Estate agent London News

How to Find Out How Much Your House is Worth

If you want to sell your property, then it’s important to get an accurate valuation of the home before you set the asking price.  An accurate valuation will ensure that you set an asking price that is in line with other similar properties in the area that buyers are willing to pay, helping you avoid issues further down the line from either over- or under-pricing your property.

Get an Average House Valuation With Local Property Prices

It’s important to research local house prices rather than the national average when assessing how much your house is worth because there can often be significant differences between property markets across the country, and even within counties. You can find sold prices on the Land Registry website available to search by town, street, and individual properties. However, this data is not always up to date since the Land Registry has to both complete and process the sale before adding the new information.

Get a Free Valuation on Your House By an Estate Agent

For a more accurate idea of local house prices in your area, it’s worth speaking to a local estate agent. Not only do many estate agents offer free valuations of your property if you decide to sell through them, but they will also likely have much more up-to-date information on how much similar properties in your local area have sold before the data is updated on the Land Registry website.

Get a House Prices Estimate Over Time

It’s also worth looking at house price activity over time along with checking out current house asking prices. If the prices have been increasing steadily, you can usually be more optimistic with your selling price compared to if prices have recently remained the same or are heading downwards.

Understanding What Affects Home Valuations

It is worth understanding all the factors that go into how much a property is deemed to be worth. The age of the property, size, number of bedrooms, garden, parking space, whether or not it has a garage, the layout, and condition are all major factors that determine the value of any property. Along with this, valuations also take the condition of the property into consideration including the décor, bathroom, and kitchen, and if there are any desirable extras such as a garden shed, storage space, additional bathrooms, etc. The property’s potential for renovation, such as space for an extension or conservatory, and the loft space may also be taken into consideration. Today, the environmental impact of the property may also impact its value, so you may be able to increase the asking price for your property if you have had solar panels installed or it uses a heat pump rather than a standard gas boiler.

How Local Factors Impact the House Value Estimate

Along with factors that relate to the property itself, your local area can also have an impact on how much you will be able to sell your house for. The proximity to and the quality of schools in the area, closeness to amenities such as healthcare, restaurants and shops, regeneration plans and infrastructure in the area, transport links, demographics, and local crime rates can all play a part in how much you can get when selling your home.

How to Get a Professional Estimate for Property Value

While all of the above can help you get a clearer idea of how much your property may be worth, asking the experts is recommended before you put your property up for sale with a firm asking price. You can do this by either having a valuation survey carried out on your home by a chartered surveyor or working with an estate agent. Most sellers will ask three local estate agents who are experienced in selling properties similar to theirs to come and value the home. Ideally, your estate agent should carry out an in-depth viewing of the property before spending time with you to discuss the local market activity, their experience with similar properties to yours, and the buyer demand for properties similar to yours. Most of the time, you can expect the estate agent to provide you with a valuation in person during the visit, before following up in writing.

Where Can I Check My House Price and Get A Free Property Valuation?

Many estate agents offer free property valuations if you decide to go with them when selling your home. In most cases, they will deduct the cost of the valuation from your commission once the house is sold. However, there are other ways to get a free idea of how much your house might be worth, including online tools where you can enter your address to get a rough ballpark figure.

Is It Worth Using a House Value Checker to Find My House Value?

Most online house value checking tools will use data from the Land Registry, local area, and property listing sites to give a rough idea of how much your house is worth. However, bear in mind that these tools do not have access to specific information about your property including any structural defects, the condition of the bathroom and kitchen, and any improvements that you have made that could impact the value. Because of this, it is always worth following up with a professional such as an estate agent or surveyor who can provide you with a more accurate figure based on viewing the property in person.

Do Estate Agents Conduct Home Valuations Online?

With virtual viewings becoming more and more popular due to the COVID19 pandemic, some estate agents now offer online home valuations that you may be interested in. However, it is still worth having an estate agent or surveyor visit your home in person if possible before you decide on an asking price. Online valuations tend to be mainly used by mortgage lenders to check that a buyer is requesting to lend an amount that is in line with the current value of the property before approving the application, and these valuations do not take some property specifics, such as condition and defects, into account.

How to Use an Estimate of House Value to Set a Realistic Asking Price

Once you have arranged valuations from three local estate agents, it’s not uncommon to end up with three different valuation figures. In this situation, the general rule of thumb is to calculate an average of the three or go with the middle figure. You may also want to check local estate agents or property selling sites to get a better idea of how much similar properties to yours are currently on the market. Don’t make the mistake of going with the estate agent that provided the highest valuation, as this is a common tactic that some companies use to win more business.

In 2017, research conducted by Which? Found that overvaluing properties can slow down the time that it takes to sell your property, and estate agents that do this routinely could be causing sellers to lose out on more than £4bn in total.

Best Tools to Check Property Value

Before arranging visits from an estate agent, online tools can be a useful way to get a rough figure for how much your property might sell for, allowing you to decide whether to get a professional valuation now or make improvements to your home to raise the value. Some of the best tools to use for checking the value of your home online include:

Zoopla

This popular property listing site allows you to match up sold prices with old property listings including descriptions, asking prices, floor plans, and pictures. To use this feature, head to the sold prices section, search for your area, and click ‘property’ history on a listing that is similar to your property. You’ll also get an estimate for the current value of the property, so this can be useful for using on your own home.

Rightmove

Rightmove is another property listing site that you can use to get a rough idea of how much your home is worth. Just enter a street or postcode to get more information on which properties in the area have been sold and how much they sold for. You can narrow your search down to certain types of property. When the property was listed for sale on Rightmove, you may get access to old listings including floor plans and photos, descriptions, and Google Street View images.

Property Price Advice

Another online tool that is worth using, Property Price Advice will take you through some questions before providing you with an estimated value for your property based on factors such as local sold prices. However, bear in mind that this site is known for overvaluing.

Mouseprice

Enter your postcode, property type, and the number of bedrooms to get a basic free valuation from Mouseprice. You can also pay £20 for a more detailed valuation of the property.

Here at Greater London Properties, we’re dedicated to helping you get the right price for your home. Get in touch today to find out more about our valuation services.

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