How a property's price is determined

The most obvious - and likely most significant - elements are, of course, as follows:

• Location
• Size
• Local Prices

Then there are the aspects that are specific to your home and situation; these are slightly more complex and nearly impossible to consider without examining the property. Examples include:

• The house's current state
• Any additions or adjustments you've made to the property, as well as the quality of your work
• Internal aspects include flooring, double glazing, insulation, finishing, and so on.

Many other factors can influence the value of a home, according to a home-valuation specialist: "Understanding the scope for improvement or seeing the quality of updates and finish can both change the value of a property and the volume of interest a home will attract."

Finally, the asking price of the home will be established by a mix of all of these criteria, as well as information of how the local market is currently performing.

What is the current level of interest in this sort of property? How much have they recently sold for? How long do you think it will take to locate a buyer? Knowing the answers to all of these questions is critical for determining the correct pricing.

An internet valuation could do a good job of estimating the first, more important components of the appraisal. It is possible to get a solid estimate of what the property is worth by using public data such as sold prices.

However, because homes are as unique as the individuals who live in them, there will always be variables that no amount of data can detect.

The most important questions you'll be asked during a property valuation

"An in-person valuation will allow the estate agent to view the property's condition, as well as get a feel for the space and size of the rooms," 

"It allows us to build a picture of the environment around the property so that we can tell an interesting story on the property's listing and during viewings."

You should also anticipate to be asked why you bought your home and why you enjoy living there. Though some may ignore these features, they are important because they help to highlight your property's selling points and may influence the asking price.

Rob goes on to say that there are other crucial factors that influence the price that go beyond the limits of the physical property itself.

"At a valuation, one essential point we need you to consider is whether you want a rapid sale or the greatest potential price for your home." A seller who needs a quick sale, for example, will need a different strategy than one who wants to sell within the next six months.

Finally, an experienced estate agent with a solid understanding of the local market will be able to advise you on what you might be able to do to boost the value of your home. Is it worth it to build an extension, a conservatory, or an extra bathroom? This varies greatly from property to property, so it could be a good idea to bring someone in and discuss it.