If the time has come for you to climb up the property ladder and move into a new home, then getting a valuation on your current property will be one of the first things on your list of things to do.
You’ll need to know how much your house is worth so that you can work out your affordability and what type of budget you’re working with when house hunting.
If you don’t know the value of your property, you could end up pricing it too low or too high when it comes to selling, and therefore struggle to achieve your moving goals.
In this blog post we’ll explore why a property valuation is important, what to expect and how you can prepare before the appointment.
What is a property valuation?
A property valuation is the process of getting an estimate of the worth of your home from either an estate agent (free of charge), or an independent valuer. The valuation will be based on a number of different factors, including the size of the property, location and condition. Once you have your valuation, you can decide on what is a fair asking price for when you put your property on the market.
Usually your estate agent will ask you to allow for an hour for the appointment, however depending on the size of your home the valuation could be complete in as little as 20 minutes. Once the agent has inspected your home, they’ll talk through the details of the property and your price expectations.
Why are property valuations important?
As previously mentioned, there’s two main reasons why it’s important to get a property valuation. Firstly, you want to put your home on the market for the correct price, so you can get as much money as possible to put into your new home, but at a price which is fair and won’t put off potential buyers.
It’s recommended that you get a few different valuations with different estate agents, so you can understand the true value of your property. If you get three valuations, you can get an average and also make a decision about your choice of estate agent.
Secondly, you need to know how much your home is worth so you can budget accordingly and know what price range you should be looking at for your next property. If you’re not sure where to begin, you can use an online calculator to get an idea of your moving budget.
What happens during a property valuation?
Whether you book your valuation through an estate agent or an independent valuer, each one will have a slightly different way of doing the valuation. However, usually there’s three different elements you can expect.
- Meet your estate agent or valuer
After agreeing an appointment time, your estate agent or valuer should arrive and firstly provide you with some background information about recent selling prices of similar properties in your area, along with the current asking prices of houses on the market. This information will help you get a rough idea of how much your home may be worth, and also help the valuer with their decision.
- The inspection itself
Typically a valuation will last about 45 minutes to an hour, depending on the size of your home. Usually the valuer will go around each room making notes, or if they’ve already been to the property before they may just need to update records so the appointment may not take as long. Make sure you set an hour aside so that you have time to ask them any questions you may have afterwards.
- Your property’s value
The valuation of your home is determined by a number of elements, including the age of the property, location, size, any specialised features, general condition and layout. By the end of the appointment you will have a good understanding of the recommended market price, and use this information to price your home accordingly when putting it on the market.
How can you prepare for the appointment
You want to make sure you get the most out of your valuation and to do this there’s a few things you can do to prepare your home:
There’s nothing like a good old fashioned spring clean to get your home looking ready for an inspection. Although valuers won’t mark down the value of your house due to a bit of mess, it still doesn’t hurt to set the scene and make it as easy as possible for them to do the inspection. Cleaning your house will also ensure you can show off any key characteristics as best as possible, and a little declutter will come in handy for when you have your viewings.
Prepare your paperwork
You can help speed up the valuation by having any important paperwork to hand, for example building plans, leasehold and maintenance charges and rate information.
Write down any questions
It’s handy to think about any questions you may have to ask the valuer before your appointment. You can then establish key information you want to get out of the appointment, helping you to decide on your home’s selling price and getting you one step closer to selling your home.
So, that’s everything you need to know about property valuations! If you’re thinking about putting your house on the market and looking for some free and friendly advice, get in touch today.