Accurate Property Valuation

Why an Accurate Property Valuation is Important

If you are planning to put your house on the market for sale, are applying to remortgage the property that you currently own and live in, or are buying a new house, getting an up-to-date and accurate figure for how much the property is worth is crucial. Not only does this help sellers by ensuring that they are asking a reasonable and competitive price when putting their property on the market, but it also gives buyers more negotiating power in cases where the asking price might be more than the house is worth. In addition, an accurate valuation is also important for lenders, to make sure that they are not putting themselves at risk by lending more than the property is worth to buyers or owners who want to remortgage.

How to Get an Accurate House Valuation

Many people turn to online tools and valuation calculators to figure out how much they might be able to get for their property if they want to put their house on the market or remortgage it. You may also find tools that can be useful if you are interested in buying a house and want to find out if the asking price is reflective of how much it is worth. However, these tools are often quite general, and may not take specific aspects and features of the property into account, which could ultimately mean that the figure you get is not as accurate as you might like it to be.

If you want a truly accurate figure when it comes to determining how much a house is worth, then the best option is to have a valuation carried out by an estate agent, or work with an RICS surveyor who can conduct a valuation survey on the property.

Why an Accurate Property Valuation is Important for Sellers?

If you want to sell your home, then one of the first things that you will need to do is figure out how much the property is worth. Having an accurate figure when it comes to the current value of your property will ensure that you price it fairly and in line with the local market. It will also help you avoid buyers pulling out at the last minute, as it is likely that mortgage lenders will conduct their own valuation survey on your property, which may lead to a down valuation and the buyer no longer being able to commit to the purchase if you are asking a price that is more than the property is actually worth.

How Do I Get an Accurate Valuation of My House?

If you are looking to sell your property, you can get a general idea of how much it might be worth by using online valuation tools. Be sure to select a reputable tool that uses data from house price indexes such as the Land Registry to get the most accurate figure. However, for an even more accurate valuation, an estate agent will be able to help.

The best thing to do before you put your house on the market is to get several local estate agents who have experience with selling properties like yours to value the house. Then, calculate the average of the figures that you have been given to determine an ideal asking price. Bear in mind that some estate agents might provide a higher valuation for your home to try and maximise their own commissions or to account for lower offers.

How to Get a Realistic Property Valuation Online

Online tools and calculators have certainly made our lives easier in various ways, including when it comes to figuring out how much your property might be worth. However, there are a lot of property valuation tools out there that really don’t give an accurate figure when it comes to your property’s value. If you want to get an idea of how much your property is worth by using online tools before you put it on the market, then it’s crucial to choose the right online calculator option.

Ideally, you should find an online tool that is offered by a reputable estate agent or property search site and uses local house price data, just as you would expect an estate agent or RICS surveyor to do, to give you an accurate figure for the value of your property.

It is also important to bear in mind that online tools are limited in that they can only use data from the local property market to figure out how much your property is worth using local sold prices of similar properties from the past few months. For an even more accurate valuation, consider working with an estate agent or RICS surveyor who can include all the things that an online tool can’t such as the décor and potential of your property.

Why a Realistic Property Valuation is Important When Buying?

If you are planning to purchase a new property with a mortgage, then both you and your lender must have an accurate figure for the property’s value before you go ahead with the sale. Buying a property does not come cheap, so if you are in this situation, the last thing that you are likely to want is to end up paying more for your new home than it is actually worth. In addition, mortgage lenders will not want to lend you more than the house is worth, as this could cause huge losses for them.

In most cases, buyers will have a valuation survey carried out by the lender, who will usually instruct an RICS surveyor to do this. A valuation survey carried out by an RICS surveyor is usually quite accurate, however, it may be different from the figure provided by the seller’s estate agent. This is because, unlike estate agents, RICS surveyors do not typically arrange to visit the property in order to value it. Instead, they will carry out what is known as a desk-based valuation, which involves analysis of local, recently sold homes that are similar to the one you want to buy. They may briefly drive by the property to check that it appears to be in good condition and is as expected, but in most cases, the surveyor will not need to go inside.

How to Get an Accurate Property Valuation When Buying

There are fewer more frustrating situations when buying a home than having the lender down value the property that you want to buy. This occurs when the RICS surveyor appointed by the lender determines that the home is actually worth less than the valuation figure that has been provided by the seller’s estate agent, or the asking price of the property. In this case, it may be difficult for you to continue with the purchase of the property since your lender may refuse to lend anything more than the valuation they have provided, leaving you to choose between making up the shortfall out of your own pocket or pulling out of the sale if the seller is unwilling to negotiate.

In this situation, another option that is available to you is to appeal the valuation. To do this, you must gather evidence that proves the property is worth the asking price, and more than the amount it has been valued at by the lender. You can begin by using a range of different online house valuation tools to see what kind of values they throw back.

Only use reputable tools that use land registry and other house price index information as your appeal may be rejected if you are valuing the property using online tools that are known for not being very accurate. You may also want to work with your own RICS surveyor, an estate agent, or both to help you determine if there is a more accurate figure to work with in terms of how much your property is worth, before presenting your findings to the lender.

Remember that in this situation, the more concrete evidence you have, the better, so use more than online tools to get a new valuation figure.

Getting the Most Accurate Property Valuation for Remortgaging

Finally, if you are planning to remortgage your property, getting an accurate valuation figure is important. You will usually need to get the property valued yourself, and then the lender will also order a valuation survey before deciding if they are willing to lend you the amount you have applied for. Before you apply for remortgaging your home, you can get an accurate valuation figure by asking an estate agent, hiring an RICS surveyor, or using reputable online valuation tools. The more accurate the figure, the more likely you are to have the remortgage amount you have applied for accepted by the lender after they have conducted their own survey and checks.

If you want to buy a new home, are putting a property on the market, or are going to apply for remortgaging your current property, knowing how much the house is worth is crucial.

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