Property valuations are a vital part of the selling and buying process.
The goal is to assess the condition of a property, determine its most attractive features, and estimate its value in today’s market. The expert valuing the property essentially takes on the role of a prospective buyer, looking closely at the pros and cons, and ultimately asserting how much someone will be willing to pay to live there.
Various factors play a part in influencing what a property is worth, including its size, location, condition, proximity to amenities and transport links, and its potential for development.
Obtaining a valuation can sometimes catalyse a homeowner into action, especially if their property ends up being worth more than they thought. A recent study by Zoopla found that almost half (45%) of homeowners undervalue their home by an average of £46,300, which goes some way to showcasing how beneficial an expert valuation can be.
The valuation process
Not all valuations follow the exact same blueprint. The experts conducting the valuation sometimes have their own ways of working, while given that no two properties are exactly the same, there are certain aspects that will be more relevant in some instances than in others. For example, some properties will require land assessments, while others may necessitate detailed calculations to determine its development potential.
There are, however, some general rules of thumb. Most valuations tend to incorporate:
- Internal and external inspections
- Room measurements
- A detailed listing of key features and fittings
- Acknowledgement of the property’s age
- Assessments of the condition/structural integrity of floors, walls and ceilings
- Details of rot/damp/elements that will potentially require professional attention
Depending on the property, a valuation may also take into account the size and quality of gardens/land, whether there is space for vehicles to park, the condition of garages/outbuildings, and the amount of noise that can be heard when inside and outside of the property.
The individual(s) valuing the property may also take pictures, but this is not the case in every instance. More often than not, pictures will only be taken once the homeowner decides that selling the property is the correct choice for them.
Getting ready for a valuation
There are a few things you can do prior to a valuation to ensure that not only is your property seen in the best light, but that the entire valuing process is simple and stress-free for all parties.
The first course of action should be to give the place a tidy. There is no need to go so far as to rent a carpet steamer, for example, but cleaning the kitchen, putting away books/toys, and removing clutter will go a long way to showcasing the property’s size and airiness.
If you are determined to try and quickly bolster the value of your property, there are a number of things you can do to spruce it up and make it more attractive. Painting fences or doors, especially if they are looking tired, can make a real difference, while replacing or repairing plant pots, decking and facades can also have an impact.
For more ideas, see our blog on how to increase the value of your home.
It is also worth gathering together all relevant paperwork. This may not necessarily be required on the day of the valuation, but it makes sense to have everything to hand just in case.
The valuation is a great opportunity to ask questions and get some guidance around selling the property. If there is anything you want to know, be it about the property itself, the market as a whole, or something else entirely, the expert conducting the valuation will either be able to assist, or can help by pointing you in the right direction.
When the valuer visits, take advantage of their expertise by asking them questions, like the ones in our blog: 8 questions almost every seller asks. It may also be helpful to see your house from the view of a buyer. Read our blog on questions to ask a seller when buying a house now, so you can ask your valuer any questions and be prepared for buyers.
Arranging a valuation
Booking in a valuation could not be simpler, you can arrange a free home visit by clicking here.
Arranging a valuation is the first step towards selling your property, and also brings you closer to moving to a home that more precisely aligns with your bespoke needs and requirements.