Simple guide to property valuations

If you are moving home, one of the first things you will want to do is find out how much your current property is worth. This is a vital part of working out how much you can afford and planning a budget for moving.

Having your property valuated is an easy but crucial part of selling your house. If you do not know the value of your property, you could market it too high or too low and you could then struggle to meet your goals.

If you are not sure about what is involved in property valuation, carry on reading and learn answers to four common questions.

1. What is property valuation?

2. Why they are important?

3. What is involved in a property valuation?

4. Should I do anything to prepare for a property valuation?

1. What is property valuation?

A property valuation is a process of estimating the value of a property. The valuation is based on several factors including, location, size, condition, etc. It is given to help you determine what a fair asking price is.

2. Why they are important?

There are two main reasons why valuation is important. Firstly, it helps you plan your budget for your move. Secondly, valuations help you learn what a fair asking price for your property is.

Plan your budget

Once you have an idea of your properties potential value, you can begin to plan your budget for your move. This may involve moving costs, a budget for a new home, legal fees etc.

Asking price

The property valuation shall help you determine what a fair asking price is. This will help you get the most for your property, as well as ensuring you sell it in a timely fashion.

It is important to find an estate agent that you trust, as you do not want them to price your property too high or too low.

3. What is involved in a property valuation?

There is no set plan for a property valuation, and you may find that every estate agents have their way of conducting the appointment. Typically, there shall be 3 key things you can expect from a valuation appointment.

Meet your estate agent.

Estate agent shall arrive at the property at an agreed-upon time and they shall be ready to value your property. They should provide you with multiple sets of information, including recent selling prices of properties within the area, current asking prices of properties, which are on the market. The information shall help inform their decision and will help them tell you the price they believe your property is worth.

Valuations take time

There is no limit on how long a valuation may take. This, in part, is because the estate agent will need to assess every part of your home. It is typical for an appointment to last an hour; however, this is a rough estimate of time. They may take longer than an hour depending on your property. On the other hand, they may also be quicker as they may have visited your property before and are just updating their records.

Learn your property’s value

Estate agent will compare your home to others on the market within the area. They shall also look at recent sales as well as the current market. The value of your property is based on many factors, which include, the location, layout, size, and if your property has any specialised features.

At the end of the property valuation, you should be able to make an informed decision as to what price to advertise your property at. You should be able to understand the information and recommended price from your agent.

4. Should I do anything to prepare for a property valuation?

Being prepared ahead of your appointment will ensure you get the most from the valuation. There is not much work to do beforehand, but every little bit helps.

Spring clean

You do not need to get your home perfect at this point. However, it is an idea to do a little spring-cleaning, perhaps declutter a little. This can help show some of the key features of your property to the estate agent or value.

It is not very likely there shall be any pictures taken at this juncture. However, you could always ask your estate agent if they intend to beforehand.

Prepare your paperwork

It is important to have any paperwork ready before the valuation appointment. The paperwork helps the agent know as much as you do about the property. It also helps them prepare an accurate valuation for your home. The paperwork can include, rate information, leasehold and maintenance charges, building plans etc. Having the paperwork at hand also ensures the appointment is as quick as possible.

Write down your questions

We have all done it before, we think of a question and when it comes time to ask it, we have forgotten. If you write down your questions, no matter how big or small, you can ask them on the day. This helps you find out all the key information that you would like to know. Just remember that you can ask questions at any stage. If a question comes to mind, just ask. You must feel confident and you have a successful valuation and you shall be one step close to marketing your home.

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