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How Does a Property Valuation Work?

How Does a Property Valuation Work?

If you’re thinking of selling your property, I’m sure you’ll agree with me when I say that the three things you’re looking for is a good price, quick sale and exceptional service.

To achieve these three goals, you need to start on the right foot and when it comes to property, the ‘right foot’ is always getting an accurate valuation. Why?

Well, it goes without saying that if you undervalue your property, you’re not likely to get the price you deserve. On the other hand, if you go too far the other way and overvalue your property, it could take far longer to sell than it should.

So, an accurate valuation is pretty important. That much is clear but how do you find one?

Before you start booking valuations, you need to know how they work. That way you’ll be able to spot an estate agent that’s doing all the rights things and avoid the ones that aren’t.

So, without further ado…

What to Expect From Your Valuation

We’ve all been there. You get home from work tired, have to make tea for the kids and help with homework, then on the weekend all you want to do is catch your breath. With such a busy lifestyle, it can be hard to find time to invite an estate agent to value your home, especially if you don’t know how long it’s going to take.

Take it from us, though, that having your property valued doesn’t have to take all day and if it’s done right the first time, it shouldn’t be a regular occurrence.

You shouldn’t expect a valuation to take more than an hour, and you won’t have to dig out any old documents. For an experienced estate agent, everything they need to value your property should be right in front of them.

Of course, you can help us out by showing us around your property, and answering a few simple questions. In fact, the most important thing you can do is be as open and honest about the condition of the property as possible. While you may be tempted to downplay that damp in the backroom, resist the urge. This will make your valuation less accurate and come back to haunt you later, whether in the form of having to drop your asking price in the future or losing out on a buyer.

So, that’s how a property valuation works in broad strokes, but what is an estate agent looking at specifically?

Valuing the Building

Surprise surprise, the first thing any estate agent will consider during a property valuation is the building itself. This will include evaluating specifics such as the building’s:

  • Age: Are you selling a period property or a new build?
  • Size: How large is your property compared to others in the area?
  • Layout: How many rooms do you have and are any prioritised more than others?
  • Utilities: Does the property have utilities such as electricity and heating?
  • Condition: Are there any structural or cosmetic issues in the property that will impact its value?
  • Aesthetics and Fittings: Does your property have desirable features, such as a characterful fireplace or windows?
  • Recent Renovations: Have you recently renovated the property or added an extension?

By looking at these simple factors for both the interior and exterior, any experienced estate agent will be able to build an accurate picture of how your property compares to others that have sold in the local area, and can begin to put together an accurate valuation.

Valuing the Land

While common sense may tell you a property’s value exists in its building, a lot of value can actually be found in the land it stands on. Therefore, an estate agent will take time to look under his feet:

  • Size: Just as with the building, how large is the plot of land up for sale?
  • Condition: Are gardens and entrance ways well kept or in need of some renovation?
  • Planning Permission: What is the class of the building and is are there any pre-approved plans that could increase the value?

Once an estate agent has looked at both the land and the building itself, it should be clear how your property compares to others that have sold in the area recently. Still, there is one more major element of the valuation to come…

Valuing the Location

While you may not have much control over the environment around you, the location of your property still has a large impact on its value. There are a variety of local factors that will impact the value, but here are a few of the big ones:

  • Transport: Is your property near bus, train or tram links that offer easy access to city centres for business or leisure?
  • Schools: Are local schools rated highly by Ofsted and how many of them are there?
  • Local Amenities: Are there nearby amenities such as supermarkets, restaurants and bars, or retail shops?
  • Future Investment: Are investments planned for the future to introduce new transport links, amenities or anything else that’s valuable to the community?

At this point in the valuation, the importance of local knowledge on the part of the estate agent becomes clear. Without an in-depth understanding of the area, your property can easily be valued inaccurately.

Choosing the Right Estate Agent

Unless you already have a specific person you plan to sell to, chances are you’re going to need a professional to ensure your property sells, as quickly as possible and for the right price.

A property valuation gives you the chance to discover how much your property is worth and sound out potential agents. That way, you can ensure whoever sells your house has the local knowledge, sales experience and quality of service required to make the sale painless.

In short, a property valuation gives you a chance to get to know what makes your potential estate agent tick. This is important if you want to ensure you’re going to enjoy dealing with them!

After all, selling your property can be a stressful, exhilarating and emotional experience, so you need to be confident that you can pick up the phone and speak to someone who’s friendly and supportive. Without an estate agent that gives you this, selling a property can feel pretty lonely.

If you’ve already had a valuation and you’re worried an estate agent has overvalued your property, do some research yourself into what is selling at what price near you and consider getting a second opinion.

This will stop your property going to market at too high a value, and spending months not selling before you’re forced to reduce its price.

If you have any doubt about an estate agent’s quality of service or your property is already on the market and not selling, speak to us. We can help!

Booking a Property Valuation

So, now you know how a property valuation works, it’s probably time to see one in practice.

At Philip Ellis Estate Agents, we offer free property valuations that you can trust. Curious about how much your property is worth and want an answer now? Get an online valuation instantly here.

Alternatively, if you’re considering selling your property soon, book a free face-to-face valuation with one of our experts at the best letting agents Manchester has to offer!


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