and slow broadband will definitely put a lot of buyers off.
Your house number
Do you live at number 13? It’s a fact that homeowners trying to sell a property with that number are often forced to set their sights on a lower price, so why not change the number to a house name instead? You need to check with the post office to see if there’s any other property with the name you’ve chosen but houses with an attractive name can actually sell for more than ones with numbers.
Improvements made without permission
If you’ve made an adjustment to the property but haven’t obtained the proper permission then this will affect the value of the property. Not only will that ‘extra bedroom’ or ‘extension’ no longer be a valid part of the property spec, any legal issues will become the responsibility of the new owners. Not a prospect anyone would wish to take on.
Over-improving
Painting walls neutral colours and getting rid of clutter can help you sell a property, carrying out the wrong kind of improvements won’t. Steer clear of anything that will be off-putting, such as stone cladding, or weird additions like faux pillars and Gothic decor.
Grow Property offer property valuations in Wrexham and the surrounding area. Please contact us at https://www.growproperty.co.uk/selling/ and we shall be delighted to help you.