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How To Make A Valuation Of Your Property

Jul 11, 2008
Making a valuation of your property is not an easy task, there are certain factors that will increase the value and there are factors which will diminish the value. There are a number of misconceptions that prevent homeowners finding the true worth of their property. Fundamentally it is important to realise that a valuation has absolutely nothing to do with how much you paid for it, how much you have spent on renovations and the price you would like it to sell for.

More advisable is to follow this simple truth; 'a property is only worth what a buyer is willing to pay for it'. This means taking into account the price that similar properties have sold for and the advertised price of similar properties in the area. The truth of the matter is that whatever you think is a fair valuation, until your property is actually sold, the exact value is impossible to define. Making a valuation means using information to make an educated guess; it is never a cast iron guarantee.

The first step to making a valuation of your home is to look at similar properties in your area and to determine what they have sold for. The Land Registry has this information and is a valuable resource to sellers. The listings at the registry include the exact figures of all property sales since 2000 although the information takes three months to become available. The fast pace of the property market means that these prices are subject to change but as a general guide it is still worth checking.

The next step is to look in the shop windows and use the internet to see what similar properties in your area are selling for. A great way to do this is to imagine you are looking for a property that is similar to yours, the ones that catch your eye; especially along the lines of price are probably the best guides to the value of your own home. In addition, by keeping an eye on the competition, you can make sure your property is attractively priced. Trying to remain unbiased is difficult; however it is vital at this stage if your valuation is to be valid.

Factors that may make a similar property worth more include if it is in a better location, whether it has a garage, a south facing garden, an en-suite, new bathroom or kitchen and has been recently decorated. By keeping these points in mind at all times will help you to remain objective when realising the value of your own property. These factors are hard to determine in terms of added worth but if you can remain critical and open minded to the fact that factors such as these will add value, your valuation will be that much more realistic.

Of course part of the valuation process is to invite estate agents to your home. Before they visit however there are certain strategies you can employ that will improve the worth of your home in the agents' eyes. Naturally, making your home as presentable as possible is advisable, try to imagine the agent as a potential buyer and that will set you a standard of cleanliness. In addition, it is worth asking the agent to bring with them details of similar properties that they will be using to arrive at a figure; the more comparable evidence they have, the more accurate their valuation.

By following this advice you should be able to make a valuation of your home that is above all realistic. Remember that variances in price can help you to create a competitive figure that will attract more buyers. Fundamentally, you do not want to price the property too highly, this will drive buyers away. Once the value is found it is simply a waiting game to see how long it will be before your property is bought and you are on your way.
About the Author
Real estate expert Thomas Pretty looks into how to make an accurate property valuation and the factors that should be included in the process.
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