Real estate valuation is an important part of the buying and selling process.
The goal is to evaluate a property's condition, determine its most attractive features, and estimate its value in today's market. A professional who assesses the value of a property essentially takes on the role of a prospective buyer, weighing the pros and cons carefully and ultimately making a case for how much someone is willing to pay to live there.
Many factors affect the value of a property, including its size, location, condition, proximity to amenities and transportation, and development potential.
Obtaining an appraised value can spur homeowners to take action, especially if their property is worth more than expected. A recent survey by Zoopla found that almost half (45%) of homeowners undervalue their home by an average of £46,300. This shows how beneficial an expert evaluation can be.
Evaluation process
Not all assessments follow exactly the same blueprint. Valuation professionals may have their own way of working, but no two properties are exactly the same, so there are certain aspects that are more relevant in some cases than others. For example, some properties require a land valuation, while others may require detailed calculations to determine development potential.
However, there are some general rules of thumb. Most assessments tend to incorporate:
– Internal and external inspection
– room dimensions
– Detailed list of key features and accessories
– Confirm the building age of the property
– Assessing the condition/structural integrity of floors, walls, and ceilings
– Details of rot/moisture/elements that may require professional attention
Depending on the property, the size and quality of the garden or land, whether there is a space to park a car, the condition of the garage or outbuildings, and the level of noise heard both indoors and outdoors may be taken into consideration in the appraisal. of the property.
The individual appraising the property may also take the photos, but this is not the case in all cases. In many cases, photos are only taken when the homeowner decides that selling the property is the right choice.
prepare for assessment
There are several things you can do before the valuation to ensure that not only is your property valued at its best, but that the entire valuation process is simple and stress-free for all parties involved.
The first action is to keep the place tidy. For example, you don't need to go as far as renting a carpet steamer, but cleaning the kitchen, putting away books and toys, and getting rid of clutter can go a long way to showcasing the spaciousness and airiness of your property.
If you're determined to increase the value of your property quickly, there are many things you can do to polish it up and make it more appealing. Painting fences and doors, especially if they look worn-out, can make a big difference, while replacing or repairing flower pots, decks and facades can also have an impact.
For more ideas, check out our blog on how to increase the value of your home.
It is also important to collect all relevant documents. Although they are not necessarily needed on the day of the appraisal, it is wise to have them all on hand just in case.
The appraisal is a great opportunity to ask questions and get advice about selling your property. If you want to know anything about the property itself, the market as a whole, or anything else, our valuation experts can help or point you in the right direction.
When the appraiser visits, leverage their expertise by asking questions like the ones in our blog: 8 Questions Almost Every Seller Asks. It may also be helpful to look at your home from a buyer's perspective. Read our blog on questions to ask sellers when buying a home today. That way, you can ask questions of the appraiser and prepare the property for the buyer.
Arranging the evaluation
Booking an assessment couldn't be easier. You can arrange a free home visit by clicking here.
Arranging a valuation is the first step towards selling your property and also getting you closer to moving into a home that more accurately meets your bespoke needs and requirements.
