Getting an Accurate Property Valuation
To determine the potential sale price of your property in the current marketplace, you will need to get an accurate valuation. Property valuations can be complex and difficult as there are various elements that have to be taken into account to be able to set an accurate value. It is important that if selling your property, the valuation is accurate as this may affect the length of time your property is on the market for. Finding the right valuation isn’t necessarily about finding the highest valuation.
Your agent will need to navigate you through the local property market so that you are provided with a price that will get you the best value for your property but also sell within your desired timeframe. Interest in a property is generally at its highest when it first enters the market. Therefore, obtaining an accurate valuation is especially important to get right at the beginning of the process when interest is greatest.
The valuation process generally starts with a detailed inspection. During this inspection, every room of the property is assessed along with the internal structures. As a point of referral, photos and measurements will be taken to help determine the overall value of the property. Items that will be considered during this part of the valuation process include:
- Property age and size
- Whether there is any damage to the property and if there are any structural improvements required.
- Extras such as double glazing, and storage space
For the next stage of the valuation, the wider aspects that are likely to affect the value of your property are considered. This process has commonly become known as ‘The Comparable Sales Method’ and considers the price of which similar properties in the area have sold for. Before getting a valuation for your property, you must consider hidden elements that could decrease its value. These elements are often not so obvious, but can be very costly. One example of a hidden element is the state of a properties boiler as a faulty boiler can lead to serious and potentially costly problems in the future. Other similar issues will include the state of the electrical wiring and problems with structural timber and leaks.
When having a valuation carried out on your property, it is essential to use a professional that knows what they are doing so the right valuation is made. You want to make sure that the agents you use are experienced valuers in the local market, and will provide you with an up to date realistic valuation that will generate plenty of interest in your property. If the valuation is wrong, then your property may not sell, or it may sell for less than the property is really worth. Many larger estate agents have experienced valuers that work towards a code created by the Royal Institution of Chartered Surveyors (RICS). The code has strict criteria based on:
- The age and type of property
- The accommodation available
- The fixtures and features of the property
- The property’s construction and state of repair
- The position within the locality and the surrounding amenities available
- The tenure, tenancies, services charges or any other liabilities
For more information on property valuation, contact Romans.
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