Houso

Do you know the current value of the house you live in? You do not need to start a selling process to get it evaluated.

 

Many homeowners check how the value of their property changes on a regular basis. The easiest and possibly the most popular way is to use an online property evaluation tool. It is undoubtedly very convenient as you can do it from any place and in your free time. Yet, when it comes down to selling your house, the most accurate valuation is by far to ask a local estate agent.

 

In this article, we have put together a short guide to help you get an idea of how the price of a property is determined. Your estate agent will look at the following factors to work out your home value:

  • The location of the house you are selling
  • The size of this house
  • The prices for similar houses in your area

 

These factors are most likely to be included in an online valuation form. But then your agent will carry out a detailed inspection of your home, and make a list of these details. This list is unique and relevant only to your situation:

  • The condition of the house
  • Any modifications made to the house – extensions for example – and the quality of these modification. Poorly made changes may bring the price down.
  • Finishing elements – such as flooring, double-glazing, insulation, working tops, etc.

 

According to Rightmove  –  “Understanding the scope for improvement or seeing the quality of updates and the finish can both change the value of a property and the volume of interest a home will attract.”

 

A combination of all these factors together with the knowledge of the prices in the local property market will determine the asking price of the hours you are selling. 

 

Your estate agent will also check the current demand for this type of property in the area, and for how much similar houses were recently sold for. Knowing how long it might take to find a buyer is also an important element in determining the final price for your home. 

 

It might be possible to get a fairly good idea of what the property may be worth via an online valuation. But because the property market is very unique and dynamic, and some data could get missed out from the calculations.

 

You will be able to ask any questions that pop in your head during the evaluation. So will your estate agent. They may ask such questions as what attracted you to buy your home at the first instance, for example, or why you love living there. Knowing this may be of significant importance as it may help bring out your property’s selling points. 

 

There are other important components that help set the price, and which go beyond the scope of the physical property itself, such as whether you would like a quick sale, or do you want the highest price possible for your home. When an estate agent knows your requirements, they will apply a strategy that has been developed only for this situation.

 

And last but not least – an experienced estate agent with strong knowledge of the local market will also be able to advise you on what you might be able to do to your home to increase its value. This varies hugely from property to property, so it might be a good idea to get someone in and talk this through. It might be as simple as changing your walls colour or adding some fresh décor. Or the house could benefit from some structural changes, such as adding an extension, or converting spare space into an extra bathroom.