5 Considerations for Valuing Your Home
If you're thinking of selling your home or refinancing your mortgage, you'll first need to value your property as accurately as possible. Inexperienced sellers might be tempted to head straight for the nearest and most convenient estate agent, and while they might have a vested interest in selling your property for as much as possible, it is still important to do some research for yourself.
An accurate valuation will help you to find a more realistic asking price while also making your home easier to sell. Every home should be valued on an individual basis, and there are far more considerations to take into account than the size alone. Additionally, you may want to increase the value of your property by carrying out some repairs and giving it a facelift.
Size is the obvious first consideration when valuing your home, particularly in the case of apartments where values are largely determined by floor space. However, a professional valuation should also take the sizes of individual rooms into account. These days, many buyers prefer fewer larger rooms and open-plan designs than lots of small and poky rooms. Before having your property valued, be sure to remove any clutter, and use light and neutral colours in smaller rooms to make them feel bigger.
Unsurprisingly, location is the most important consideration of all when valuing a property. After all, there's a vast difference between property prices in central London and more rural areas of the country. Location might be a matter of personal preference to a degree, but many buyers will pay more for a property that has good access to a wide range of public services and is in a relatively quiet and safe area.
Shrewd investors will always look for properties with a low asking price due to poor condition and levels of maintenance. However, if you want to get a good price for your property and appeal to homebuyers, you'll need to improve its condition as much as you can afford. A house in desperate need of major renovation work will likely demand less than half the price of a similar building in perfect condition.
4. Property Type
Regardless of the size of the property alone, the actual type will have a major influence on its value. For example, a historic timber cottage might be more expensive to run and without the comforts of a modern building of equivalent size, but it will appeal to a certain niche. As such, its value will likely be much higher. Similarly, houses primarily used as weekend cottages won't be as valuable as those designed for permanent living.
Even if it's largely superficial, presentation still counts for a lot when it comes to getting an encouraging valuation and receiving offers at anything near your asking price. Before you have anyone visit to value your home, make sure it's thoroughly clean and tidy both inside and outside. Making a good first impression is critical, so it also makes sense to carry out any basic home improvements, even if you only go so far as to have the carpets professionally cleaned and putting on a new coat of paint.
Although you can get a rough estimate of the value of your home by using a range of online tools, the information provided won't be enough to determine a realistic asking price. Mortgage lenders and real estate agents will give you a more accurate valuation, although in the case of the latter, it's always a good idea to go for a second and even a third opinion.
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