Ultimate guide to property valuations
Are you selling your home? First thing you’ll want to do is learn how much your current property is worth. This is key to working out your affordability and calculating your moving budget.
Having a property valuation is a simple but vital part of selling your home. If you don’t know the value of your property, you could be marketing too low or over pricing too high and so could struggle to achieve your moving goals.
Unsure about what is involved in a property valuation? Read this ultimate guide and learn everything you need to know about property valuations as we answer 4 common questions...
- What is a property valuation?
- Why are property valuations important?
- What happens during a property valuation?
- What should I prepare before the appointment?
1. What is a property valuation?
Simply put, a property valuation is the process of getting an estimate of the worth of your home from an estate agent or independent valuer. This is based on different factors like location, size, condition etc, and is given to help you get an idea of what a fair asking price for your property might be.
2. Why are property valuations important?
There are 2 main reasons getting your property valued is important; firstly, to learn what price you should ask and, second, so you can work out your budget for you next home move.
A property valuation helps you to decide a fair asking price based on the current value of your home. It’s recommended that you get at least 3 independent valuations with different estate agents or independent valuers, this is so you can understand the true value of your property.
At least 3 property valuations can give you an average but also help you see if an agent is pricing way too low or high. You can then question the estate agent’s reasoning and make an informed decision about your choice of agent.
Did you know the Home Moving Team at Homewise will undertake thorough, independent research on your property, free of charge? As part of our free Move Simply service, our team of experts will research recent sold prices in your area and find suitable comparable properties to ensure you're on the market for a fair price. But don’t just take our word for it, you can search online for this information too!
Calculating your budget
Once you have established the asking price for your property, you can then work out what you’ll be able to afford during your move. Not sure where to begin? Try our free calculator to work out your available moving budget today!
Want to achieve the best price for your property? Use our quick guide to prepare your house for sale! This could increase your chances of selling quickly to the right buyer at the right price.
3. What happens during a property valuation?
Every agent will have a slightly different way of conducting your property valuation, but, typically, there’ll be 3 key things you can expect to see and learn from your valuation appointment…
Meet your estate agent or valuer
The estate agent or valuer should arrive at an agreed time and be ready to value your property. They should provide you with the recent selling prices of properties in your area as well as the current asking prices of properties that are on the market. This information helps inform their decision and will enable them to tell you the price they expect you to receive.
Valuations take time
Typically, a property valuation appointment is likely to last at least an hour. The estate agent or property valuer will need to assess each part of your property, so it could take a while longer. On the other hand, they may have visited your property before and are simply looking to update their records, so it could even be a shorter visit! Make sure to allow plenty of time as there is no exact limit on how long it may take, and you’ll want time to ask any questions you have.
Learn your property’s value
The worth of your home is determined based on many factors, such as the age of the property, the location, size, layout and any specialised features it has. The agent or valuer will also compare your property to others that are selling or recently sold in the area, and they should present you with this information.
By the end of the property valuation appointment, you should understand the recommended market price from each agent and be able to use this information to decide what price to advertise your property at.
4. What should I prepare before the appointment?
Now that you know what to expect from your valuation, it’s time to prepare. Being prepared ahead of time will ensure you get the most out your appointment, so prepare in these 3 areas and get the most out of your property valuation…
You won’t need to get your property show-home ready just yet. Estate agents and property valuers will look past the day-to-day and focus on the property details during a valuation, but it doesn’t hurt to set the scene and highlight your property’s key features. Have a little spring clean and declutter which will help to maximise the available space, and you could even add some fresh flowers!
It’s unlikely that the valuer will take photos at this stage (that’s usually when you put your property on the market), but it helps the agent see the home and understand it’s key selling points.
Prepare your paperwork
It’s important to have any paperwork to hand during the property valuation appointment to help get the agent up to speed. If the valuer is prepared and knows everything you know then they can prepare an accurate valuation for your property. This can include building plans, rate information, leasehold and maintenance charges documentation for example.
Write down your questions
Think about what you might want to ask the estate agent or valuer before they arrive. No question is too big or small! This will help you establish the key information you would like to find out from the valuation and could spark more questions in the moment, helping you to have a successful valuation appointment and be one step closer to marketing your property.
So, that’s pretty much everything you need to know about property valuations - what they are, why they’re important and what to expect on the day! Did you know we work with partner estate agents across the country and could arrange a property valuation for you?
If you’re thinking about moving home in the UK, then get in touch with our friendly team today and they could help match you with one of our partner estate agents!
Thinking about the future? Take a moment to learn how the Homewise team could help you achieve your moving goals and support you throughout the entire moving process. Read about our free Move Simply service and discover how our service can help you secure, sell and move home in your retirement.
In the meantime, if you're over 60 and interested in our Home for Life Plan, you can use our online Budget Booster! It's simple, quick and could provide you with a better understanding of your potential budget.