A property valuation is the process of getting an estimate of the worth of your home from an estate agent or independent valuer. This is based on different factors like location, size, condition etc, and is given to help you get an idea of what a fair asking price for your property might be.
There are 2 main reasons getting your property valued is important; firstly, to learn what price you should ask and, second, so you can work out your budget for you next home move.
1. Asking price
A property valuation helps you to decide a fair asking price based on the current value of your home. It’s recommended that you get at least 3 independent valuations with different estate agents or independent valuers, this is so you can understand the true value of your property.
At least 3 property valuations can give you an average but also help you see if an agent is pricing way too low or high. You can then question the estate agent’s reasoning and make an informed decision about your choice of agent.
2. Calculating your budget
Once you have established the asking price for your property, you can then work out what you’ll be able to afford during your move.
Remember, Valuations take time
Typically, a property valuation appointment is likely to last at least an hour. The estate agent or property valuer will need to assess each part of your property, so it could take a while longer. On the other hand, they may have visited your property before and are simply looking to update their records, so it could even be a shorter visit! Make sure to allow plenty of time as there is no exact limit on how long it may take, and you’ll want time to ask any questions you have.
Learn your property’s value
The worth of your home is determined based on many factors, such as the age of the property, the location, size, layout and any specialised features it has. The agent or valuer will also compare your property to others that are selling or recently sold in the area, and they should present you with this information.
By the end of the property valuation appointment, you should understand the recommended market price from each agent and be able to use this information to decide what price to advertise your property at.