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Why Online Property Valuation Sites Are Becoming Increasingly Popular

Apr 26, 2008
When we sell our property it is easy to give a valuation that is in fact over the actually worth. This happens because many of us build up an emotional attachment to our property and tend to place higher value upon it. A great way to gain a property valuation that is valid is to use an online property valuation service. This should help you create an unbiased and independent valuation of your home, just do not be to put out by the figure the online system may produce.

The process of gaining an online property valuation could not be easier. There are many sites online that will be able to carry out the valuation for your property. In some cases this can only take an hour and leave you with a valuation that gives you real idea of what your property is worth. Having this knowledge is useful whilst performing the task of selling and used regularly can help you keep up to date with market fluctuations.

Naturally, some people will worry of the trustworthiness of some of these sites. Whilst there may be some unscrupulous online property websites out there, the majority are trustworthy. Some are even related to the major banks and estate agents making any motives to hoodwink users a pointless exercise.

The majority of these online property valuation websites are more than happy to give information on their business. Giving users information on the history of their company and the ways in which they operate can help create clarity. The vast majority will also possess customer service sections that create a portal for direct contact should any major issues occur. This is the minority of course; the efficiency and user satisfaction with online valuations is on the whole, good.

The process of gaining a valuation for your property online is relatively simple; most of the time it involves filling in a form. The information on this form is then compared with similar information on a database with thousands of other property valuations. If your property is quite generic it can be extremely useful, unfortunately if your property is dissimilar to other properties and has distinct features the valuation may be less accurate. When filling in the form, ensure any features that are distinctive are described in detail to aid the database in making the most complete comparisons.

Trustworthy online property valuation sites will not give out your personal data to any external companies. For instance there should be no way that a potential buyer will be able to find out who lives in any particular property. This is obviously a major concern in the ever increasingly sceptical world of the consumer.

Online property valuation sites can also be a useful tool for buyers as well as sellers. With so many properties listed on a database a buyer can receive a quick and accurate estimate on any particular type of property. This can be fortuitous for those who are in the redesigning and renovating business, as finding properties that are ripe for investment is a major constituent of the process.

While an online property valuation is a valuable and efficient tool for getting a general idea of the worth of your property it is purely a guide. The values given by these sites are rarely cast iron and should be taken with pinch of salt. If you are in the process of selling your house it is usually worth asking an estate agent to come and make a valuation personally; while if you are trying to re-mortgage, a chartered surveyor will have to have a look for the bank to agree to a new mortgage figure. That said, these websites provide a useful resource for sellers and buyers to gain a ball-park figure for properties, giving them a better idea of what they can afford and what is feasible to purchase.
About the Author
Real estate expert Thomas Pretty looks into increased use of online property valuation tools and how these can be useful for sellers and buyers.
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