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Steps To Help Find The Right Valuation Figure For Your Property

Sep 10, 2008
Trying to make a valuation of your own property is not a simple task without the specialist knowledge of an estate agent or a qualified surveyor. Naturally there are many factors that must be taken into account that will either increase or diminish the value of a property. As well as this, conducting a valuation under your own steam can be troublesome; often as a homeowner the worth of a home is grossly overestimated. It is important to realise one truism from the outset, the value of a property is in no way, shape or form related to what you paid for it or how much you have spent renovating it.

Fundamentally a property is only worth what a buyer is willing to pay for it. This means that when finding a valuation figure, it is important to factor in prices of similar properties in the area and what they are selling for. While you may have an idea of the value of your home there is only one aspect that will determine the actual price; that is what it sells for after being on the open market. Even a valuation from an estate agent is never a solid figure, in many respects it is simply an educated estimate.

As previously stated the first step of making a valuation of your home is to study the similar properties that are up for sale in your immediate vicinity, not only is it important to study their advertised prices, but also the prices they have sold for. A great resource at this stage is to utilise the Land Registry website. This site contains information on the exact selling prices of properties since the turn of the millennium. One problem is that prices are not published until three months after the sale meaning that market conditions must be taken into account when arriving at a figure.

As part of your research into properties in the area, the high street agency windows and displays should be studied in order to find similar properties, by doing this it is possible to find a ballpark figure of what your property may be worth. In addition the internet should be used for the same purpose, use a notebook so you have a point of reference later on. When doing this try to think like a buyer, any properties that catch your eye are likely to sell well, by matching your pricing to such properties it should be possible to find a market price that will attract enough buyer attention. At this stage an objective view is essential if your valuation is to be worthwhile.

Remaining objective is especially important when considering the condition of your home. Any issues with the roof or exterior are likely to knock value off while extensions and garages are likely to add value on. It is difficult but try and see your home as a viewer would, taking notice of any potential problems and areas that need attention. By doing all of this and then collating your information it should be possible to find at least a ballpark figure to fall back on when you ask the agents to conduct a valuation.

When admitting agents it is important to view them as buyers. Make sure the house is in presentable condition and ready to be viewed, by doing this the valuations you receive will be higher. Utilise as many different agents as possible as valuation figures will vary greatly, by doing this you get the largest sample of prices and hence can find the most applicable and attractive sum to market the property.

Hopefully this information has given homeowners and those selling property essential advice on how to conduct their own valuation and to find the best figure to market a property.
About the Author
Real estate expert Thomas Pretty looks into the property valuation process and what factors are involved when arriving at a figure.
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